Thailand Medical Tourism Bounce Back From The Effects Of Pandemic
Published: November 24, 2022 at 8:32 pm
With the relaxation of travel restrictions, Thailand is reaffirming its reputation in the medical industry by attracting tourists who want to receive medical treatment. Analysts believe that medical tourism in the country will recover in 2023.
Advancing in the right direction.
According to a study from Krungthai Compass, a research subsidiary of Krungthai Bank, Thailand’s medical tourism is rebounding from the effects caused by the pandemic.
Sujitra Unno, a Krungthai analyst, said that private hospital visits increased between January and June 2022, helping the medical tourism industry resurgence.
According to research, 24 SET-listed private hospital service companies reported an increase in revenue and profit in the first quarter of 2022 compared to the same time period in 2021.
During the pandemic, private hospitals, especially major hospital chains that rely on income from foreign patients, had seen a considerable decline. According to a survey by the Kasikorn Research Center, the number of medical tourists decreased by around 90 % in 2021, with visitors from the Middle East, ASEAN nations, and China comprising the majority of those compelled to wait for hospital visits. Krungthai Compass believes that a significant percentage of the international tourist arrivals in Thailand this year is for medical treatment.
“We anticipate that next year, private hospitals in Thailand will receive patients from Russia, China, the Middle East, and Japan coming back to receive medical services”
The best destination for medical tourism.
Thailand is a popular destination for foreign patients because of its high-quality medical treatment, lower medical costs, and reduced cost of living, which is ideal for long-term patients. This is further supported by the government’s attempts to transform the country into a “world medical hub.”
Thailand has more hospitals recognized by JCI or Joint Commission International, the highest worldwide standard for patient safety and health care quality, than any other Asian country. As of December 2021, the country has 60 JCI-accredited medical facilities in Thailand which are more compared to 37 in India, 31 in Japan, 17 in Malaysia, and 5 in Singapore, according to the JCI list.
According to the Krungthai research, medical services in Thailand enable patients to save around 50-90% on medical expenditures compared to what they would spend in their home countries for the same treatments. Popular medical services are dental care, plastic surgery, and cosmetic procedures.
Moreover, according to Numbeo’s Health Care Index 2022 Mid-year, a number of Thai cities are among the most popular tourist destinations in Southeast Asia with the highest healthcare rankings. Chiang Mai ranks first on the list, followed by Bangkok and Pattaya.
Chiang Mai is superior to other cities mainly to its popularity among visitors, reduced cost of living, convenience, local culture, and reasonably priced public health system.
Preparing to become a wellness and medical services hub.
Due to these characteristics, Thailand has a strong potential in the medical tourism industry.
A report from Allied Market Research says that the worldwide market for medical tourism reached around US$104.68 billion in 2019 and is projected to reach US$273.72 billion by 2027.
The Thai government has taken steps to revive the medical tourism business in order to achieve its goal to make Thailand a world leader in medical services, wellness, and medical education.
In addition to the removal of restrictions, the Thai government has used the country’s success in combating the Covid-19 disease to promote medical tourism and encourage foreign tourists to visit the country.
Stay in Thailand with your family for 5 years or up to 20 years with Thailand Elite Visa. This visa has been created to make your long-term stay in Thailand hassle-free and convenient. For more information, CLICK HERE.