Vietnam Diagnostic Labs Market to Grow at a steady CAGR of 6.79% During the Forecast Period
Growing prevalence of diseases to drive the Vietnam
Diagnostic Labs market through 2027
According to TechSci Research report, “Vietnam
Diagnostic Labs Market
By Provider Type (Hospital Based Diagnostic Labs v/s Stand Alone Diagnostic
Labs), By Test Type (Pathology v/s Radiology), By End User (Referrals,
Walk-ins, Corporate Clients), By Region, Competition Forecast &
Opportunities, 2017-2027,” the Vietnam Diagnostic Labs market stood at USD1087.51 million in 2021
and is expected to grow at a CAGR of 6.79% during the forecast period. This can
be attributed to increasing demand for early diagnosis of the diseases and to
identify the root causes at earliest to obtain best treatment.
The Vietnamese government is always working to provide world-class
healthcare and patient care services to its citizens, which will boost the
growth of the Vietnam diagnostic labs market during the forecast period.
Vietnam offers a universal healthcare system that covers a wide range of
services such as health promotion, prevention, treatment, rehabilitation, and
palliative care.
Universal Health Coverage (UHC) is a form of health insurance that
emphasizes the necessity of equitable access to healthcare services and
facilities. Vietnam's government is working to promote universal health
coverage and improve basic health care facilities across the country. This, in
turn, is likely to propel the diagnostic labs business in Vietnam forward.
However, the lack of qualified professionals performing lab tests
necessitates the employment of well-trained personnel. Individuals who excel in
performing tests and handling microbiological equipment and chemical reagents
and have a strong understanding of microbiology and immunology are ideal
prospects for diagnostic lab work.
However, there is a scarcity of such personnel throughout Vietnam,
affecting the industry expansion. Likewise, about 90% of medical devices in
Vietnam are imported from nations such as the United States, Japan, Germany,
and China, indicating a growing reliance on imports. These imported medical
devices include various instruments used in Vietnam to perform various sorts of
radiology and pathology tests.
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Diagnostic Labs Market"
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The Vietnam Diagnostic Labs Market is segmented based on provider type, test
type, end user, company, and regional distribution. In terms of provider type,
the market can be divided into Hospital based diagnostic labs and standalone
diagnostic labs. In 2021, the hospital-based diagnostic labs segment dominated
the market with a share of around 72.62%, and this dominance is expected to
continue throughout the forecast period.
This is due to the fact that Vietnam has Universal Health Coverage,
which implies that everyone in the country has cheap access to all healthcare
services. Furthermore, when compared to private hospitals and diagnostic labs,
Vietnam has a bigger number of public hospitals. As a result, people all around
the country choose to use these hospital-based diagnostic labs over standalone
diagnostic labs. In terms of test type, the market is divided into pathology
and radiology.
Due to the increased health consciousness among the people, the
pathology segment is likely to dominate the market through 2027. People are
being more health-conscious, which has resulted in a rise in the number of people
getting regular health check-ups. These health checks are performed for a
variety of disorders, with pathology tests accounting for the majority of the
testing.
Pathology tests are the initial tests performed anytime a disease or
sickness is suspected, and they are repeated on a regular basis even after a
problem has been diagnosed. Based on End User, the market is segmented
into referrals, walk-ins, and corporate clients. Because most people obtain
various sorts of diagnostic tests on their doctors' recommendations, the
Referrals sector is likely to dominate the market during the projected period.
Additionally, corporate clientele will expand because of numerous
corporations having regular health checks performed for their staff.
Furthermore, the Walk-ins category will grow as a result of rising healthcare
awareness among the general public, which has resulted in a large increase in
the number of people seeking regular health checkups.
Key market players in the Vietnam Diagnostic Labs Market include:
·
Lab Group International Vietnam Co. Ltd.
·
Medic Medical Diagnostic Center
·
Medical Laboratory and Technology Co. Ltd.
·
Chemedic Test Center
·
HI-Medic Laboratory Co., Ltd.
·
Vietnam Lab Testing Center (Labo TH Việt Nam)
·
Hoan My Medical Corporation
·
Vietlife Medicine Joint
Stock Company
·
Plus Diagnostics (d+)
·
Medlab Vietnam
The Vietnam Diagnostic Labs
Market is a very fragmented market with the majority of stakes held by hospital
based diagnostic labs. However, standalone diagnostic labs are growing and also
hold significant shares in the overall market. Lab Group International Vietnam holds
the highest market share and is among the top five market players. Medic Medical
Diagnostic Centre ranks second in terms of market share in the overall Vietnam
Diagnostic Labs Market.
Other prominent companies
operating in the market include Chemedic Test Center, HI-Medic Laboratory Co.,
Ltd., Hoan My Medical Corporation, Vietlife
Medicine Joint Stock Company, etc. Several companies operating in the
market are following strategies such as mergers & acquisitions,
collaborations, and providing extra services, among others, to stay competitive
and have the edge over the existing companies in the market.
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“The Southern region of the country will register the fastest
CAGR during the forecast period. This can be attributed to the growing number
of hospitals and standalone diagnostic labs in this region. Additionally,
supportive government policies and healthcare schemes launched in the southern
region is expected to support the market growth. For instance, people visiting
hospitals and standalone center for diagnosis of COVID-19 was highest in the
southern region amongst others. said Mr. Karan Chechi, Research Director with
TechSci Research, a research based Global management consulting firm.
“Vietnam
Diagnostic Labs Market By Provider Type (Hospital Based Diagnostic Labs v/s
Stand Alone Diagnostic Labs), By Test Type (Pathology v/s Radiology), By End
User (Referrals, Walk-ins, Corporate Clients), By Region, Competition Forecast
& Opportunities, 2017-2027”,
has evaluated the future growth potential of Vietnam Diagnostic Labs 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 Diagnostic Labs Market.
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