KResearch projects that the value of home medical and assistive living devices for the elderly in Thailand will be between THB8-9 billion in 2021, accounting for 8-10% of the total value of Thailand's medical equipment and devices market. Most of the market value will come from the commercial sector, especially the demand for use in non-hospital businesses such as elderly care centers, nursing homes and senior homes. Moreover, the COVID-19 situation has led to a need for more devices for use at home by elderly people with purchasing power. The device markets that will benefit include 1) medical devices for preliminary care such as blood pressure monitors, blood glucose meters, pulse oximeters and suction machines; and 2) assistive living devices such as hospital beds, wheelchairs, standing assist rails, non-slip flooring, ramps, wheelchair lifts, IoT-based emergency response systems and fall detection sensors. Spending on home medical and assistive living devices for the elderly is expected to grow at an average rate of 7.8% per year in the next five years, with growth in assistive living devices expected to outpace growth in medical devices for preliminary care, in line with the increase in the elderly care industry and senior homes.
However, Thai production of home medical and assistive living devices may not fully meet domestic demand, and most Thai-produced devices are basic equipment using simple technologies. As a result, importers and distributors of imported products will benefit from the increased demand during this initial period. Thai manufacturers must elevate their production levels and produce equipment that is more technologically advanced but less complicated to use, to meet the need of elderly consumers and expand their market share, while also improving product standards, price accessibility and marketing. In addition to price competition, there are still challenges in competition with imported products in terms of branding, product technology and marketability. Therefore, KResearch believes that the advantages of Thai manufacturers should lie in understanding the lifestyle and needs of the elderly in Thailand, and can create product differentiation based on these needs, by taking into account factors such as purchasing power, product sales/service models, proper marketing, etc. to increase the opportunity for market expansion in line with the trends of Thailand's aging society.
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