In the seminar session, the 2024 Thailand Healthcare and Beauty Business Matching will feature two speakers:
- Dr. Kilala Tilaar, CEO of Martha Tilaar Group, who will discuss product development, market conditions, existing competition, and the outsourcing facilities owned by Martha Tilaar Group.
- Jon Lie Sarpin, Associate Director of Mayapada Hospital, who will present on market conditions and collaboration opportunities in the healthcare sector and provide an overview of Indonesia’s aesthetic market, including beauty surgical care and medical devices.
Global Healthcare and Beauty Industry Development
The global beauty and personal care industry continues to experience rapid growth. According to various reports, this market is projected to exceed $500 billion in the coming years. This growth is driven by increasing demand for innovative products that meet the needs of consumers who are becoming more health and appearance-conscious.
In 2022, Grand View Research reported that the value of the global medical tourism market reached USD 115.6 billion and is predicted to increase significantly to USD 346.1 billion by 2032. This growth is driven by several key factors, including the increasing number of diseases, advancements in medical technology, access to treatments not available in patients’ home countries, and more affordable treatment costs in popular medical destinations.
Awareness of the importance of health and wellness continues to rise, driving demand for services that support a healthy lifestyle. With this growth, the global healthcare and beauty industry is playing an increasingly important role in the global economy, presenting significant opportunities for businesses in this sector.
Thailand’s Healthcare and Beauty Industry in the Global Market
The healthcare and beauty industry in Thailand has shown significant growth and plays a vital role in both Asia and the world.
For the medical tourism market, for instance, in 2022, Thailand was one of the top 10 countries in the world for medical tourism. According to the Medical Tourism Index report, Thailand ranked 5th globally and 1st in Asia as a medical tourism destination.
In 2023, Thailand’s medical tourism industry generated over USD 12 billion. The country receives more than 3 million medical tourists annually, seeking various medical and health treatments, including cosmetic surgery, dental care, and fertility procedures.
Meanwhile, Thailand’s cosmetics industry was estimated to be worth around USD 6 billion in 2023 and is expected to grow by 7% annually until 2025. The market for natural and organic beauty products in Thailand is also experiencing rapid growth. In 2023, natural cosmetic products accounted for about 30% of the total beauty market in Thailand, with an average annual growth rate of 8%.
Another important note is that Thailand exports beauty and cosmetic products to over 120 countries. In 2023, the export value of beauty and personal care products from Thailand reached USD 1.5 billion, making it one of the top exporters in Southeast Asia.
