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Forecast Period
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2025-2029
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Market Size (2023)
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USD 1432.45 Million
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Market Size (2029)
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USD 2214.33 Million
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CAGR (2024-2029)
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8.47%
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Fastest Growing Segment
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Hospitals & Clinics
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Largest Market
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Southern Vietnam
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Market Overview
Vietnam Medical Devices Market was valued at USD 1432.45
Million in 2023 and is anticipated to project impressive growth in the forecast
period with a CAGR of 8.47% through 2029. The Vietnam Medical Devices Market
refers to the industry in Vietnam focused on the production, distribution, and
usage of medical devices. It encompasses a wide range of products such as
diagnostic equipment, surgical instruments, medical consumables, and more. This
market is experiencing growth driven by factors like increasing healthcare
expenditure (Vietnam's healthcare expenditure in 2022 was reported to be approximately USD 18.5 billion, accounting for 4.6% of the country's GDP), expanding healthcare infrastructure (Vietnam has 47 central-level public hospitals, 419 provincial-level public hospitals, and 684 district-level public hospitals. In addition to these, there are 182 private hospitals, primarily situated in urban areas), and rising demand for
advanced medical technologies. The Vietnam Medical Devices Market is
characterized by a growing demand for modern healthcare solutions driven by
factors such as an aging population, rising chronic diseases, and increasing
healthcare awareness. The market is witnessing investments in research and
development, partnerships with international manufacturers, and government
initiatives to improve healthcare infrastructure, which collectively contribute
to its expansion. Advancements in technology and regulatory reforms further
shape the landscape, fostering innovation and competitiveness within the
industry.
Key Market Drivers
Government Initiatives and Healthcare Reforms
Vietnam's government has embarked on a multifaceted
approach to elevate the nation's healthcare system, marked by a series of
strategic initiatives and comprehensive reforms. In 2022, Vietnam's Ministry of Health (MoH) received approval from the National Assembly (NA) and the government to utilize social resources for medical examinations and treatments. This enables medical facilities to secure capital for investments in infrastructure, medical equipment, and other expenses. Additionally, they can accept sponsorships and aid from both domestic and international organizations and individuals. These endeavors encompass a
spectrum of measures aimed at bolstering the quality, accessibility, and
efficiency of healthcare services across the country. Paramount among these
efforts is the substantial augmentation of healthcare spending, indicative of
the government's unwavering commitment to prioritizing the well-being of its
citizens.
Aligned with this commitment is a concerted focus
on enhancing healthcare infrastructure throughout Vietnam. For example, Malaysia's IHH Healthcare, one of Asia's largest hospital groups, is exploring opportunities to enter the Vietnamese market through acquisitions. Competitors have already begun entering Vietnam via acquisitions. In October 2023, Singapore's Raffles Medical Group announced it would acquire a majority stake in the American International Hospital in Ho Chi Minh City. Additionally, Thomson Medical entered the market by acquiring the country's largest private hospital, Far East Medical Vietnam, for USD 382 million in 2023. This encompasses the
construction, renovation, and expansion of healthcare facilities, including
hospitals, clinics, and medical centers, particularly in underserved regions.
By fortifying the physical infrastructure of the healthcare system, the
government aims to ensure that all segments of the population have equitable
access to quality healthcare services, irrespective of geographical
constraints.
In tandem with investments in infrastructure, the
government has also embarked on a rigorous endeavor to fortify the regulatory
frameworks governing the healthcare sector. Recognizing the pivotal role of
robust regulations in safeguarding patient safety, promoting innovation, and
fostering industry growth, Vietnam has implemented measures to enhance
regulatory oversight, compliance, and quality assurance across the medical
device ecosystem. These efforts are pivotal in instilling confidence among
stakeholders, including healthcare providers, manufacturers, and patients,
thereby fostering a conducive environment for sustainable growth and
development within the medical devices market.
Growing Healthcare Expenditure
Vietnam's burgeoning healthcare expenditure
reflects a broader narrative of economic growth and expanding investments in
healthcare infrastructure, underpinned by both public and private stakeholders.
This upward trajectory in healthcare spending is emblematic of Vietnam's
commitment to prioritizing the well-being of its populace and catalyzing
advancements in healthcare delivery.
A pivotal driver of this trend is the sustained
economic growth experienced by Vietnam in recent years, which has enabled the
country to allocate greater resources towards healthcare initiatives. As the
economy continues to flourish, propelled by factors such as industrialization,
urbanization, and foreign direct investment, the government and private sector
alike are increasingly inclined to channel resources towards bolstering the
nation's healthcare system. This includes investments in healthcare facilities,
medical personnel, and crucially, medical devices that are instrumental in
delivering quality care to patients.
The rising affluence within Vietnamese society has
engendered a shifting paradigm in healthcare consumption patterns. With
increasing disposable incomes and a burgeoning middle class, there is a
palpable uptick in the demand for healthcare services and products among the
populace. This newfound prosperity has instilled a growing willingness among
individuals to allocate a greater portion of their income towards healthcare
expenditures, including preventive care, diagnostics, and treatment modalities.
Consequently, there is a heightened demand for advanced medical equipment and
technologies that offer superior efficacy, accuracy, and patient outcomes.
Aging Population and Rising Chronic Diseases
Vietnam is undergoing a profound demographic
transition characterized by a rapid aging of its population (By 2024, the elderly population in the country is projected to exceed 21 million, representing nearly 20 percent of the total population. In 2019, individuals aged 60 and above constituted 11.9 percent of the population. This figure is expected to rise to over 25 percent by 2050), a trend that has
significant implications for healthcare delivery and the medical devices
market. As life expectancy increases and birth rates decline, the proportion of
elderly individuals within the population is expanding, heralding a new era in
healthcare demographics.
Concomitant with this demographic shift is a
notable rise in the prevalence of chronic diseases, which disproportionately
affect the aging population. Conditions such as cardiovascular diseases,
diabetes, and cancer are becoming increasingly prevalent in Vietnam, posing
formidable challenges to healthcare providers and policymakers alike. This
epidemiological transition underscores the urgent need for effective strategies
to diagnose, treat, and manage chronic diseases, while simultaneously
mitigating their societal and economic burdens.
In response to these imperatives, there is a
burgeoning demand for medical devices tailored to the specific needs of
patients with chronic conditions. Diagnostic devices play a pivotal role in
early detection and monitoring, enabling healthcare providers to assess disease
progression and tailor treatment regimens accordingly. Advanced imaging
technologies, such as MRI and CT scanners, facilitate accurate diagnosis and
staging of diseases, while monitoring devices, including blood glucose meters
and blood pressure monitors, empower patients to actively manage their health.
Increasing Healthcare Awareness
As access to information and education proliferates
across Vietnam, a palpable transformation is occurring in the healthcare
landscape, characterized by a burgeoning awareness among Vietnamese consumers
regarding health-related matters and the importance of preventive measures.
This paradigm shift, fueled by factors such as increased internet penetration,
expanded educational opportunities, and heightened health literacy, is
reshaping consumer attitudes towards healthcare and driving a fundamental
change in healthcare-seeking behaviors.
Central to this transformation is a growing
recognition among Vietnamese consumers of the pivotal role that proactive
health monitoring, early diagnosis, and preventive care play in safeguarding
overall well-being and mitigating the risk of chronic illnesses. Armed with a
deeper understanding of health-related concepts and empowered by readily
accessible information, individuals are increasingly inclined to take proactive
measures to protect their health and that of their families.
This heightened awareness translates directly into
a surge in demand for medical devices that facilitate health monitoring, early
detection, and preventive interventions. Devices such as wearable fitness
trackers, blood glucose monitors, and home blood pressure monitors are
witnessing escalating popularity as individuals seek to track vital health
metrics and proactively manage their health status. Diagnostic devices offering
point-of-care testing for conditions such as cholesterol levels, infectious
diseases, and pregnancy further empower consumers to take charge of their
health outcomes.
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Key Market Challenges
Limited Healthcare Infrastructure and Resources
Despite rapid economic development, Vietnam's
healthcare infrastructure remains constrained, particularly in rural and
underserved areas. The availability of medical facilities, trained healthcare
professionals, and specialized services is unevenly distributed across the
country, leading to disparities in healthcare access and quality. Inadequate
infrastructure and resource constraints pose challenges for the adoption and
utilization of advanced medical technologies, limiting their reach and impact
on patient care. Addressing these infrastructure gaps and enhancing healthcare
capacity are critical for fostering the uptake of medical devices and improving
healthcare outcomes nationwide.
Limited Local Manufacturing and Technological
Capacity
Vietnam's domestic manufacturing capabilities in
the medical device sector are nascent, relying heavily on imports to meet
market demand. The lack of indigenous production capacity, coupled with limited
technological expertise and research infrastructure, hinders the development
and innovation of medical devices within the country. Dependence on foreign
suppliers for critical medical technologies exposes Vietnam to supply chain
vulnerabilities, import dependencies, and pricing fluctuations. Fostering local
manufacturing capabilities, promoting technology transfer, and investing in
research and development are essential for building a robust and self-reliant
medical device industry that can meet the evolving healthcare needs of the
Vietnamese population.
Key Market Trends
Technological Advancements
The relentless pace of technological innovation
within the medical device industry is revolutionizing healthcare delivery and
reshaping the treatment landscape worldwide, and Vietnam is no exception. The
country is experiencing a rapid adoption of cutting-edge medical technologies,
propelled by a confluence of factors including globalization, digitalization,
and a burgeoning demand for high-quality healthcare services.
At the forefront of this technological revolution
are advancements in minimally invasive surgery equipment, which offer patients
less invasive treatment options, reduced recovery times, and improved surgical
outcomes. These innovative devices enable surgeons to perform complex
procedures with greater precision and efficacy, thereby enhancing patient
safety and satisfaction. From laparoscopic instruments to robotic-assisted
surgical systems, Vietnam is witnessing a paradigm shift towards minimally
invasive techniques across various medical specialties.
The advent of advanced imaging systems is
revolutionizing diagnostic capabilities and transforming the way healthcare
providers visualize and interpret medical conditions. State-of-the-art
modalities such as magnetic resonance imaging (MRI), computed tomography (CT),
and positron emission tomography (PET) are enabling clinicians to obtain
detailed anatomical and functional information, facilitating early detection
and accurate diagnosis of diseases. The integration of artificial intelligence
(AI) algorithms further augments the diagnostic accuracy and efficiency of
these imaging technologies, paving the way for personalized medicine and
precision healthcare delivery.
Medical Tourism and International Standards
Vietnam's emergence as a medical tourism
destination marks a significant milestone in the country's healthcare
evolution, driven by a confluence of factors including affordability, quality,
and accessibility. With neighboring countries facing challenges in healthcare
provision, Vietnam has positioned itself as an attractive alternative, offering
a compelling combination of world-class medical services and cost-effective
treatment options. One of the key drivers behind Vietnam's appeal as a medical
tourism destination is the affordability of healthcare services relative to
other countries in the region and beyond. Patients from neighboring countries
such as Cambodia, Laos, and Myanmar, as well as from further afield, are drawn
to Vietnam by the prospect of accessing high-quality medical care at a fraction
of the cost they would incur in their home countries. This cost advantage
extends across a wide range of medical procedures, from routine check-ups to
complex surgeries and specialized treatments.
To capitalize on this burgeoning market opportunity
and meet the growing demand from international patients, healthcare facilities
in Vietnam are making significant investments in upgrading their infrastructure
and enhancing service quality. This includes the construction of
state-of-the-art hospitals, specialty clinics, and medical centers equipped
with modern amenities and advanced medical technologies. Healthcare providers
are investing in high-quality medical devices sourced from reputable
manufacturers to ensure compliance with international standards and deliver
superior patient outcomes.
The upgrading of infrastructure and investment in
high-quality medical devices not only enhance the attractiveness of Vietnam as
a medical tourism destination but also elevate the overall standard of
healthcare delivery within the country. By adhering to international standards
of quality, safety, and patient care, Vietnamese healthcare facilities can
build trust and confidence among both domestic and international patients,
further bolstering their reputation as centers of excellence in medical
tourism.
Segmental Insights
Type Insights
Based on the type, diagnostic
imaging equipment stands out as a dominant segment in the Vietnam Medical
Devices Market. The prominence of Diagnostic Imaging Equipment stems from its
indispensable role in diagnosing a wide range of medical conditions,
facilitating treatment planning, and monitoring patient progress. This category
encompasses a variety of advanced imaging modalities, including X-ray systems,
computed tomography (CT) scanners, magnetic resonance imaging (MRI) machines,
ultrasound devices, and nuclear medicine imaging systems. Vietnam's healthcare
landscape has witnessed a rapid expansion of diagnostic imaging capabilities,
driven by increasing demand for accurate and timely diagnosis, rising
prevalence of chronic diseases, and growing investments in healthcare infrastructure.
Diagnostic imaging equipment plays a crucial role in the early detection and
diagnosis of various medical conditions, ranging from musculoskeletal injuries
and cardiovascular diseases to cancer and neurological disorders. With its
ability to generate detailed anatomical and functional images, diagnostic
imaging equipment enables healthcare providers to make informed clinical
decisions, optimize treatment strategies, and improve patient outcomes.
The adoption of advanced
diagnostic imaging technologies in Vietnam is supported by a growing network of
medical facilities, including hospitals, diagnostic centers, and specialized
clinics, equipped with state-of-the-art imaging equipment. These facilities
cater to a diverse patient population, offering a wide range of imaging
services and modalities to meet the evolving healthcare needs of the Vietnamese
population. The increasing prevalence of lifestyle-related diseases, such as
cardiovascular disorders, cancer, and diabetes, has fueled the demand for
diagnostic imaging services for disease screening, monitoring, and management.
Diagnostic imaging equipment plays a pivotal role in facilitating early
detection, staging, and treatment response assessment for these conditions,
thereby contributing to improved patient outcomes and survival rates.
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Regional Insights
The Southern region of Vietnam stands out as the
dominant region in driving the Vietnam Medical Devices Market forward.
Comprising bustling economic hubs such as Ho Chi Minh City, Binh Duong, and Can
Tho, the Southern region boasts a robust healthcare ecosystem characterized by
a dense network of hospitals, clinics, diagnostic centers, and medical
facilities. This region serves as the epicenter of healthcare delivery and
medical innovation in Vietnam, attracting a significant portion of healthcare
investments, infrastructure development, and technological advancements.
Several factors contribute to the dominance of the
Southern region in the Vietnam Medical Devices Market. The Southern region is
home to a large population base, including urban centers with high population
densities, which translates to a substantial demand for healthcare services and
medical devices. The concentration of healthcare facilities in urban areas,
coupled with rising healthcare awareness and disposable incomes, fuels the demand
for advanced medical technologies and devices to cater to the diverse
healthcare needs of the population. The Southern region serves as the primary
destination for medical tourism in Vietnam, attracting a steady influx of
international patients seeking affordable and high-quality healthcare services.
The presence of world-class hospitals, specialized clinics, and healthcare
institutions in cities like Ho Chi Minh City and Can Tho positions the Southern
region as a preferred choice for patients from neighboring countries and
beyond, further driving the demand for medical devices and cutting-edge
technologies.
Recent Developments
- In 2023, Nihon Kohden
Corporation announced its plan to establish a new sub-subsidiary, which will
operate as a wholly owned subsidiary of Nihon Kohden Singapore (NKS), an
existing sales subsidiary of Nihon Kohden. The primary goal of this new entity
is to facilitate the smooth registration of medical devices and to expand sales
operations in Vietnam. Operations for the new sales subsidiary are scheduled to
commence in March 2024. The decision to establish a new sales subsidiary in
Vietnam is driven by the rapid development of medical infrastructure in Southeast
Asia, which has been spurred by economic growth. With the medical device market
in Vietnam expected to experience significant growth, Nihon Kohden aims to
capitalize on this opportunity by ensuring smooth registration processes for
its medical devices and by expanding its sales operations in the region.
Key Market Players
- Stryker Vietnam Company Limited
- USM Healthcare Medical Devices Factory JSC
- MEDEP Joint Stock Company
- Getz Healthcare (Vietnam)
- Omron Healthcare Manufacturing Vietnam Co. Ltd
- B. Braun Vietnam Co., Ltd.
- Hoya Lens Vietnam Ltd.
- Japan Vietnam Medical Instrument JSC
- Armephaco Joint Stock Company
- Terumo Vietnam Medical Equipment Co., Ltd
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By Type
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By End User
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By Region
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- Cardiovascular Devices
- Diagnostic Imaging Equipment
- In-vitro Diagnostic Devices
- Ophthalmic 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
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- Hospitals & Clinics
- Diagnostic Centers
- Others
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- Southern Vietnam
- Northern Vietnam
- Central Vietnam
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Report Scope:
In this report, the Vietnam Medical Devices Market has
been segmented into the following categories, in addition to the industry
trends which have also been detailed below:
- Vietnam Medical Devices Market, By
Type:
o Cardiovascular Devices
o Diagnostic Imaging Equipment
o In-vitro Diagnostic Devices
o Ophthalmic Devices
o Diabetes Care Devices
o Dental Care Devices
o Surgical Equipment
o Orthopedic Devices
o Nephrology & Urology Devices
o ENT Devices
o Anesthesia & Respiratory Devices
o Neurology Devices
o Mobility-Aid Devices
o Others
- Vietnam Medical Devices Market, By
End User:
o Hospitals & Clinics
o Diagnostic Centers
o Others
- Vietnam Medical Devices Market, By Region:
o Southern Vietnam
o Northern Vietnam
o Central Vietnam
Competitive Landscape
Company Profiles: Detailed analysis of the major companies
present in the Vietnam Medical Devices Market.
Available Customizations:
Vietnam Medical Devices Market report with
the given market data, TechSci Research offers customizations according to a
company's specific needs. The following customization options are available for
the report:
Company Information
- Detailed analysis and
profiling of additional market players (up to five).
Vietnam Medical Devices Market is an upcoming
report to be released soon. If you wish an early delivery of this report or
want to confirm the date of release, please contact us at [email protected]