Global Thailand Aesthetic Medicine Market by End-use (Hospitals, Clinics & Aesthetic Centers), by Procedure Type (Non-invasive Procedures, Invasive Procedures) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Thailand's aesthetic medicine market was worth USD 718.3 millions in 2020. It is projected to grow at a compound annual rate of 13.6% between 2021 and 2028. A shift toward optimal aesthetic beauty is one reason aesthetic procedures are being adopted. The country's growing medical tourism market and aging population will also contribute to its growth. The country's overall aesthetics market was affected by the introduction of Covid-19 in 2020. Week-long lockdowns were experienced in major cities like Bangkok, which are important cosmetic hubs of the country. The country's medical tourism suffered setbacks from travel restrictions. The country has relaxed mobility restrictions, and its economy is expected grow slowly by the second half 2021.

There is a growing demand for aesthetic procedures and fewer traditional insurance-based medical reimbursements. Regardless of their specialty, a growing number of doctors are involved in medical aesthetics. This includes performing aesthetic procedures in their offices and practicing in medical spas.

Injections, laser hair removal, chemical skin peels, laser skin rejuvenation, and non-invasive fat loss have all gained popularity in the country. Botulinum toxin-filler procedures saw a 13% increase in popularity in 2019, compared to 2018. This shows that there is a growing demand for non-invasive procedures in the country.

Thailand's major economic sector is tourism. According to the World Travel & Tourism Council, Thailand ranked amongst the top five countries for medical tourism spending. The country's GDP was about 20% in 2019, and tourism accounted for 60% of its medical tourists who visited the country to undergo cosmetic procedures. Thailand's government dedicates 13.3% of its total healthcare budget for medical services.

It is also known as the most affordable destination in terms of high quality healthcare and affordable prices. The majority of patients who come to Thailand for aesthetic treatment are from the U.S. and Australia. Treatments in Asia, such as Singapore and Malaysia, cost three- and two-times more than in Thailand. It is becoming a center for high-quality and affordable aesthetic treatments. It is 3 to 4 times cheaper to have or other invasive procedures performed in Thailand than in other countries.

According to the International Society of Aesthetic and Plastic Surgery (ISAPS), Thailand saw around 92.597 invasive procedures and 30631 noninvasive aesthetic treatments in 2019. ISAPS also reported that Thailand had the highest (33.2%) number of foreign patients seeking cosmetic treatment. Turkey (19.2%) and Mexico (22.5%) were close behind. Increasing awareness and acceptance of cosmetic procedures has been facilitated by the government's initiatives and establishment of medical facilities that can perform these procedures.

Covid-19's emergence had a major impact on the country's medical tourism industry in the first half of 2020. Major cities like Bangkok and Phuket are heavily dependent on tourism. They also have the largest number of facilities for aesthetic treatment. Asia Foundation estimates that 62% of these businesses were closed in 2020 due to strict lockdown periods. This means that the country's aesthetic medicine market suffered from the delay in elective cosmetic procedures at hospitals and clinics.

The country's mobility restrictions have been relaxed and the economy is expected to continue growing in the second half 2021. John Hopkins University found that Thailand was sixth among 165 countries worldwide in terms of preparedness for an epidemic. It also boasts a strong and modern healthcare system that helped it to effectively deal with the pandemic.

Procedure Type Insights

In 2020, invasive procedures accounted for 74.6% of the total market. The International Society of Aesthetic Plastic Surgery conducted a survey in which 92,597 procedures were performed in India in 2019. Eyelid surgery, rhinoplasty and breast augmentation were the most common procedures. Because the country's currency is less than those of North American and European countries, invasive procedures are more affordable. Patients can also save between 20% and 65%.

Further sub-segments of invasive procedures include breast augmentation, liposuction and nose reshaping. Eyelid surgery, tummy tight, and other procedures are also included. In 2020, eyelid surgery accounted for a large market share. Eyelid surgery is a popular option for Thais who don't have creased eyes. They want to achieve a more defined shape of their eyes and reduce sagging.

The forecast period will see the greatest growth in non-invasive cosmetic procedures. This is due to the fact they are painless and require no downtime. This will fuel demand for these treatments. Botox injections and skin tightening are the most popular treatments.

End-use Insights

Clinics and aesthetic centers held the largest share at 69.3% in 2020. This segment is expected to continue growing over the forecast period. Patients visit clinics for cosmetic procedures such as body contouring and reshaping or scar treatment. High patient footfall has been attributed to the fact that dermatology and beauty clinics have adopted more advanced aesthetic systems that can treat a variety of skin conditions.

The regulatory body responsible for overseeing private clinics and private hospitals is the Health Service Support Department's Sanatorium and Art of Healing Bureau. There are 1,458 clinics providing aesthetic services in Thailand, which is 13% of all Thai medical clinics. The clinics sector is not well regulated and numerous complaints regarding aesthetic surgery have been filed with the Office of the Consumer Protection Board over the years. This could limit market growth.

Thailand is rapidly becoming a popular tourist destination. 60% of foreign tourists visiting Thailand are going to Thailand for cosmetic surgery. Joint Commission International (JCI) has accredited and certified most of the hospitals in Thailand. This international organization encourages quality care in all 90 countries. These accreditations increase trust and reliability among patients who seek treatment in Thailand.

Market Share Insights & Key Companies

Market players have adopted a key strategy of expanding their product and service portfolios through the acquisition of advanced technology. GHA's COVID-19 Certificate of Conformance for Medical Travel was awarded to Dr. Orawan Holistic Dermology & Anti Aging Institute in February 2021. This certification will indicate to patients that the company’s medical travel program has been reviewed externally and reflects international best practices. The following are some of the most prominent players in Thailand's aesthetic medicine market:

• Dermaster Co., Ltd.

• BSL Clinic

• Thai Medical Vacation

• Bumrungrad International Hospital

• Dr. Orawan Holistic Dermatology and Anti-Aging Institute

• Nirunda International Aesthetic Clinic

Up Market Research published a new report titled “Thailand Aesthetic Medicine Market research report which is segmented by End-use (Hospitals, Clinics & Aesthetic Centers), by Procedure Type (Non-invasive Procedures, Invasive Procedures), By Players/Companies Nirunda International Aesthetic Clinic, Thai Medical Vacation, BSL Clinic, Dr Orawan Holistic Dermatology & Anti-Aging Institute, Dermaster Co Ltd, Bumrungrad International Hospital”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Thailand Aesthetic Medicine Market Report Segments:

The market is segmented by End-use (Hospitals, Clinics & Aesthetic Centers), by Procedure Type (Non-invasive Procedures, Invasive Procedures).

Thailand Aesthetic Medicine Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Thailand Aesthetic Medicine Market

Overview of the regional outlook of the Thailand Aesthetic Medicine Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Thailand Aesthetic Medicine Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Thailand Aesthetic Medicine Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Hospitals

                2. Clinics & Aesthetic Centers

                1. Non-invasive Procedures

                2. Invasive Procedures

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Thailand Aesthetic Medicine Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
• Market Entry Strategies
• Business Expansion Strategies
• Consumer Insights
• Understanding Competition Scenario
• Product & Brand Management
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Reasons to Purchase the Thailand Aesthetic Medicine Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.