Increasing public awareness as well as increase in healthcare spending by the Government is driving the Thailand Clinical Laboratory Market to reach USD ~6.0 Bn by 2026F: Ken Research
PR Newswire
GURUGRAM, India, Jan. 31, 2023
GURUGRAM, India, Jan. 31, 2023 /PRNewswire/ --
Thailand Clinical Laboratory Market is in the growing stage, being driven by increasing healthcare spending by aging population, expanding healthcare spending by the Government, growth in non-communicable disease and chronic diseases and increasing public awareness.
- The private hospital sector has been undergoing structural change and the effects of this are becoming increasingly clear.
- Government Health Initiatives and Health Insurance Programs was and will be the major chunk of health expenditure in Thailand.
- Through the use of technology, diagnostics chains have altered the business model and shifted the focus to patient comfort; the industry has innovated the service delivery model and is providing quality services.
Growing Demand for Clinical Laboratory Services in Thailand: The introduction of Universal Health Coverage and other government-sponsored health-related initiatives is anticipated to boost demand for laboratory services. The growth of external referrals for private independent laboratories will be caused by the public hospitals sending samples to private independent laboratories for clinical testing. Players making investments to improve their testing skills, have embraced a number of cutting-edge technologies and tests made available on the worldwide market, notably specialised tests. Furthermore, it is anticipated that the main private independent laboratory chains will expand outside of important cities into less developed regions. This will also result in a rise in market share for clinical laboratories in Thailand.
Rising Disposable Income Resulting in Increasing Demand for Health Check-Ups: Rising personal disposable income of the people of Thailand has led to higher spending on healthcare services including clinical testing in the country. Furthermore, there has been an increase in middle to high income earners seeking preventive health check-ups. This has been resulting in the overall Clinical Laboratory Industry in Thailand to grow.
Growth in non-communicable disease and chronic diseases: There has been a shift in disease profile, thus changing the level of interaction between doctors and patients from episodic to rhythmic. Increasing incidence of communicable and non-communicable diseases, such as cardiovascular disease, cancer and diabetes, are expected to drive the Clinical Laboratory Market in Thailand.
Analysts at Ken Research in their latest publication "Thailand Clinical Laboratory Market Outlook to 2026F- Driven by current shortage, widening customer base, Government initiatives and increasing corporate requirements for clinical testing" by Ken Research observed that Thailand Clinical Laboratory Market is in the growing phase. Increasing healthcare spending by aging population, expanding healthcare spending by the Government and increasing public awareness are some of the factors that will contribute to the Thailand Clinical Laboratory Market growth over the period of 2022F-2026F. It is expected that Thailand Clinical Laboratory Market will grow at a CAGR of 9.5% for the above forecasted period.
Key Segments Covered:-
Thailand Clinical Laboratory Market
By Independent Laboratory
- Organized Labs
- Unorganized Labs
By Payer
- Private Health Insurance
- Corporates
- Out of Pocket
By Customers
- Walk-Ins
- Doctor Referrals
- Corporate Clients
- Online Bookings
By Type of Tests
- Routine
- Esoteric
- Non-Laboratory
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By Type of Routine Tests
- CBC (Complete Blood Count)
- A1C
- Basic Metabolic Panel
- Others
By Type of Esoteric Tests
- Infectious Disease
- Endocrine
- Allergic Disease
- Oncology
- Others
By Region
- Bangkok
- Nakhon Ratchasima
- Samut Prakan
- Ubon Ratchathani
- Khon Kaen
- Others
By Type of Laboratory in Private Hospitals
- In-house Labs
- Third Party Tie-Ups
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Key Target Audience:-
- Clinical Laboratory companies
- Organized Clinical Laboratories
- Unorganized Clinical Laboratories
- Private Hospitals
- Private Equity and Venture Capitalist
- Industry Associations
- Technology providers
- Government Bodies & Regulating Authorities
Time Period Captured in the Report:-
- Historical Period: 2016-2021
- Base Year: 2021
- Forecast Period: 2022F– 2026F
Companies Covered:-
Organized Labs
- N Health
- Pathlab
- Thonburi Clinical Labs
- Bangkok Medical Labs
- BRIA Group
- MIC Labs
Unorganized Labs
- Medical Line Lab
- Innotech Laboratories
- Service Co., Ltd.Innolab
- Prolab
- Pattaya Clinic Laboratory
- CCS Medical laboratory
- Excellent Pathological
- Lab Company Limited
- DNA Testing Laboratory Co.,Ltd.
- Pathology Diagnostic Center
- Ubon Pathology
- Rachvipa MRI Company Limited
- hi-tech lab
- Bangkok Pathology-Lab
- Inter-Lab Pathology and Research Center
Key Topics Covered in the Report:-
- Thailand Clinical Laboratory Market Overview
- Thailand Healthcare Overview
- Ecosystem of Thailand Clinical Laboratory Market
- Thailand Clinical Laboratory Market Segmentation
- Industry Analysis of Thailand Clinical Laboratory Market
- Value Chain of Clinical Laboratory Market in Thailand
- Key Growth Drivers in Thailand Clinical Laboratory Market
- End User Analysis of Thailand Clinical Laboratory Market
- Key Challenges of Thailand Clinical Laboratory Market
- SWOT Analysis of Thailand Clinical Laboratory Industry
- Future Outlook of Thailand Clinical Laboratory Industry
- Trends and Development of Thailand Clinical Lab Market
- COVID-19 Impact on Clinical Laboratory Market in Thailand
For more insights on the market intelligence, refer to below link:-
Thailand Clinical Laboratory Market
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The industry in expected to grow at a Compounded Annual growth rate of 8.99% from 2022 to 2027F. The growth is expected to drive by increasing digital presence, expansion of laboratories to all the regions of Philippines, increasing healthcare budget by the government, more awareness among the people and rising standard of living among others.
Over the forecast period 2022-2026F, the Indonesia Clinical Lab Market Revenue is further anticipated to increase by year 2026F, thus showcasing a CAGR of 12.5%. It is expected that the implementation of JKN will increase the demand for laboratory services. This will lead the public hospitals to refer samples to private independent laboratories for clinical testing, resulting in the growth of external referrals for private independent laboratories. Players, Investing to increase its testing capabilities and has adopted several advanced tests and technologies introduced in the global market, particularly specialized tests. Further, the major private independent laboratories chains are expected to undergo geographic expansion beyond key cities into underdeveloped areas. This will further lead to increase in market share in the overall Indonesia clinical laboratory market.
According to Ken Research estimates, the Vietnam Clinical Laboratories Market expanded at a CAGR of 24.2% in between 2017 and 2022 on the basis of revenue generated. The market faced rapid growth in the year of 2020 owing to Covid and reflected high growth in 2022 too but the growth is expected to normalize in the coming years. Vietnam Clinical Laboratories Market is estimated to grow at a positive CAGR of 10.4% in between 2023E and 2027E. The Private Health Insurance market is set to grow in double digits which in turn would benefit Private Healthcare and boost the bottom-line.
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