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Shares of some of Thailand’s leading hospital groups such as Bumrungrad Hospital Plc (BH), Praram 9 Hospital Plc (PR9) and Bangkok Chain Hospital Plc (BCH), saw active trade today amid reports that the Kuwaiti government has approved these hospitals for their citizens to be able to use for treatment.
Shares of BH rose by 2 Baht in morning trade to 245 Baht a share, while those of PR9 were up 1.6% to trade at 19.20 Baht and BCH was trading in the morning session at 16.50 Baht up 5.10%.
The 3 hospital groups were among the 100’s of local hospitals that have been vying for ‘medical tourism’ that is worth by some estimates in excess of US$ 2 billion in Thailand alone. Kuwaiti nationals are among the biggest client base and data from Thailand’s Ministry of Foreign Affairs as of last year showed that more than 40,000 patients from Kuwait had come to Thailand for treatment in 2022.
A check by Thai Enquirer does not show any official announcement so far from the Kuwaiti government.
Nipat Kulabkaw, co-chief executive of BH had said last week that despite economic slowdown, the global medical tourism market is projected to grow 20% annually from US$103 billion to $284 billion by 2032.
He said that Thailand is expected to be one of the biggest beneficiaries of the boom that would likely see the region’s medical tourism market expand by 43% to US$16 billion by 2030.
BH, which has nearly half of its patients from Thailand and other Southeast Asian nations also has a large chunk of its patient base from the Middle East and Dr. Nipat recently said at the ‘Thailand Focus’ event that 50% of its patients are from Middle East, Ethiopia and Kenya.
Reports suggest that the hospitals selected were based on the criteria such as availability of network, the capabilities of the personnels at the hospital, general results from the treatment of complex issues, good reputation and the price is within the acceptable range for the Kuwaiti government.
As for Bumrungrad, Kuwaiti patients account for about 6% of the overall patients of the hospital although with the return of the patients from Kuwait, the numbers could see further upside once the official announcement is made.