The Department of Business Development (DBD) has reported that Thailand continues to experience a significant uptick in the registration of businesses focused on elderly care services. This rise is particularly noteworthy as Thailand is already classified as an aging society, with over 10% of its population aged 60 and above.
Based on statistics provided by the agency, there was a remarkable 17.5% surge in new business registrations for elderly care services in the initial seven months of this year.
DBD Director-General Thosapone Dansuputra said 67 new businesses in the elderly care category were registered during this period, marking an increase from the previous year’s 57 registrations.
Thosapone stated that the renewed interest in the elderly care sector this year is akin to the levels observed prior to 2022, with projections indicating a potential return to pre-pandemic levels. Interestingly, foreign investors have also taken a keen interest in this sector, with foreign investments totaling 182 million baht as of July 31, 2023, constituting 5.89% of the total investments in the sector. This foreign investment marked a growth of 15.6% compared to July 2022.
Top foreign investors in Thailand’s elderly care sector hailed from Singapore, Switzerland, Taiwan, China, and Japan, with Singapore leading with an investment value of 89.8 million baht.
While the elderly care business offers promising opportunities, it is constrained by compliance with Health Establishment Act standards. These regulations mandate adherence to quality standards encompassing facilities, services, and safety, necessitating permission and licensing before commencing operations. (NNT)
