Krungsri Securities (KSS) sees substantial long-term upside for Thailand’s hospital sector as the country advances toward its ambition of becoming a global Longevity & Wellness Hub. According to Thailand’s Department of Health Service Support (HSS), global demand for long-stay health retreats and wellness services is soaring, with the Longevity Economy market forecast to surpass $27 trillion.
In response, HSS has announced key strategies: 1) extending the Medical Treatment Visa for stays beyond one year to attract long-term healthcare seekers; 2) amending the Medical Facility Act to allow private hospitals to establish research and innovation centers for complex, long-term cases; and 3) implementing service innovations such as centralized international health insurance platforms and real-time interpreter centers.
Current visa options for foreign patients include the Medical Treatment Visa (MT), which is valid for 60 days per entry, with possible extension of up to 30 days, and the Non-Immigrant Type O (Non-MT) Visa, also capped at 90 days but approved on a single-entry basis. A one-year Non-MT Visa was previously endorsed in principle during 2021–22 to attract medical visitors.
KSS views these policy moves as structural positives for the sector, marking a shift from traditional medical tourism toward sustainable, recurring revenue through comprehensive wellness and personalized healthcare.
Among covered hospitals, first quarter 2026 foreign revenue contributions were led by Bumrungrad Hospital PCL (SET: BH) (66%), followed by Bangkok Dusit Medical Services PCL (SET: BDMS) (31%), Praram 9 Hospital PCL (SET: PR9) (26%), Bangkok Chain Hospital PCL (SET: BCH) (13%), and Chularat Hospital PCL (SET: CHG) (4%). Hospitals with significant wellness service offerings include BDMS (12% revenue contribution), BH (5%), and PR9, which operates the W9 Wellness Center.
KSS expects BDMS to benefit most from the country’s evolving healthcare landscape, given its established wellness business and broad preventive healthcare ecosystem. While BH’s wellness revenue remains modest, its premium foreign clientele provides a solid foundation. PR9 is recognized for growth in complex diseases, expanding foreign patient base, and serving a high-spending domestic segment—positioning it well for future longevity-focused services.
The securities firm projects a “Bullish” outlook for the sector, with signals of revenue recovery in 2Q26, strong cost control, and potential upside from returning foreign patients and higher Social Security reimbursement rates in the second half of 2026. Top picks remain BDMS (Buy, TP THB 27) and PR9 (Buy, TP THB 23), for their diversified revenue, steady cash flow, and high-acuity case growth.
