Catalyzing Advancements in the Medical Laboratory, Devices & Equipment and Healthcare Industries towards Establishing ASEAN as a Medical Hub

BANGKOK, THAILAND - Media OutReach Newswire - 8 May 2024- Informa Markets is gearing up to highlight the industry capabilities of medical services and advancements in medical laboratory technology, medical devices, and equipment for service provision within the healthcare system across the region at Medlab Asia and Asia Health 2024. Scheduled for July 10-12, 2024, at the Queen Sirikit National Convention Center, the event marks a significant move to a new venue in the heart of Bangkok, Thailand. The event is committed to driving economic growth for Thailand's medical device industry, reinforcing its potential, and enhancing Thailand's position as a Medical Hub in the ASEAN region. Ms. Rungphech Chitanuwat, Regional Portfolio Director - ASEAN, Informa Markets, as the organizer of Medlab Asia and Asia Health 2024, stated, "The growing demand in the healthcare industry due to the aging population, the rise of medical tourism, and increasing needs for enhanced well-being. Therefore, public health services, health systems, medical services, and treatment in hospitals and clinics are driving the demand for medical laboratory services and medical equipment in the ASEAN region is growing significantly. According to McKinsey & well, the medical laboratory market is expected to reach US$16.36 billion by 2027, growing at a 12.59% CAGR from 2023 to 2027. The industry's growth is driven by the demand for more accurate diagnostics precise and modern equipment. We saw the increased purchasing power of entrepreneurs in the medical laboratory and medical equipment industry. Last year, Medlab Asia and Asia Health alone generated a business value of US$ 37.5 million or approximately 1,312.5 million baht, reinforcing the potential of the event that can attract up to 9,947 entrepreneurs from the business sector and healthcare professional to attend. This is in line with Informa Markets' key ambition of building a healthcare community to create business opportunities and connections, learning academic conferences, and updating trends in the industry together especially in South East Asia market." In 2024, Medlab Asia and Asia Health will be co-located with CPHI South East Asia 2024 to cover the entire spectrum of the pharmaceutical, medical laboratory, medical devices, and healthcare industries. As such, the host has laid out the concept of organizing all three events under the theme "International Healthcare Week" with the essential goal of creating access to a comprehensive healthcare system and fostering the adoption and application of innovative technology in the health system for improved community health, ultimately leading to a more stable economy. The 2024 exhibition will showcase a wide array of medical laboratory diagnostics, laboratory equipment, diagnostic kits, consumables, services, radiology and imaging, sterilization and decontamination, emergency medicine (including resuscitation), rehabilitation, medical prevention, and medical information technology systems. A new zone introduced this year will be the Innov8 Start-Up zone, designed to foster innovation in medical technologies. The event expects over 350 exhibitors from 15 countries, more than 10,000 visitors, and 3,000 participants in medical academic sessions. The company aims to attract more than 400 potential buyers through business matching. Mr. Noppasit Laotaveerungrueng, Secretary-General of the Medical Device Manufacturers Industry Club at the Federation of Thai Industries, said, "Thailand serves as a strategic gateway to Asia. In 2023, the medical device market in Thailand boasted an import value of US$ 6,987 million and an export value of US$ 7,623 million, with a continuous market growth rate of 8-10%. Moreover, Thailand boasts 60 medical facilities certified according to JCI international standards, the highest in Asia and ranked 4th globally. These achievements stem from technological advancements, demographic shifts, and escalating healthcare demands. Additionally, there's been a surge in international collaboration efforts. Consequently, the ASEAN region garners global interest as it offers universally accessible, safe, high-quality healthcare at reasonable prices. This allure propels the continuous expansion of Thailand's medical laboratory and healthcare market." Dr. Duangdej Yuaikwarmdee, Director of the Exhibitions Department at Thailand Convention and Exhibition Bureau (Public Organization) or TCEB, revealed, "Medical devices industry is considered one of the 12 new target industries (New S-Curve) of Thailand that has the potential to create social and economic strength. The medical device industry in Thailand has a total value of approximately 60,000-70,000 million baht per year. At the same time, Thailand's medical...