The growing plastic surgery industry has convinced Aikchol Hospital Plc, which operates two hospitals in Chon Buri, to collaborate with South Korea-based ID Hospital, which specialises in plastic surgery.
The goal is to increase revenue and support the wellness business in Thailand, said Siriphot Manoch, chief strategy officer of Aikchol Hospital.
Plastic surgery can add value to wellness and medical tourism, which is a sector promoted by the government, he said.
Wellness tourism is among the 12 targeted S-curve industries in the Eastern Economic Corridor (EEC), which covers parts of Chon Buri, Rayong and Chachoengsao.
"We see the business potential of plastic surgery among both foreign and Thai markets, which grow almost equally by 10-12% a year," said Mr Siriphot.
Thailand, Vietnam, India and Japan have recorded high growth rates in the plastic surgery sector, he said.
Many Thais travel to South Korea for plastic surgery, but have no idea where to go for follow-up treatment after the surgery, said Mr Siriphot.
"Aikchol will provide post-surgery treatment and facilitate patients who want to have plastic surgery by coordinating with ID Hospital," he said.
The hospital plans to start sending patients to ID Hospital in the first quarter of next year.
Aikchol wants to focus on Thai customers in the eastern provinces initially, then expand to cover expatriates because many foreigners work in the EEC, which is being developed into a high-tech industrial hub, said Mr Siriphot.
Plastic surgery is a lifestyle business the hospital is emphasising. The company expects plastic surgery will generate revenue growth of 5%, or around 50-100 million baht, in 2024, he said.
For the first nine months of this year, Aikchol earned 1.35 billion baht and posted profit of 135 million baht. The company estimates full-year revenue of 1.7-1.8 billion baht.
Aikchol plans to allocate 180 million baht next year to support its business. Up to 60% of the budget will go to develop hospital facilities, said Sidthiphot Manoch, deputy chief financial officer of Aikchol Hospital.