The Krungthai COMPASS Research Center indicates that upgrading 3 key medical industries—namely, biopharmaceuticals, medical devices and equipment, and medical tourism—will help propel Thailand towards its goal of becoming a Medical Hub, potentially generating up to 800 billion baht in annual revenue by 2027, up from the current value of over 200 billion baht. This growth is driven by a global trend expected to reach a total market value of over 1.5 trillion USD per year by 2027.

Dr. Pacharaporn Nantharamat, Assistant Managing Director of Krungthai Bank, revealed that the medical industry is one of the target sectors that the government expects to be a crucial engine driving the Thai economy amid the ongoing COVID-19 pandemic. The aim is to fully establish Thailand as a Medical Hub, which will not only attract investment into the country but also create jobs and connect to many related businesses. The key components that the government has set to drive Thailand's Medical Hub include:
1. Medical Service Hub
2. Wellness Hub
3. Product Hub for medicines and health products
4. Academic Hub for research and education.

“Becoming a Medical Service Hub and a Product Hub for health products are two of the four key components where Thailand has the potential and readiness to develop and upgrade quickly. These sectors show promising growth trends that will support the future growth of the global medical industry, and they can also evolve into the other components, making the full establishment of Thailand as a Medical Hub more feasible,”

Ms. Sujittra Anno, an analyst, stated that the crucial factors to drive Thailand as a Medical Service Hub and a Product Hub for health products include: 1. Expanding the pharmaceutical industry from generic drug manufacturers to a production base in the biopharmaceutical sector, which is a growing trend expected to reach a global market value of 547 billion USD by 2027, with an average growth rate of 10.6% per year. 2. Upgrading the medical devices and equipment industry using the BCG Model, which will enable Thai entrepreneurs to produce innovative medical tools and equipment with advanced technology, potentially increasing the market value of this industry in Thailand to 3.38 billion USD or over 100 billion baht by 2027, reflecting an average growth rate of 8.1% per year, nearly doubling from 2019 and surpassing the global average growth rate. 3. Highlighting the strengths in medical services to aim for becoming a World Class Medical Service Hub, with expectations that the market value of Thailand's medical tourism will expand again after the COVID-19 pandemic eases, reaching 760 billion baht by 2027, with an average growth rate of 13.2% per year.

“Currently, Thailand's share in the global market for these 3 key medical industries is still relatively small, presenting significant growth opportunities if standards can be elevated to a global level. This will help generate over 800 billion baht in annual revenue by 2027. Additionally, it will reduce the import of medicines and medical devices from abroad, significantly lowering the public healthcare costs for the government and providing sustainable public health benefits. However, a key success factor is the collaboration from all sectors, including supportive government policies that encourage investment, relevant research and development agencies, alongside private sector investments that are equipped with knowledge, resources, and capital to ensure integrated development and investment aligned across the ecosystem.”