Health Economy Tipped as Thailand’s Next Major Growth Engine Amid Rising Global Wellness Demand

 

Experts say longevity tech and medical tourism can power growth, but slow regulatory approvals, imported inputs and a brain drain threaten it.

 

Thailand's health economy, spanning medical care, preventive health and wellness, is emerging as a new engine of growth. Panellists warned, however, that regulatory delays and heavy reliance on imported products could limit the benefits.

 

Speaking at a session titled "Health Economy: The New Engine Driving the Thai Economy" at the Thailand Economic Outlook 2027: New Horizon Beyond the Trap forum, organised by Krungthep Turakij on Thursday (October 8), industry leaders said the country's service reputation, its status as a regional medical hub and falling technology costs give it a strong base.

 

They called for faster approvals, regulatory sandboxes and more investment in homegrown innovation to keep more of the value in Thailand and stop talent leaving.

 

 

A hub built on trust

Dr Chamaree Chuapetcharasopon, deputy CEO and acting medical director at MedPark Hospital, set out three layers of the opportunity.

 

"Medical" means treating illness. "Health" means maintaining the body to prevent it. "Wellness" covers physical, mental, spiritual and financial well-being.

 

Thailand already has a formidable medical foundation, she said, hosting more than three million international patients last year. Its wellness economy ranks among the world's top 20, with strong growth momentum.

 

"Thailand's core strengths lie in our service mindset, building trust, and our unique Thai style," she said.

 

Research by Kasikorn Research Centre (KResearch) supports the picture. It projects revenue from international patients at Thai private hospitals approaching 57 billion baht.

 

 

 

Separate industry research estimates the domestic healthcare market at about US$37.65 billion in 2026, growing at a compound annual rate of more than 8%. Pairing medical procedures with hospitality, the supporting assessment note lets Thailand capture considerably higher spending per visitor than leisure tourism does.

 

The country also has dozens of facilities accredited by Joint Commission International and costs that compare favourably with Western and regional rivals.

 

 

Longevity "for everyone"

Arunthep Saengvareethip, founder and group CEO of Emetworks, argued that longevity must be inclusive rather than exclusive and that technology has made it attainable for far more people.

 

He identified three forces driving down costs. The first is hardware. Health devices were once expensive and confined to niche markets, but mainstream health brands now sell them at affordable prices without a noticeable loss of quality.

 

The second is data and digital infrastructure, where advances in medical data transmission and telecommunications have improved care delivery. The third is people.

 

As Thailand becomes a fully aged society, trained caregivers and family members equipped to look after older relatives at home are entering the workforce, widening supply and keeping service costs accessible.

 

From treatment to prevention, Arunthep said that by 2030 one in six people worldwide will be elderly.

 

Drawing on family losses to falls and Alzheimer's disease, he described how Emetworks, working with hospitals and medical centres, has deployed more than 2,000 Internet of Things and AI sensors to spot early warning signs of conditions such as heart attacks and fall risks.

 

The aim is to shift care from reactive treatment to prevention.

 

 

 

 

The system combines wireless fall detectors, smartwatches, panic buttons and Bluetooth vital-sign monitors. It sends real-time alerts to relatives and healthcare providers, works across age groups and integrates with mainstream consumer smartwatches.

 

Arunthep stressed that the AI is designed to assist doctors, not replace them. China and Japan are Emetworks' fastest-growing markets.

 

He noted that China requires at least 5% of health products to be foreign, which offers a large opening. Foreign firms, however, often struggle with cultural differences and workflow integration in caregiving.

 

His advice to Thai companies is to form joint ventures with reputable Chinese investors to enable technology transfer and adapt Thai caregiving workflows to local needs.

 

 

Where the value leaks

Dr Chamaree cautioned that headline revenues can mislead. Research shows that, despite the high earnings from the Medical Hub initiative, a significant share leaves the country to pay for imported pharmaceuticals, chemical reagents and medical equipment.

 

"To generate true added value, we must reduce our reliance on imports," she said, adding that boosting domestic innovation is critical under the national economic plan.

 

She also drew a distinction in who benefits. Medical tourism income tends to concentrate in large hospitals, whereas HealthTech spreads economic gains to community care, home care and global care models.

 

Data is another gap. Dr Chamaree pointed to the lack of integrated healthcare data standards and of AI regulation.

 

Robust data ecosystems, she said, would let Thai providers maintain long-term relationships with foreign patients after they return home.

 

 

 

The approval bottleneck

Both panellists named regulatory speed as the main obstacle. Arunthep praised the Thai Food and Drug Administration's Fast Track initiative, which he said has cut approval timelines from three to seven years to two to three years.

 

He added that Thailand's ability to recruit clinical-trial participants quickly continues to attract foreign research investment. He also credited domestic researchers with strong theoretical expertise but said there is a gap in commercial execution when turning research into products.

 

Dr Chamaree said the country's quality standards are robust but procedures take too long. New medicines approved within weeks overseas can take three to six months in Thailand, she said. 

 

"We must accelerate authorisation speeds without lowering safety standards."

 

To get there, she proposed a regulatory sandbox in a pilot area such as Phuket, which the panel described as the world's top wellness tourism destination.

 

Testing relaxed rules and faster approval workflows there, she said, could create a national blueprint for the sector.

 

 

Priorities for the coming year

Asked for the most urgent task over the next 12 months, Arunthep pointed to investment.

 

"The government and local investors must actively fund HealthTech and longevity innovations rather than focusing solely on traditional massage or aesthetics," he said.

 

He also called for a national technology assessment body that genuinely understands innovation, arguing it is essential to prevent a brain drain of Thai talent overseas. The supporting assessments echo the call for a more coordinated national policy.

 

Industry leaders recommend integrating medical services with wellness real estate, health technology and specialised retirement care.

 

They also favour expanding high-value medical visas, building public-private partnerships and encouraging investment in smart healthcare infrastructure, to secure Thailand's edge across Southeast Asia.