Medical Devices Market size was valued at $62.6 billion in 2021 and is poised to grow from $63.4 billion in 2022 to $134.56 billion by 2030, growing at a CAGR of 11.35 percent in the forecast period (2023-30). Balancing cost-effectiveness with quality and compliance is a constant challenge. Fluctuating raw material prices, transportation costs, and regulatory expenses can impact the profitability of medical device manufacturers. Shinji Hayashi, the Managing Director of Matsunaga (Thailand) approaches problems with creativity and a commitment to excellence. His drive to succeed is fuelled by a deep passion to bettering the lives of those in need rather than just business.
Matsunaga, a Japanese company initiate their journey to become an innovator in the field of manual wheelchairs and other associated services for the elderly and needy. Shinji and his team recognized that the scope of senior care extended far beyond the realm of healthcare facilities. Seniors desired not just medical assistance but also comfort, independence, and an enhanced quality of life. This realization set the stage for a significant shift in Matsunaga's strategy.
Adapting to Global Expansion Challenges
As Matsunaga set its sights on international expansion, Thailand emerged as a promising market. However, their journey was not without challenges, particularly due to the unexpected disruptions caused by the COVID-19 pandemic. Their intention is to enact a department store model in Thailand which had to be revaluated, which prompted them to adopt a more flexible and versatile strategy. The company explored the senior care market in Thailand, seeking partnerships with nursing homes and senior care facilities. Using their vast experience from the Japanese market, the broad goal was clear to promote active ageing and independence.
Product Diversification & Partnerships
Initially, Matsunaga's primary focus in Thailand was on providing manual wheelchairs. However, they soon realized that the needs of the elderly population extended far beyond a single product. In response, they diversified their product range to include beds, mattresses, walkers, and various healthcare-related items.
This diversification allowed them to cater comprehensively to the evolving requirements of Thai seniors. A significant milestone in their journey was the partnership with Bangkok Hospital's headquarters.
Operating under the name Matsunaga, this partnership provided a platform to offer their products directly to end-users. Potential customers could now experience these products first-hand, fostering a deeper understanding and trust. Traditional wheelchairs often fail to provide the necessary support for seniors to maintain a proper sitting posture. Functional wheelchairs introduced by Shinji & his team prioritize posture support, which aims to mitigate common elderly problems and for people who need to use it. This focus extends to the nursing home sector, where functional wheelchairs are made available to elderly residents.
Rather than imposing their products & ideas on the thai market, they actively seek input & opinions from local stakeholders, recognizing the uniqueness of thai & asean cultures
Shinji acknowledges the substantial income disparities between the Japanese and ASEAN markets. While this presents a challenge, he believes in the power of segmentation. By customizing their offerings to specific market segments, they ensure that their products are accessible and suitable for all income levels. Shinji's knowledge of the value of cultural adaptation is essential in their international journey.
They actively seek input and opinions from local stakeholders, recognizing the uniqueness of Thai and ASEAN cultures rather than imposing their products and ideas on the Thai market. In any market, relationships are the cornerstone of success. “Matsunaga's presence in Thailand has allowed us to forge essential relationships with key players such as Ministry of Public Health of Thailand and Thai Chamber Commerce and Private partners in the industry. These relationships not only facilitate the promotion of our products but also earn them trust and credibility in the market”, states Shinji.
"Shinji & his team introduced functional wheelchairs that prioritize posture support, aiming to mitigate common elderly problems related to poor posture & for people who wants to use it temporarily"
Future Roadmap
Looking forward, Shinji’s experience with Matsunaga is an intriguing tale of adaptation, developing relationship, and an unwavering commitment to enhancing the lives of the elderly. By bridging the gap between the Japanese and Thai markets, they have successfully introduced a new perspective on senior care, one that prioritizes independence, well-being, and the importance of posture. Shinji's dedication and vision continue to shine as a beacon of hope for seniors in Thailand and beyond. “Matsunaga is determined to continue promoting core philosophy of maintaining good posture for seniors for their own life what they want. Our objective is to promote active ageing and independence, and we gladly share this commitment through our products and seminars and information sessions,” concludes Shinji.
Shinji Hayashi, Managing Director, Matsunaga
Shinji is a highly accomplished professional with a wealth of experience in the healthcare field, particularly in the elderly care market. As the Managing Director of a prominent Japanese company Matsunaga, he brings a strategic and visionary approach to the organization, propelling it towards growth and excellence.
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