Vietnam Medical Devices Market to Grow Due to Technological Advancement until 2026
Surge
in demand for technically advanced medical device is driving the growth of
Vietnam Medical devices Market, in the forecast period, 2022-2026.
According to TechSci report on, “Vietnam
Medical Devices Market By Type (Cardiovascular Devices, Diagnostic Imaging
Equipment, In-vitro Diagnostic Devices, Ophthalmic Devices, Patient Monitoring
Devices, Diabetes Care Devices, Dental Care Devices, Surgical Equipment,
Orthopedic Devices, Nephrology & Urology Devices, ENT Devices, Anesthesia
& Respiratory Devices, Neurology Devices, Mobility-Aid Devices, Others) By
End User (Hospitals & Clinics, Diagnostic Centers, Others) By Region,
Competition Forecast & Opportunities, 2026”, Vietnam medical devices market has shown promising growth in historical years
until 2019 and is expected to continue its growth in upcoming forecast years
2021 to 2026. Vietnam medical devices market owes its growth to the factors
like rapidly increasing demands for the advanced medical devices for the
development of the healthcare facilities in the country. Moreover, the
consistent research and development of the medical devices by rapidly
increasing number of market players is also driving the growth of the market in
the next five years. Also, rising disposable income among the population and
commercial sectors is influencing the growth of the Vietnam medical devices
market in the forecast period, until 2026.
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The Vietnam
medical devices market is segmented by type, end user, regional distribution,
and competitional landscape. Based on type, segment is further differentiated
into cardiovascular devices, diagnostic imaging equipment, in-vitro diagnostic
devices, ophthalmic devices, diabetes care devices, dental care devices,
surgical equipment, orthopedic devices, patient monitoring devices, nephrology
& urology devices, ENT devices, aesthesia & respiratory devices,
neurology devices, mobility-aid devices, and others. Cardiovascular devices are
anticipated to hold the largest revenue shares of the market and asset its
dominance over the market segment on the account of rapidly increasing
instances of cardiovascular diseases. The surge in the demand for the
diagnostic devices for the early and efficient procedures for diagnosis such
that the early diagnosis can be achieved is further driving the growth of the
Vietnam medical devices market in the next five years.
Based on end
user, the market is further bifurcated into hospitals & clinics, diagnostic
centers, and others. Hospitals & clinics are anticipated to hold the
largest revenue shares of the market and dominate the market segment on the
account of rapidly increasing number of hospitals & clinics. Surging demand
from the patients and need of effective and efficient diagnosis in the
hospitals is further substantiating the growth of the Vietnam medical devices
market in the future forecast years, until 2026. Diagnostic centers are also
expected to register significant growth rate in the upcoming five years on the
account of surging demand for the outsourced diagnostic procedures. Moreover,
surge in the demand of efficient and effective diagnostic procedure, along with
the demand for early diagnosis for the diseases is driving the growth of the
Vietnam medical devices market in the next five years.
A partial list
of market player in the Vietnam medical devices market includes Stryker
Corporation Vietnam, USM Healthcare Medical Devices Factory JSC, Medical
Devices and Biomaterial Plant Joint Stock Company, Getz Healthcare (Vietnam),
Omron Healthcare Vietnam, B. Braun Vietnam Co., Ltd., Hoya Lens Vietnam Ltd.,
Japan Vietnam Medical Instrument JSC, Armephaco Joint Stock Company, Terumo
Vietnam Medical Equipment Co., Ltd, GE Healthcare Vietnam, among others. These
market players hold larger shares of the market than the new market players.
With the evolving technology, it is appropriate to say that the effective
research and development of the technologically advanced medical devices and
methods to satisfy consumer demands would support the market growth and benefit
the market players as well as the consumers. New market players may focus on
the research and development to provide medical devices and services that
satisfies the consumer demand as well as benefits the market players in
building their brand value. Advancement of the existent technology is a
potential growth factor that would aid the market players in their brand
establishment. Other competitive strategies include mergers & acquisitions
and new product developments.
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“COVID-19 pandemic affected the healthcare industry worldwide; Vietnam
suffered the numerous deaths including exponentially increasing number of
patients and that influenced the healthcare industry. Surge in the demands for
the technically advanced medical devices for the early diagnosis and efficient
treatment drives the future growth of the Vietnam medical devices market. New
market players are advised to invest and focus on the extended research and
medical device development that is technically advanced as well as provides
ease of usability among the medical practitioners, consumers, and doctors &
surgeons. Collaborations with the hospitals, diagnostic labs, and other
healthcare centers would aid their brand establishments,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm. “Vietnam
Medical
Devices Market By Type (Cardiovascular Devices, Diagnostic
Imaging Equipment, In-vitro Diagnostic Devices, Ophthalmic Devices, Patient
Monitoring Devices, Diabetes Care Devices, Dental Care Devices, Surgical
Equipment, Orthopedic Devices, Nephrology & Urology Devices, ENT Devices,
Anesthesia & Respiratory Devices, Neurology Devices, Mobility-Aid Devices,
Others) By End User (Hospitals & Clinics, Diagnostic Centers, Others) By
Region, Competition Forecast & Opportunities, 2026” has evaluated the future growth potential of Vietnam medical
devices market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Vietnam medical devices market.
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