Thailand: Medical Instruments Market 2024

Medical Instruments Market Size in Thailand

The Thai medical instruments market fell rapidly to $X in 2022, declining by -86.3% against the previous year. Overall, consumption continues to indicate a abrupt contraction. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Medical Instruments Production in Thailand

In value terms, medical instruments production dropped to $X in 2022 estimated in export price. In general, production showed a noticeable shrinkage. The pace of growth appeared the most rapid in 2018 when the production volume increased by 16%. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

Medical Instruments Exports

Exports from Thailand

In 2022, exports of instruments used in medical sciences from Thailand soared to X tons, with an increase of 23% compared with 2021 figures. Over the period under review, exports continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2015 with an increase of 102% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see steady growth in the immediate term.

In value terms, medical instruments exports soared to $X in 2022. In general, exports, however, recorded a slight setback. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Japan (X tons) was the main destination for medical instruments exports from Thailand, accounting for a 79% share of total exports. Moreover, medical instruments exports to Japan exceeded the volume sent to the second major destination, the United States (X tons), ninefold. Taiwan (Chinese) (X tons) ranked third in terms of total exports with a 2.3% share.

From 2012 to 2022, the average annual growth rate of volume to Japan totaled +36.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+21.8% per year) and Taiwan (Chinese) (+27.9% per year).

In value terms, the largest markets for medical instruments exported from Thailand were the United States ($X), Japan ($X) and the Netherlands ($X), together comprising 73% of total exports.

In terms of the main countries of destination, the United States, with a CAGR of +6.9%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average medical instruments export price stood at $X per ton in 2022, picking up by 7.7% against the previous year. In general, the export price, however, saw a precipitous curtailment. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Japan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (-12.2%), while the prices for the other major destinations experienced a decline.

Medical Instruments Imports

Imports into Thailand

In 2022, purchases abroad of instruments used in medical sciences decreased by -23.1% to X tons for the first time since 2017, thus ending a four-year rising trend. Over the period under review, imports, however, saw significant growth. The most prominent rate of growth was recorded in 2020 with an increase of 845% against the previous year. Imports peaked at X tons in 2021, and then dropped markedly in the following year.

In value terms, medical instruments imports reduced to $X in 2022. The total import value increased at an average annual rate of +1.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 with an increase of 23% against the previous year. Over the period under review, imports hit record highs at $X in 2016; however, from 2017 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Vietnam (X tons) constituted the largest supplier of medical instruments to Thailand, accounting for a 69% share of total imports. Moreover, medical instruments imports from Vietnam exceeded the figures recorded by the second-largest supplier, Japan (X tons), sevenfold. The United States (X tons) ranked third in terms of total imports with a 5.1% share.

From 2012 to 2022, the average annual growth rate of volume from Vietnam stood at +119.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+27.1% per year) and the United States (+32.6% per year).

In value terms, the largest medical instruments suppliers to Thailand were the United States ($X), Vietnam ($X) and China ($X), together accounting for 49% of total imports.

In terms of the main suppliers, Vietnam, with a CAGR of +51.9%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average medical instruments import price stood at $X per ton in 2022, increasing by 16% against the previous year. Over the period under review, the import price, however, saw a significant curtailment. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (-7.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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