Thailand Aesthetic Medicine Market Size, Share & Trends Report

Thailand Aesthetic Medicine Market Size, Share & Trends Analysis Report By Procedure Type (Invasive Procedures, Non-invasive Procedures), By End-use (Clinics & Aesthetic Centers, Hospitals), And Segment Forecasts, 2021 - 2028

  • Published Date: Sep, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-4-68039-616-6
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 100

Report Overview

The Thailand aesthetic medicine market size was valued at USD 718.3 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 13.6% from 2021 to 2028. The shifting trend toward maintaining optimal aesthetic beauty is one of the major factors driving the adoption of aesthetic procedures. Moreover, the rise in medical tourism and the increasing geriatric population is expected to boost the growth of the market in the country. However, the onset of Covid-19 in 2020 impacted the overall aesthetics market in the country. Cities like Bangkok, which are major cosmetic hubs in the country, witnessed week-long lockdowns. Medical tourism in the country faced setbacks due to travel restrictions. However, the country has eased mobility restrictions and its economy is expected to grow gradually by the second half of 2021.

Thailand aesthetic medicine market size, by procedure type, 2018 - 2028 (USD Billion)

The demand for aesthetic procedures is increasing and reimbursements for traditional insurance‐based medicine are declining. The increasing number of medical practitioners, regardless of their specialties, are engaged in medical aesthetic practices, such as performing aesthetic procedures in their offices or practicing in medical spas.

Minimally invasive procedures like injectable, laser hair removal, chemical peels, laser skin resurfacing, and non-invasive fat reduction have gained popularity in the country. For instance, botulinum toxin filler procedures witnessed an increase of 13% in 2019 from 2018. This indicates that the demand for non-invasive procedures is growing in the country.

Tourism is a major economic factor in Thailand. According to the World Travel & Tourism Council (WTTC), Thailand ranked among the top five destinations globally with regard to high inbound medical tourism spending. In 2019, tourism contributed to about 20% of the country’s GDP and 60% of the medical tourists visit the country for cosmetic procedures. The Thai government allocates around 13.3% of its total healthcare budget to medical healthcare services.

The country is also recognized as the most competitive destination globally in terms of high-quality treatments and affordable healthcare. Thus, the majority of the patients from the U.S., Australia, and Europe seeking aesthetic treatment visit Thailand. Medical treatments in other Asian countries such as Singapore and Malaysia cost three times and two times more, respectively than those in Thailand. The country is becoming a hub for affordable and high-quality aesthetic treatment. The cost of rhinoplasty and other invasive procedures is three to four times less in Thailand as compared to other western countries.

According to the International Society of Aesthetic Plastic Surgery (ISAPS), around 92,597 invasive and 30,631 noninvasive aesthetic procedures were performed in Thailand in 2019. Moreover, the ISAPS reported that Thailand witnessed the highest (33.2%) proportion of foreign patients seeking aesthetic treatment, followed by Mexico (22.5%) and Turkey (19.2%). Rising government initiatives and the establishment of state-of-the-art medical facilities to perform aesthetic procedures have led to the increased awareness and adoption of cosmetic procedures in the country.

The onset of Covid-19 impacted the country’s aesthetic treatment as well as the medical tourism sector in the first and second half of 2020. Bangkok and Phuket, which are major cities in the country, are highly dependent on tourism and consist of the majority of the healthcare facilities for aesthetic treatments. According to Asia Foundation, more than 62% of the businesses in these regions were completely closed during strict periods of lockdown in 2020. This also implies that elective cosmetic procedures in hospitals and clinics were postponed, thus affecting the aesthetic medicine market in the country.

However, as the country has eased mobility restrictions, its economy is expected to grow gradually by the second half of 2021. According to John Hopkins University, in Asia, Thailand was the most prepared country in the event of an epidemic and ranked sixth out of 165 countries globally. The country also has a robust and advanced healthcare system, which aided the country in effectively dealing with the pandemic.

Procedure Type Insights

The invasive procedures segment held the largest share of 74.6% in 2020. According to a survey by the International Society of Aesthetic Plastic Surgery (ISAPS) in 2019, around 92,597 invasive aesthetic procedures were performed in the country, with eyelid surgery, rhinoplasty, and breast augmentation being the most frequently performed procedures. This is because invasive procedures are cheaper in the country as compared to other Western countries as its currency is weaker than that of European and North American countries, and patients can save around 20%-65% of their cost.

The invasive procedures segment is further segmented into breast augmentation, liposuction, nose reshaping, eyelid surgery, tummy tuck, and others. Eyelid surgery held a significant market share in 2020. Since a majority of the Thai population does not have creased eyelids, they opt for eyelid surgeries to gain a defined eye shape and remove sagging.

Non-invasive procedures are expected to witness the highest growth in the forecast period owing to the fact that they offer pain-free cosmetic treatments with zero downtime and a reduced recovery period. This is anticipated to fuel the demand for these treatments. The most popular treatments are skin tightening, Botox injections, and non-invasive fat reduction.

End-use Insights

The clinics and aesthetic centers segment held the largest share of 69.3% in 2020 and is also anticipated to grow lucratively over the forecast period. Clinics are frequently visited by patients for aesthetic procedures, such as skin rejuvenation, body contouring and reshaping, wrinkle reduction, and scar treatment. Dermatology and beauty clinics are increasingly adopting technologically advanced aesthetic systems that can cater to a wide range of skin conditions and this has resulted in high patient footfall.

The Health Service Support Department's Sanatorium and Art of Healing Bureau is the regulatory body that oversees private clinics and private hospitals in the country. The country has 1,458 clinics that provide aesthetic services and represent 13% of all medical clinics in Thailand. However, the clinics segment is not efficiently regulated, and many complaints have been filed to the Office of the Consumer Protection Board related to aesthetic surgery over the years. This might hamper the market growth.

Thailand aesthetic medicine market share, by end-use, 2020 (%)

Thailand is becoming a major tourist destination and 60% of all the foreigners visiting the country are there for cosmetic surgery procedures. The majority of the hospitals in the country are certified and accredited by Joint Commission International (JCI). This international organization promotes strict adherence to quality care in 90 countries globally. Such accreditations boost reliability and trust among patients seeking treatment in Thailand.

Key Companies & Market Share Insights

The expansion of product portfolio and service offerings through the procurement of advanced technology is a key strategy adopted by market players. In February 2021, Dr. Orawan Holistic Dermatology & Anti-Aging Institute received GHA's COVID-19 Certification of Conformance for Medical Travel. This certification will imply to the patients that the company’s medical travel program's operational protocols, practices, and procedures have undergone an external review and reflect international best practices. Some prominent players in the Thailand aesthetic medicine market include:

  • Dermaster Co., Ltd.

  • BSL Clinic

  • Thai Medical Vacation

  • Bumrungrad International Hospital

  • Dr. Orawan Holistic Dermatology & Anti-Aging Institute

  • Nirunda International Aesthetic Clinic

Thailand Aesthetic Medicine Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 772.2 million

Revenue forecast in 2028

USD 1.89 billion

Growth rate

CAGR of 13.6% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Procedure type, end-use

Country scope

Thailand

Key companies profiled

Dermaster Co., Ltd.; BSL Clinic; Thai Medical Vacation; Bumrungrad International Hospital; Dr. Orawan Holistic Dermatology & Anti-Aging Institute; Nirunda International Aesthetic Clinic

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options


Segments Covered in the Report

This report forecasts revenue growth at the country level and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the Thailand aesthetic medicine market report on the basis of procedure type and end use:

  • Procedure Type Outlook (Revenue, USD Million, 2016 - 2028)

    • Invasive Procedures

      • Breast Augmentation

      • Liposuction

      • Nose Reshaping

      • Eyelid Surgery

      • Tummy Tuck

      • Others

    • Non-invasive Procedures

      • Botox Injections

      • Soft Tissue Fillers

      • Chemical Peel

      • Laser Hair Removal

      • Microdermabrasion

      • Others

        • Skin Tightening (Thermage/Ulthera)

        • Non-invasive Fat Reduction/Body Contouring

        • Others

  • End-use Outlook (Revenue, USD Million, 2016 - 2028)

    • Hospitals

    • Clinics & Aesthetic Centers

Frequently Asked Questions About This Report

gvr icn

GET A FREE SAMPLE

gvr icn

This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself...

gvr icn

NEED A CUSTOM REPORT?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.

Contact us now to get our best pricing.

BBB icon D&B icon

We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure.