Q1 2026 headwinds drag on Thai private hospital revenues, profits

Amid still-fragile economic conditions and geopolitical conflicts weighing on purchasing power worldwide, Thailand’s private hospital business is facing challenges on several fronts, including rising energy costs, patients delaying non-urgent treatment and the impact on travel by foreign patients.

However, Thailand’s medical hub market continues to receive key support from the Middle East and CLMV patient segments, which continue to grow.

War impact weighs on BDMS profit

In the first quarter of 2026, Bangkok Dusit Medical Services Public Company Limited, or BDMS, and its subsidiaries recorded total operating revenue of THB28.554 billion, broadly in line with the first quarter of 2025.

This was due to stable revenue from Thai patients and a 1% increase in revenue from foreign patients.

Excluding the impact of lower revenue from Cambodian and Middle East patients following regional conflicts, total medical services revenue would have grown by about 3%, while foreign patient revenue would have risen by about 10% from the first quarter of 2025.

Net profit stood at THB4.058 billion, down 7% from the first quarter of 2025.

BDMS remains Thailand’s largest private healthcare services provider, with a network of 60 hospitals.

Middle East conflicts since March 2026 have caused some Middle East patients to postpone medical treatment in Thailand because of travel problems.

In addition, the sharp rise in global oil prices affected living costs and consumer behaviour, prompting some Thai patients to delay non-urgent treatment, while necessary treatments continued.

Its 2026 strategy will remain focused on excellence in medical treatment, emphasising treatment that delivers the best outcomes for patients at appropriate prices, or value-based healthcare, to drive sustainable business growth.

The company will also closely monitor the situation in the Middle East and prepare accordingly, particularly on the cost of medicines and medical supplies, with an emphasis on ensuring sufficient stocks to support continuous services.

The BH foreign market remains strong

For Bumrungrad Hospital Public Company Limited, or BH, total revenue in the first quarter of 2026 stood at THB6.254 billion, up 0.7%, while net profit was THB1.79 billion, up 3.2%.

This came from a 4.2% increase in revenue from foreign patients, which offset a 3.6% decline in revenue from Thai patients.

The increase in foreign patient revenue was driven by growth in patients from Middle East countries (+21.3%), Myanmar (+15.1%) and Bangladesh (+25.0%).

In the first quarter of 2026, revenue from Thai patients accounted for 34.3%, while revenue from foreign patients accounted for 65.7%.

In the second quarter of 2026, Middle East patients are expected to maintain positive momentum after Ramadan, helping to accelerate services for complex diseases and support an improvement in profitability.

Geopolitical conflicts, however, have not had much negative impact.

On the contrary, higher oil prices helped offset lower oil export volumes.

In addition, potentially tighter government budgets in Middle East countries make Thailand a destination for medical treatment because of its high treatment quality and lower service fees than in Europe.

The company has also stocked certain medicines and medical supplies for about 1-3 months in advance to guard against supply shortages and rising costs.

BCH presses ahead with branch expansion

For Bangkok Chain Hospital Public Company Limited, or BCH, the company and its network hospitals recorded total revenue of THB2.9288 billion in the first quarter of 2026, close to the same period of the previous year, when total revenue was THB2.92927 billion in the first quarter of 2025.

Net profit was THB267.6 million, down 16.7% from the same period of the previous year.

Total revenue was close to the same period of the previous year because of the impact of closures at the Thai-Cambodian border, renovation of some service areas at Kasemrad Mae Sai Hospital, pressure from the slowing economy, volatility in energy costs and the impact of conflicts in the Middle East, which led several countries to close their airspace.

At the same time, the company is ready to adjust its operating strategy and manage costs efficiently to maintain business stability and support sustainable long-term growth.

For the second quarter of 2026, because it includes the long Songkran holiday and an economic environment that is gradually recovering, service users remain cautious about healthcare spending.

This means self-paying patients are likely to delay decisions on non-urgent medical services.

However, foreign patient trends, particularly from the Middle East, remain steady, while the company has revenue from insured people under the social security system as an important and consistent revenue base that continues to support business growth.

Kantaporn Harnphanich, director, executive committee member and deputy managing director for marketing at BCH, told Thansettakij that the strategic target over the next 3-5 years is to expand the number of hospitals to 20.

Three new hospitals are now under construction in Samut Prakan, Rayong and Pattaya, focusing on dense industrial estate areas with few private hospital competitors in order to attract the social security customer base.

The first is expected to begin service from late 2027 to 2028.

In addition, there is one hospital investment overseas in Lao PDR, Kasemrad International Hospital, Vientiane.

The political stability of Lao PDR, clear investment laws and language convenience, which makes communication easier, are all highly positive factors.

At present, BCH’s revenue mix is about 60% from self-paying patients and 30-35% from social security patients.

The remainder comes from foreign patients, comprising Arab patients, followed by patients from Myanmar, China and Bangladesh.

PR9 posts record revenue high against trend

For Praram 9 Hospital, or PR9, total revenue in the first quarter of 2026 stood at THB1.3024 billion, up 4.1%, marking the company’s highest first-quarter revenue on record.

Revenue from hospital operations stood at THB1.2838 billion, up 3.6%, while inpatients (IPD) grew by 4.7%.

Foreign patients remained a key driver, growing by 9.5% and accounting for 26% of hospital operations revenue, supported by Middle East and CLMV patients, especially Myanmar.

Net profit was THB184.5 million.

Dr Satian Pooprasert, managing director of Praram 9 Hospital Public Company Limited, said this marked a first-quarter record, with foreign patients growing by 9.5% during the low season.

Foreign patient growth during the low season, growth among quality customer groups, including inpatients (IPD), which grew by 4.7%, and corporate contract customers, which grew by 20.2%, were three key signals reflecting that PR9’s strategy was on the right track.

Investment in the first quarter laid the foundation to support long-term growth in foreign patients and complex disease treatment, and will begin to be reflected more clearly in revenue and profit during the remaining quarters of 2026 as the high season for foreign patients begins.

THG sees a growth trend in the second half

In the first quarter of 2026, Thonburi Healthcare Group Public Company Limited, or THG, reported total revenue of THB2.1531 billion, down 3.5%.

The main factor was a 1.4% decline in revenue from the hospital business group, caused by external situations, including the Thai-Cambodian dispute and conflict in the Middle East, which reduced the number of foreign patients receiving services at Thonburi Bamrungmuang Hospital.

However, this year, the private hospital industry still faces challenges from economic conditions and geopolitical factors, affecting customers’ purchasing power and business operating costs.

The second quarter is expected to improve because of cost control and operational efficiency management, as well as the onset of the rainy season and the start of the school term, which increases demand for medical services.

The company is also carrying out proactive marketing for complex diseases in nearby areas, leading it to believe that revenue and service-user numbers will increase.