Expanding healthcare spending by the Government and Increasing Public Awareness acting as a catalyst for the Clinical Laboratory Market in Thailand

Posted December 30, 2022 by kenresearchcompany

Thailand Clinical Laboratory Market is projected to show a growth of CAGR 9.5% in the forecasted period of 2022F-2026F: Ken Research
The increasing healthcare spending by the aging population and introduction of technologically advanced products are some factors boosting the Clinical Laboratory market.

The Thailand Clinical Laboratory Market is one of the fastest growing service segments in Thailand. This growth is primarily due to an increase in healthcare spending due to an aging population, rising income levels, growing awareness of preventive testing, the availability of advanced healthcare diagnostic tests, and healthcare policies implemented by the central government. Improvements in clinical diagnostics and testing technology have also led to an increase in the number of rapid and broad testing advances, which has contributed to the rise in overall demand. Thailand's funding for healthcare is being increased, and continuous healthcare development initiatives have been essential to the industry's continued progress.

Public Hospital Labs have the highest revenue share in the Thailand Clinical Laboratory Industry.

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Private hospital labs hold a 35.0% revenue share of the market in 2021, thanks to a growth in the number of clinical laboratories across the nation and the availability of test packages that satisfy the needs of various client groups. The national health insurance coverage is expanding the share of public hospital labs. Modern technology and equipment are available in private laboratories to conduct specialist testing including microbiology, anatomical pathology, and esoteric examinations.

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Private Health Insurance covers the majority of the market share in the Thailand Clinical Laboratory Market.

Private health insurance is the main source of revenue for laboratories. 30% of the tests conducted in Thailand were conducted by corporations. An increase in corporate clients for pre-employment exams and annual health checks has been observed by the expanding the Thai labor force.  Because of the high standard and breadth of treatments provided by private health insurance providers, it is more common to purchase private health insurance.

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Last Updated December 30, 2022