Global Cosmetic Surgery Trend
The cosmetic surgery and procedure market size was valued to be over USD 26.3 billion in 2016 and is anticipated to grow at a CAGR of 5.9% over the forecast period. A global increase in the incidence of acne and other skin-related conditions has driven the market.
Furthermore, the rapidly aging population and increasing concerns about wrinkles & related skin
disorders are some of the key factors likely to boost the market. Furthermore, the increasing prevalence of breast cancer has increased the demand for breast augmentation and breast lift procedures. The demand for tummy tuck (abdominoplasty) and liposuction is also growing due
to the increasing obese population. Moreover, changing lifestyles, increasing affordability, and advancements in technologies are likely to propel the market growth of cosmetic surgery.
U.S. cosmetic surgery and procedure market by type,
2014 - 2025 (USD Billion)
Cosmetic surgery and procedure have been broadly categorized into surgical and nonsurgical.
Cosmetic surgery or surgical procedure is segmented into breast augmentation, liposuction,
tummy tuck, eyelid surgery (blepharoplasty), and breast lift. Nonsurgical section further
segmented into botulinum toxin, dermal fillers, laser hair removal, chemical peels, photo
rejuvenation, and micro-dermabrasion.The global increase in population also results in an
increased demand for antiaging cosmetic and aesthetic treatments. Owing to its distinctive
viscoelastic and moisturizing properties coupled with lower toxicity levels, demand for
hyaluronic acid products are directly affected by growing application in minimally invasive
Thailand Healthcare Market Overview
Medical and healthcare services are essential services that serve basic people’s needs not only in Thailand but across the globe. There are approximately 17,000 healthcare facilities in Thailand and about only 343 are private hospitals. Since 2015-2017, the overall demand for healthcare services in Thailand for both government hospitals and private hospitals has been steadily increasing between 5-6% each year and continues to grow every year. The capacity for patient admission of clinics and hospitals remains limited. This represents market opportunities for private hospitals to supply for the shortage of health services and facilities.
Source Credit: Thailand Industry Outlook 2016-2018: Krungsri Bank
Moreover, in the last decade, Thailand has been internationally recognized as a key destination for medical tourism in Southeast Asia. Primarily because of advantages in pricing, quality, and services as shown by the increasing number of newly accredited clinical excellence centers. Thailand also has a strong tourism industry and infrastructure that the medical tourism industry has been effectively benefiting from to support market growth and market penetration. Medical procedures in Thailand are generally less costly than those in North America (e.g. USA), Singapore and other developed countries in Europe. In fact, in many cases, the procedure cost in Thailand would still be considerably less costly including airfare, lodging, and travel expenses.
Information provided by ISAPS (International Society of Aesthetic Plastic Surgery)
Why Specialized Hospital and
Beyond patient safety and providing a pleasant experience during hospital visitation, the quality and expertise in specific areas of medicine are particularly important to private healthcare. The
driving trends are patients are adequately informed from the information readily available online such as patient online chat rooms, forums, feedback, and reviews. This is especially true
for elective surgeries such as plastic and orthopedic procedures.
Also, specialized hospitals offer a wide range of procedures providing more options along with advanced technology and qualified licensed physicians.
The strong emergence of specialized hospitals began in the USA around 15 years ago was primarily driven by operations cost control. There are similar challenges in the Thai market that general hospitals are facing today. The advantages of a specialized hospital are purposely built environments and facilities for specific areas of practice, economies of scale by grouping similar specialties, wider and deeper range of specialized procedures and options.
Specialized hospitals also provide better physician retention and recruitment because of the larger pool of patients based on specific procedures that give the emerging physicians a stronger career path.
Specialized hospitals make it possible to address specific patients’ needs or requests. Meeting or exceeding expectations in many aspects is particularly important in plastic and cosmetic surgery.
In a specialized hospital environment, one-on-one or customized services are possible and this provides a major benefit. There are cases where patients will need to undergo multiple procedures to achieve the desired outcome, therefore maintaining a positive patient experience ensures patients return for other needed procedures and makes it possible to receive positive referrals and reviews.
Due to the size and focused medical practices, specialized hospitals can better adapt to shifting trends and markets or implement new workflows faster than general hospitals.