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14 Sep 2021

Econ Digest

Home care services: Option during COVID-19


KResearch assesses that spending on home care services in Thailand will likely reach THB2.2-2.3 billion during 2021, representing a growth of 2.4%YoY. Although the market is being supported by an additional number of service providers, a more diverse range of services and the COVID-19 pandemic, which has helped bolster demand from the elderly, patients, and those in need of alternative medical services, the overall home care service market here has grown only moderately due to restrictions in terms of personnel and COVID-19 prevention measures.   

KResearch views that the home care service market in Thailand will grow at a meagre pace, averaging 7.3% (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 services that will likely be popular and are set to thrive ahead, include medical procedures and treatment services related to inoculation, physical therapy, muscle relaxation, caregiver services that meet the needs of the elderly, as well as other assistive services such as patient/elderly transport services with well-trained medical technicians, and rental services of basic medical equipment for home use.      

Rising demand for comprehensive and convenient medical services has prompted 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 and establishment of safety standards. 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. In addition, there will be an opportunity to expand into medical tourism market to serve tourists entering Thailand for medical treatment when inbound tourism recovers in the future.

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Econ Digest