The country's ageing society is helping the elderly care industry to thrive, says the Trade Policy and Strategy Office (TPSO).
Director-general Poonpong Naiyanapakorn said Thailand is now an ageing society as the number of elderly continues to rise while the birth rate declines.
According to United Nations (UN) data, 13.06 million people in Thailand were aged over 60 last year, accounting for 20% of the total population. This represented a 4.3% increase on the previous year.
The number of elderly people has grown by an average of 4.8% per four years over the last ten years. The rising age of the general population has been attributed to several factors, including the increase in the single population, a decline in the birth rate, and increasing longevity resulting from advances in medicine and technology.
Mr Poonpong said the situation is creating new opportunities for various businesses, such as nursing homes.
Analysis by Zion Market Research shows the value of the global elderly care market is expected to grow from US$1.02 trillion last year to $1.96 trillion by 2032.
The Asia-Pacific market will have the biggest growth due to its growing population, advanced technology and popularity as a retirement destination.
Mr Poonpong said 887 legal entities are running elderly care businesses in Thailand, adding that there were 708 nursing homes in 55 provinces last year, with the number increasing by 25.1% each year on average since 2018.
Most nursing homes are in the Bangkok Metropolitan Region (BMR), which presents a great opportunity for entrepreneurs to enter those other markets, he said.
