Mindray Inks Deal in Thailand
Global imaging equipment manufacturer Mindray has signed a strategic cooperation agreement with the Medical Ultrasonic Society of Thailand. While an international deal, it highlights the strategy of original equipment manufacturers (OEMs) to form partnerships for clinical validation and market adoption in specialized fields.
- Thailand's medical imaging market was valued at approximately $596.3 million in 2024 and is projected to grow at a compound annual growth rate (CAGR) of 5.7% to reach $827.4 million by 2030. Ultrasound systems represent the largest segment of this market. - The Thai government is a significant driver of this growth, with plans to invest THB 220 billion (approximately USD 6.6 billion) in healthcare infrastructure, which includes the establishment of new hospitals and diagnostic centers. This initiative is partly a response to the country's aging population, with those aged 60 and above accounting for 18% of the population in 2023. - Reimbursement for advanced imaging is expanding in Thailand. In 2023, the government increased coverage for civil servants for diagnostic imaging and radiation therapy. Additionally, the national Universal Healthcare Coverage Program is slated to include AI-assisted imaging, with a phased rollout to 887 public hospitals planned between 2025 and 2027. - The deal with the Medical Ultrasonic Society of Thailand is a key component of Mindray's broader strategy of "deepening localization" to expand its international footprint. This strategy involves not just sales partnerships but also establishing local training institutes, like the 20 ultrasound centers it created in the Middle East and Africa, to build clinical capacity. - Mindray's global strategy aims to increase its international revenue to over 60% of its total, up from 50%. The company saw a 21.3% year-over-year increase in overseas revenue in 2024. - Southeast Asia is becoming a hub for medical technology manufacturing, with governments in countries like Thailand offering incentives to attract investment. This trend is driven by a desire to build supply chain resilience and cater to the region's growing domestic healthcare demand, which is projected to grow at a 9% CAGR from 2025 to 2029. - While hospitals are the primary end-users for imaging equipment in Thailand, there is a growing trend of outpatient services and the establishment of specialized diagnostic centers, particularly in major cities like Bangkok and Chiang Mai. - The competitive landscape in Thailand includes major international players such as Siemens Healthineers, GE Healthcare, and Philips Healthcare, making strategic partnerships crucial for market penetration and adoption of new technologies.
