Posted On: 2021-04-26
Telehospitals acquired the largest revenue share in the telehealth market in Thailand – 6Wresearch
The Thailand telehealth market witnessed moderate growth during the period 2017-2020, on the back of booming digitalization in the country along with rising demand for remote healthcare services and self-assessment platforms for people with minor ailments. The ease of doctor appointments and time efficiency are the major factors driving the growth of the telehealth market in Thailand. Moreover, the outbreak of the COVID-19 pandemic acted as a boon for the telehealth market owing to the social distancing norms which accelerated the use of telehealth services as the people were reluctant to visit hospitals for minor check-ups due to virus scare. Moreover, the stringent lockdown imposed across the country forced the people to stay at home and step out only in the case of emergency purposes, which further urged them to use self-monitoring devices for their routine check-ups and video consultations from telehealth services for consulting doctors.
According to 6Wresearch, the Thailand Telehealth Market is projected to grow at a CAGR of 10.1% during 2021-27F. Rising government support in the form of initiatives and programs such as Thailand National Digital Healthcare Workforce Development Initiative (WDI) which focuses on the development and demand for digital healthcare services in light of the Thailand 4.0 digitization journey along with the growing adoption of advanced digital technologies such as IoT, big data analytics and artificial intelligence, would bolster the growth of digital healthcare across the country in the forthcoming years. The growth in Thailand telehealth market can be further attributed to the factors such as the rising prevalence of chronic diseases leading to overcrowding of hospitals, the need to reduce healthcare expenditure, increasing government support, increased internet users, combined with the rising adoption of IoT platform and artificial intelligence,
According to Alpana Tyagi, Senior Research Analyst, 6Wresearch,” Services segment contributed a major share to the Thailand telehealth market in 2020 on account of the increasing number of doctors and hospitals joining the telemedicine industry for providing healthcare services to the patients remotely. The same trend is anticipated to persist during the forecast period as well owing to increasing adoption of virtual consultations, time convenience, booming internet penetration and startups coming with innovative ideas for providing better services to the patients remotely.”
According to Ananya Consul, Research Associate, 6Wresearch, “Among the type of the product in telehealth market, the software segment garnered a major chunk of market revenues in 2020 owing to the increased use of video consultations, cloud storage and store and forward software. The hardware market is anticipated to grow at a faster pace during the forecast period owing to the rise in demand for self-assessment devices including blood pressure monitor and oximeters. People are reluctant to visit hospitals for routine check-ups after the outbreak of Covid-19 and are adopting smart medical devices for assessing their health at home.”
According to Rahul Dubey, Research Associate, 6Wresearch, “Integrated software held the majority market share in the Thailand telehealth software market in recent years owing to its diversified functionalities as compared to standalone software.
Integrated software has given an edge to the service providers in providing multiple services through a single platform. Integrated software is expected to dominate the market over the coming years as well on the back of rising need of such systems that are capable to handle different aspects of telehealth services simultaneously.”
“Thailand Telehealth Market (2021-2027F)” report provides an in-depth analysis with 19 figures and 5 tables, covered in 77 pages. The report estimates and forecasts the Thailand telehealth market by type and components. The report provides an unbiased and detailed analysis of the ongoing trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.