Thonburi Healthcare Group

What Thonburi Healthcare Group does

Thonburi Healthcare Group Public Company Limited (THG) is a Thai publicly-listed private hospital operator (SET: THG) headquartered in Bangkok Noi, running a network of 11 hospitals — 10 across Thailand (5 in Bangkok metropolitan area and 5 in provincial markets including Trang, Songkhla, Chanthaburi, Nakhon Si Thammarat, and Ubon Ratchathani) and 1 international facility in Yangon, Myanmar (Ar Yu International Hospital, 200 beds). Total registered capacity stands at 1,520 beds across the network, supported by ~4,013 employees and advanced medical technology platforms including Da Vinci robotic surgery, LINAC radiation therapy (first installed in the lower Andaman region at Thonburi Trang), fusion biopsy for prostate cancer diagnosis, smart rehabilitation/robotic gait training, and proprietary digital health tools such as CareMeal (digital inpatient meal ordering), the Rajyindee Vision Board (real-time HIS-integrated patient status dashboard), RYH Touch-for-Treat (patient communication support application), and a smartphone-based stroke prevention monitoring platform.

The company operates a multi-segment healthcare platform spanning inpatient and outpatient hospital care, specialized medical centers (oncology/radiotherapy, robotic surgery, rehabilitation), hospital management services contracted to provincial state hospitals, home healthcare, elderly residential care (Jin Welling County under Thonburi Wellbeing), retail pharmacy distribution (TH Health Pharma), medical supplies and pharmaceutical distribution, central procurement of medicines and medical supplies, and proprietary hospital management software. The 'Lifetime Health Guardian for All' positioning targets patients across all life stages, with revenue generated primarily through fee-for-service hospital billing, supplemented by provincial state hospital management contracts, recurring elderly care/retail pharmacy transactions, and licensing of hospital software. Customer segments span individual patients (primary), corporate clients (occupational health, CPR/BLS training, health screening — including Sri Trang Agro-Industry and Viriyah Insurance), government (state hospital contracts), and elderly residents.

In FY2024 the company recorded 9,479.34 million THB in total revenue, against a reported net loss of 1,764.51 million THB driven by 1,650.99 million THB in special items (impairments and credit-loss allowances). Q1 2025 revenue declined 4.50% YoY to 2,231.65 million THB, but net profit recovered to 13.05 million THB (+104.97% YoY) on a gross margin expansion to 22.36%. The group is mid-restructuring under a new executive team installed November 2024 following disclosure of suspicious transactions and broader corporate governance issues linked to 2024 SET-listed company scandals. Geographic service regions are Thailand (primary) and Myanmar (Ar Yu International Hospital).

Name

Thonburi Healthcare Group

Legal name

Thonburi Healthcare Group Public Company Limited (ธนบุรี เฮลท์แคร์ กรุ๊ป จำกัด (มหาชน))

Website

https://thg.co.th

Company type

Public

Founded year

1980

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Thonburi Healthcare Group (THG) is a Thai publicly-listed private hospital operator running 11 hospitals (10 in Thailand, 1 in Myanmar) with 1,520 registered beds, serving individual patients, corporate clients, government, and elderly-care residents across Southeast Asia.

Ownership category

akta.pro rank

Headquarters

HQ city

Bangkok

HQ country

Thailand

HQ region

Asia

Offices12 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Private Hospital Services: Core revenue from operating 11 private hospitals (10 in Thailand, 1 in Myanmar) providing inpatient, outpatient, emergency, and specialized medical services. Revenue is generated through patient service fees, room charges, medical procedures, and pharmaceutical dispensing. The hospital network includes Thonburi Hospital, Thonburi 2 (Thawiwatthana), Thonburi Bamrungmuang, Thonburi Burana, Thonburi Thungsong, Thonburi Rajyindee, Thonburi Trang, Thonburi Sermrath (Ubonrak), Thonburi Sirivej (Chanthaburi), Thonburi Phatthana, and Ar Yu International Hospital (Myanmar). Total registered beds: 1,520.
2. Medical Supply and Pharmaceutical Distribution: Distribution of medical supplies, devices, equipment, pharmaceuticals, and central medical supplies. Includes TH Health Pharma retail pharmacy chain generating product sales revenue.
3. Hospital Management Services: Contract management services for provincial state hospitals, providing operational management expertise and medical oversight under fee-for-service arrangements.
4. Elderly Care and Residential Services: Integrated residential projects for elderly combined with medical services, including the Jin Welling County project. Revenue from housing units and care service fees.
5. Home Healthcare Services: Home-based medical care and nursing services delivered to patients outside hospital settings, including physiotherapy and bedridden patient care.
6. Hospital Software Development: Development and licensing of hospital management software systems for internal use and potentially external clients.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels6 records

Core offering

Thonburi Healthcare Group Public Company Limited (THG) operates a network of 11 private hospitals (10 in Thailand across Bangkok, Southern, Northeastern, and Eastern provinces, plus 1 in Yangon, Myanmar) with 1,520 registered beds, delivering inpatient, outpatient, emergency, and specialized medical services. The company also manages provincial state hospitals under management contracts, provides home healthcare and elderly residential care, distributes medical supplies and pharmaceuticals through the TH Health Pharma retail pharmacy chain, and develops proprietary hospital management software.

Product overview

Thonburi Healthcare Group (THG) operates as a comprehensive healthcare platform with 11 hospitals across Thailand (5 in Bangkok/metropolitan area, 5 in provinces, 1 overseas in Myanmar) plus 1 overseas facility, offering a total of 1,520 registered beds. The company provides integrated medical services including hospital care, specialized medical centers, home healthcare, elderly care facilities, medical supplies distribution, and hospital management software. THG's product portfolio centers on its hospital network (Thonburi Hospital, Thonburi Thawiwatthana, Thonburi Bamrungmuang, Thonburi Burana, Thonburi Thungsong, Thonburi Sirivej, Thonburi Ratchathani, Thonburi Rajyindee, Thonburi Trang, and Ar Yu International in Myanmar) complemented by digital health products (CareMeal, Rajyindee Vision Board, RYH Touch-for-Treat, stroke monitoring app), advanced medical technologies (Da Vinci robotic surgery, LINAC radiation therapy, fusion biopsy, robotic gait training), and supporting services (TH Health Pharmacy, medical supplies distribution, elderly care). The group follows a 'Lifetime Health Guardian for All' concept delivering care across all life stages.

Differentiator

Problem solved

Functional benefit

Brands

• TH Health Pharma: Retail pharmacy chain selling health products
• Jin Welling County
• Jin Wellness

Products and services

• Thonburi Hospital Flagship private hospital in Bangkok (Thonburi/west Bangkok area) providing comprehensive inpatient, outpatient, emergency, surgical, and specialized medical services. Recognized as the #1 private hospital in the Thonburi area.
• Thonburi Thawiwatthana Hospital Regional private hospital in Bangkok's Thawi Watthana district offering comprehensive medical services.
• Thonburi Bamrungmuang Hospital Private hospital in Bangkok providing medical services with integrated rehabilitation medicine, wellness programs (Jin Wellness), and Diamond Level GREEN & CLEAN Hospital Plus certification.
• Thonburi Burana Hospital Regional private hospital in Bangkok providing comprehensive healthcare services, including a 'Giving Back to Society' physiotherapy program at THB 59 per session for underserved populations.
• Thonburi Thungsong Hospital Regional private hospital in Nakhon Si Thammarat Province, Southern Thailand, providing medical services along with occupational health and safety training programs. Received the Total Worker Health Model Organization Recognition Award in 2025.
• Thonburi Sirivej Hospital Regional private hospital in Chanthaburi Province, Eastern Thailand, providing medical services and Basic Life Support training programs.
• Ubonrak Thonburi Hospital Regional private hospital in Ubon Ratchathani Province, Northeastern Thailand, offering cardiovascular and stroke prevention services.
• Thonburi Rajyindee Hospital Regional private hospital in Songkhla Province, Southern Thailand, featuring digital healthcare innovations including CareMeal and Rajyindee Vision Board real-time patient dashboard.
• Thonburi Trang Hospital Regional private hospital in Trang Province, Southern Thailand, housing the Oncology and Radiation Therapy Center with LINAC technology — the first LINAC installation in the lower Andaman region.
• Ar Yu International Hospital 200-bed international private hospital in Yangon, Myanmar, providing healthcare services to local communities and medical tourists, including specialized treatments for stroke, Alzheimer's, cancer, and hepatitis.
• Home Healthcare Services Medical care, nursing, and physiotherapy services delivered to patients outside hospital settings, including care for bedridden patients and post-discharge support.
• Elderly Care and Senior Living (Jin Welling County) Residential care facilities with integrated medical services for the elderly, including the Jin Welling County project under Thonburi Wellbeing Co., Ltd. (Premier Home Health Care Company Limited).
• Medical Supplies Distribution Distribution of medical supplies, devices, equipment, chemicals, and pharmaceutical products, including central procurement for THG hospitals and external clients.
• Hospital Management Software Development Development of hospital management software systems including Electronic Medical Records (EMR) for internal use and potential external licensing.
• TH Health Pharma (Retail Pharmacy Chain) Retail pharmacy chain selling pharmaceutical and health products directly to consumers through physical storefronts.
• Provincial State Hospital Management Services Contract management services for provincial state hospitals, providing operational management expertise and medical oversight under fee-for-service arrangements with the government.
• Dust-Free Outpatient Department (OPD) Building at Thonburi Hospital An 8-story outpatient department building with 83 examination rooms, advanced PM2.5 air filtration maintaining indoor PM2.5 at approximately 3–5 micrograms per cubic meter, real-time environmental monitoring sensors, and Smart Building Automation System integration.

Quantifiable outcome

• 94.48% overall patient satisfaction rate in 2025 (up from 92.44% in 2024)
• +5 more outcomes

Named customers7 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature10 records

Partnerships

Ten partnerships are on record, tiered minor.

• TPBI Public Company LimitedminorStrategic or Co-development Partner · 1 November 2025Thonburi Thawiwatthana Hospital joined the 'Won' Circular Economy Project in collaboration with TPBI Public Co., Ltd. starting November 2025. The initiative focuses on separating and collecting recyclable plastic bags and stretch film from general hospital waste and channeling them into recycling processes. The initial phase collected over 100 kilograms of plastic materials for recycling within one month.
• Telehealth Care Co., Ltd.minorStrategic or Co-development Partner · 20 September 2023Thonburi Bamrungmuang Hospital collaborated with Telehealth Care Co., Ltd. to host a health seminar at Viriyah Insurance Headquarters on 'Osteoporosis: The Silent Threat That Can Be Prevented', demonstrating a GTM partnership for health education outreach to corporate clients.
• Praram 9 HospitalminorStrategic or Co-development Partner · 16 July 2023Thonburi Rajyindee Hospital collaborated with Praram 9 Hospital to host a kidney health seminar titled 'New Kidney, New Life' at Crystal Hotel, Hat Yai, featuring expert discussions on kidney disease management and kidney transplant experiences.
• Thai Red Cross SocietyminorOthers · 1 January 2023THG hospitals conduct regular blood donation drives in collaboration with the Thai Red Cross National Blood Center. THG also donated THB 1,000,000 to Siriraj Foundation for construction of the Navamindrapobitr 84th Anniversary Building and medical equipment procurement.
• Medical Governance Foundation, Medical Council of Thailand, and King Prajadhipok's InstituteminorStrategic or Co-development Partner · 1 January 2023Thonburi Thungsong Hospital collaborated with the Medical Governance Foundation, Medical Council of Thailand, and King Prajadhipok's Institute to provide cardiac health screenings for Buddhist monks, novices, nuns, and the general public in nearby provinces.
• Mirror FoundationminorOthersThonburi Hospital and Thonburi Thawiwatthana Hospital partnered with the Mirror Foundation to donate and support 23 oxygen concentrators loaned to underserved patients requiring respiratory support, enhancing access to essential medical equipment for vulnerable populations.
• Walailak UniversityminorOthersThonburi Thungsong Hospital conducted study visits and training programs on Hospital Occupational Health and Safety Management for 75 students from Walailak University's Occupational Health and Safety program, and architectural/engineering design study visits for 37 architecture students.
• Dhurakij Pundit UniversityminorOthersThonburi Bamrungmuang Hospital hosted a study tour for 43 faculty members and students from Dhurakij Pundit University's Integrative Health and Wellness Program, covering Outpatient Medicine, Dentistry, and Jin Wellness departments.
• Siriraj Foundation / Siriraj HospitalminorOthersTHG supports Siriraj Foundation through donations including THB 1,000,000 for the Navamindrapobitr 84th Anniversary Building. THG also donated 10 high-flow oxygen machines to Siriraj Hospital. The THONBURI RUN#1 charity run raised THB 3,000,000 for Siriraj Foundation.
• Thammasapa FoundationminorOthersThonburi 2 Hospital collaborated with Thammasapa Foundation to provide influenza vaccination for monks in Thawi Watthana District under the 'Smiling for Good Health' project, covering 9 temples and 148 monks.

Scale indicators11 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Vibhavadi Medical Center (VIBHA): Thai SET-listed private hospital operator with hospitals concentrated in Bangkok and nearby provinces. Comparable to THG in hospital count, revenue scale, and public market listing on SET; both groups focus on Bangkok metropolitan private hospitals serving middle-income Thai patients with general and specialty services.
• Vejthani Hospital: Bangkok private tertiary hospital known for orthopedics and medical tourism (especially from Myanmar). Comparable to THG's Bangkok and Myanmar operations — Vejthani also serves the Myanmar medical tourism corridor and competes with Ar Yu International Hospital for cross-border patient referrals from Myanmar seeking Bangkok specialty care.
• Bangkok Chain Hospital (BCH): Mid-sized Thai private hospital group operating Kasemrad Hospital brands across Bangkok and provincial Thailand. BCH is the closest direct comparable to THG in terms of multi-hospital private network model, Bangkok + provincial geographic footprint, and mid-cap SET listing — both target middle-income Thai patients with secondary care and tertiary specialty services.
• Ramkhamhaeng Hospital Group: Thai private hospital group with flagship Ramkhamhaeng Hospital in Bangkok plus expansion hospitals. Comparable to THG as a Bangkok-anchored private hospital operator providing general and specialty care to Thai middle-income patients, with overlap in target patient demographics and Bangkok geographic market.
• Praram 9 Hospital: Bangkok-based private tertiary hospital already partnering with THG (Thonburi Rajyindee) on kidney health seminars. Operates similar specialty care centers (cardiac, cancer, orthopedics) serving Bangkok and regional patients, competing with THG's Bangkok hospitals for specialty referrals from Southern Thailand.
• Chularat Hospital Group (CHG): Thai SET-listed private hospital chain with network of hospitals concentrated in Eastern Thailand (Chachoengsao, Chonburi) around industrial estate corridors. Comparable to THG as a multi-hospital private group; CHG has a similar strategy of targeting working-class and industrial workforce patients, overlapping with THG's provincial hospital footprint and corporate occupational health services.

Broad incumbents

• Bangkok Dusit Medical Services (BDMS): Thailand's largest private hospital operator with 53 hospitals across the BDMS network (Bangkok Hospital, Samitivej, Phyathai, Paolo Memorial). Directly comparable to THG as a multi-hospital private group serving Bangkok and provincial Thailand, but at much larger scale and broader international medical tourism reach. THG competes with BDMS hospital brands for the same patient pool in Bangkok and regional cities.
• Samitivej Hospital Group: Network of premium Bangkok private hospitals (Samitivej Sukhumvit, Srinakarin, Sriracha) under BDMS ownership. Comparable to THG's flagship Thonburi Hospital as a Bangkok private hospital serving affluent Thai and international patients, with overlap in Bangkok private hospital market for tertiary and quaternary care cases.
• Bumrungrad Hospital (BH): Premier medical tourism hospital in Bangkok with strong international patient mix from the Middle East and Southeast Asia. Comparable to THG's flagship Thonburi Hospital as a leading Bangkok private hospital; both compete for high-acuity international and affluent domestic patients. Bumrungrad is larger and more focused on medical tourism, while THG has broader geographic reach across Thai provinces.

Regional players

• Mahkota Medical Centre (MMC): Malaysian-listed private hospital in Melaka serving domestic Malaysian and Indonesian medical tourism patients. Comparable to THG's regional medical tourism strategy (Myanmar/Ar Yu) as a Southeast Asian private hospital pursuing cross-border patient flows from neighboring countries with weaker domestic healthcare infrastructure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/thonburi-international-holding-ltd

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries13 records

Funding overview

Funding rounds1 record

Investors1 record

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M&A

Investments

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Frequently asked questions about Thonburi Healthcare Group