"Medical device industry" is a rising star because it is growing along with an aging society where people live longer but still need constant healthcare and treatment. It is also being promoted as one of the key target industries in the Eastern Economic Corridor (EEC).
Krungsri Research stated that Thailand is currently the 17th largest exporter and importer of medical devices in the world and the first in ASEAN. It is estimated that this industry will grow on average during 2021-2022 at 6.5% as a result of various factors including government incentives such as tax exemption on imports of parts or raw materials, and measures to expedite investment in various medical-related industries such as medical devices related to the prevention of COVID-19.
There will be an offer to reduce corporate income tax by 50% for 3 years as well. Currently, there are 595 manufacturers of medical devices and equipment. The global health-conscious trend will bring massive opportunities for entrepreneurs in the medical device industry.
