The medical sector expects to see 10% growth next year, up from a total market value of 140 billion baht this year due largely to strong demand.
In particular, growth is forecast to surge for elderly care products, said the Medical and Health Device Manufactures Industry Club (MeDic) under the Federation of Thai Industries (FTI).
MeDic chairman Winit Ritshima said demand for healthcare products and equipment is due to grow substantially both in the domestic market and neighbouring countries.
He said the club expects to see the sector expand next year, especially among small and medium-sized enterprises (SMEs), which the government has vowed to support.
"The government has a clear policy to promote and support the medical and healthcare industry as it is one of the targeted industries," said Mr Winit.
The 10 targeted industries are: automotive and auto parts, including electric vehicles; smart electronics; affluent, medical and wellness tourism; agriculture and biotechnology; food; robotics for industry; logistics and aviation; biofuels and biochemicals; digital; and medical services.
Mr Winit said several SMEs in the medical and healthcare sector want to promote their brand and expand into the Asean market.
He said the FTI plans to host an event for medical-related state agencies and SMEs in the medical and healthcare sector to discuss ways to support local medical equipment producers.
In addition, the MeDic Club has asked private and government hospitals to buy locally-made medical equipment in order to support Thai SMEs as well as reduce the costs incurred by importing such equipment.
There are 400 local medical equipment manufacturers, while about 3,000 companies import medical equipment.
Mr Winit said the club wants to increase the number of local medical equipment producers to help cut the cost of medical care and increase the competitiveness of Thai hospitals. He said business matching events between Thai and foreign medical companies to create technology transfers that would help improve the sector.