Thailand’s cosmetic surgery and aesthetic business is projected to grow by 2.8% in 2025, reaching a market value of 76.5 billion baht. The market can be segmented by customer base and market value. Over 90% of domestic customers use services from clinics, while 65% utilize hospital services. When categorized by market value, hospital services are expected to see a 15% increase, driven by international customers who are drawn to Thailand’s high medical standards and the reputation of its surgeons.

Key Highlights for 2025

     - The market value of Thailand’s cosmetic surgery and aesthetic industry is expected to reach 76.5 billion baht, growing by 2.8% compared to the previous year, driven by increased service usage and higher treatment fees.

     - 79% of procedures are surgical, with facial treatments remaining the most popular. Emerging customer segments include the LGBTQIA+ community, Gen Z, and men.

     - The industry is supported by Thailand’s aging society and the growth of medical tourism. However, competition remains intense, both domestically and from abroad, as more Thais opt for cosmetic procedures overseas.

Market Trends

In 2025, the market is expected to grow steadily, but the growth rate will remain similar to previous years due to economic challenges, purchasing power, and intense competition. The Net Profit Margin (NPM) has declined to 2.3% post-COVID-19 (2021-2023), down from 2.7% pre-COVID-19 (2017-2019), reflecting increased competition despite market growth.

     - Clinics currently account for 85% of the market value, but this share is expected to decline due to price competition.

     - Hospitals are projected to increase their market share to 15%, driven by rising international clientele and their reputation for high standards and skilled surgeons.

Surgical vs. Non-Surgical Procedures

     - 79% of procedures are surgical, up from 75% in 2022, thanks to advanced, safer technologies with shorter recovery times. Popular surgical procedures include eye surgery, rhinoplasty, and breast augmentation.

     - Non-surgical treatments (21%) include Botox injections, hyaluronic acid fillers, and face and neck lifts.

Facial treatments remain the most sought-after, accounting for 47% of all procedures. Emerging customer groups, such as the LGBTQIA+ community, Gen Z, and men, are driving growth in this segment.

Opportunities

     - Aging Society: By 2028, Thailand will have 14 million elderly people, with 22% being high-income earners in Bangkok and surrounding areas. This demographic is likely to invest in anti-aging treatments such as facelifts, breast lifts, liposuction, and wrinkle reduction.

     - Medical Tourism: The number of international medical tourists is expected to grow by 5% annually. Cosmetic surgery is the second most popular medical service among international patients, with key markets including China, Malaysia, and Japan. ASEAN countries, particularly CLMV+I (Cambodia, Laos, Myanmar, Vietnam, and Indonesia), are emerging as new target markets.

Risks and Challenges

     - Limited Medical Personnel: Thailand has only 500 cosmetic surgeons, compared to 2,739 in South Korea, leading to intense competition for skilled professionals and higher operational costs.

     - Intense Competition: The industry faces pressure from over 2,500 domestic competitors, including small clinics, and international players offering services in Thailand or attracting Thai customers to countries like South Korea.

     - High Investment Costs: Businesses must continuously invest in new technologies and equipment to keep up with rapidly changing beauty trends. However, inconsistent customer demand, especially among middle-income groups, can impact cost management and profitability.

Conclusion

Thailand’s cosmetic surgery and aesthetic industry continues to grow, supported by an aging population and medical tourism. However, businesses must navigate intense competition, rising costs, and the need for continuous innovation to maintain profitability and attract both domestic and international customers.

 

Source
KasikornResearchCenter