KResearch assesses that spending on home care services in Thailand will likely reach THB2.2-2.3 billion during 2021, representing a marginal growth of 2.4 percent YoY. Although the market is being supported by an additional number of service users, a more diverse range of services and the persistent COVID-19 pandemic, which has helped bolster demand from the elderly, related patients, and those in need of home health services as they are unable to visit hospitals, the overall home care service market here has grown only moderately due to restrictions in terms of personnel and COVID-19 prevention measures.
KResearch is of the view that the home care service market in Thailand will grow at a meagre pace, averaging 7.3 percent (CAGR) over the next three years, because consumers still have an array of options to use regular health-care services while the number of those with high purchasing power and sufficient facilities for home care services is limited. Medical procedure and treatment services will likely be popular and are set to thrive ahead, especially medical procedures related to inoculation, physical therapy, muscle relaxation, treatments for specific symptoms, personal health-care services that meet the daily needs of the elderly, patient transport services with well-trained medical technicians, and rental services of basic medical equipment for home use.
Increased demand for comprehensive and convenient medical services has prompted exiting players in the health-care business such as hospitals, clinics, and health-care centers to accelerate their marketing efforts for home care services while also attracting new players, including SMEs and health startups, to offer specialized health-care services. More players mean people have more service options, and this will likely induce service providers to compete in offering quality services at affordable prices. However, there are challenges in expanding the home care service business, including a shortage of certified medical personnel and specialists needed to create confidence among service users. If players have plans in place to facilitate the needs of their customers over the long term, it is expected that the home care service market will grow further in line with anticipated demand.