Thailand: Pacemaker Market 2024

Pacemaker Market Size in Thailand

The Thai pacemaker market rose notably to $X in 2021, picking up by 13% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +9.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +23.6% against 2019 indices. Over the period under review, the market hit record highs in 2021 and is expected to retain growth in years to come.

Pacemaker Exports

Exports from Thailand

In 2021, the amount of pacemakers for stimulating heart muscles (excl. parts and accessories) exported from Thailand skyrocketed to X units, jumping by 40% compared with 2020 figures. Overall, exports showed a noticeable increase. The growth pace was the most rapid in 2015 with an increase of 324% against the previous year. As a result, the exports attained the peak of X units. From 2016 to 2021, the growth of the exports failed to regain momentum.

In value terms, pacemaker exports surged to $X in 2021. In general, exports posted strong growth. The most prominent rate of growth was recorded in 2019 with an increase of 240% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

Exports by Country

Belgium (X units) was the main destination for pacemaker exports from Thailand, with a 51% share of total exports. Moreover, pacemaker exports to Belgium exceeded the volume sent to the second major destination, Hong Kong SAR (X units), fourfold. The third position in this ranking was taken by the United States (X units), with an 11% share.

From 2012 to 2021, the average annual growth rate of volume to Belgium totaled +52.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+5.8% per year) and the United States (+36.4% per year).

In value terms, Belgium ($X) remains the key foreign market for pacemakers for stimulating heart muscles (excl. parts and accessories) exports from Thailand, comprising 65% of total exports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 17% share of total exports. It was followed by the United States, with a 6.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Belgium amounted to +130.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+9.7% per year) and the United States (+46.2% per year).

Export Prices by Country

The average pacemaker export price stood at $X per unit in 2021, jumping by 132% against the previous year. Overall, the export price posted a resilient expansion. The export price peaked at $X per unit in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Belgium (+53.8%), while the prices for the other major destinations experienced more modest paces of growth.

Pacemaker Imports

Imports into Thailand

In 2021, the amount of pacemakers for stimulating heart muscles (excl. parts and accessories) imported into Thailand rose remarkably to X units, with an increase of 6.8% compared with the previous year's figure. Over the period under review, total imports indicated buoyant growth from 2012 to 2021: its volume increased at an average annual rate of +9.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +119.3% against 2012 indices. The most prominent rate of growth was recorded in 2013 when imports increased by 34% against the previous year. Imports peaked in 2021 and are expected to retain growth in the near future.

In value terms, pacemaker imports surged to $X in 2021. Overall, total imports indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +8.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +24.7% against 2019 indices. The pace of growth appeared the most rapid in 2013 with an increase of 41% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in the immediate term.

Imports by Country

Switzerland (X units), Singapore (X units) and Malaysia (X units) were the main suppliers of pacemaker imports to Thailand, with a combined 67% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Singapore (with a CAGR of +61.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest pacemaker suppliers to Thailand were Switzerland ($X), Ireland ($X) and Malaysia ($X), together comprising 78% of total imports.

In terms of the main suppliers, Malaysia, with a CAGR of +69.3%, recorded 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 pacemaker import price stood at $X per unit in 2021, surging by 8% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 when the average import price increased by 11%. The import price peaked at $X per unit in 2016; however, from 2017 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Ireland ($X per unit), while the price for Singapore ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+6.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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