SET-listed Inspire IVF (IVF), Asia's leading fertility treatment centre, has announced a strategic transformation of its business model as it expands in the Middle East, highlighting Dubai as an area of extensive economic potential.
Chief executive Kasinee Kuldiloke said IVF recently expanded into Dubai to connect with patients from across the globe following approval from the United Arab Emirates (UAE) government to establish a service centre within the Dubai Airport Freezone.
This expansion utilises an asset-light business model, minimising fixed-asset investment while accelerating market entry.
"Dubai is poised to serve as a strategic global hub, linking patients with high purchasing power from the Middle East, Europe and Africa, who will then be referred for specialised treatment in Thailand," she said.
"This alignment will be a key mechanism for attracting foreign currency and increasing revenue from medical tourism in the Thai economy."
The expansion into the UAE provides an opportunity to tap into a new market, said Ms Kasinee.
The UAE has a low fertility rate of 1.2 births per woman, yet Emirati citizens, who are among the wealthiest populations globally, have a significantly higher fertility rate of 2.9 children per woman, although this figure has begun to decline in recent years.
The expansion could enable IVF to achieve average annual revenue growth of at least 20% in 2027-2028, with an expected net profit margin of 20%, she noted.
The company is participating in the Stock Exchange of Thailand's Jump+ programme, designed to propel listed companies into "S-curves" for products, services and markets.
Since 2023, IVF's total revenue and net profit margin have declined significantly, with revenue decreasing from 122 million baht to 69.9 million baht last year. The company's net profit margin fell from 33.6% to -17.4% in 2025.
The consistent drop in Thailand's birth rate, which has now reached an all-time low of 0.78 children per woman in 2026, is one reason for the decline, as domestic demand has decreased.
However, the company believes aggressive investment in technology and platforms will allow it to improve profit margins by reducing the cost per treatment cycle and increasing service utilisation, without requiring extensive physical branch expansion, said Ms Kasinee.
This scalable model is crucial for driving the company's long-term, stable value growth, she noted.
