Press Release

Vietnam Medical Devices Market to Grow at a CAGR of 9% with Continuous Development in Healthcare Infrastructure

The Vietnam Medical Devices Market is anticipated to grow at a CAGR of 9% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The rapidly increasing geriatric population has increased the incidence of diseases such as cancer, orthopedic, neurological, and so on. Subsequently, the demand for many medical devices, including those needed for monitoring chronic conditions, assistive devices for daily living, and devices for mobility aid, has increased in the country. Also, the rise in road traffic accidents causing traumatic brain injuries, spinal injuries, fractures, lacerations, and others has contributed to the growing demand for medical devices like orthopedic implants, mobility aids, wound care devices, etc.

Moreover, the prevalence of the respiratory diseases, sleep disorders, oral cancer, lung cancer, bradycardia, etc., have also been rising in Vietnam with the increased engagement of Vietnamese population in smoking and other forms of tobacco intake. Consequently, the applications of the medical devices, including sleep apnea machines, ventilators, etc., have also grown in the nation.

Additionally, the growing focus of Vietnamese on preventive healthcare has further propelled the growth of the Vietnam Medical Devices Market. Moreover, with the rising air in Vietnam, many of the individuals are suffering from numerous diseases, such as heart disease, stroke, lung cancer, chronic obstructive pulmonary disease, and pneumonia, among others in Vietnam. As a result, the demand for devices such as ventilators, inhalers, etc., has surged in Vietnam, accelerating the overall Vietnam Medical Devices Market.

Also, driven by increasing health awareness, and the aim to improve public healthcare, the government has been making efforts to continuously boost the healthcare infrastructure of their country. This has resulted in improved investments & significant progress in the development of hospitals across Vietnam. Eventually, this would increase the demand for a range of medical devices to treat patients suffering from multiple diseases, propelling the segmental market growth. Further, the hospitals in Vietnam have been visited by medical tourists from across the world, which, in turn, accelerates the demand for various medical devices such as those used in dental & cosmetic procedures, among others, hence the market is predicted to witness impressive growth rate in the future years, further states the research report, “Vietnam Medical Devices Market Analysis, 2024.”

Vietnam Medical Devices Market Segmentation Analysis

Diagnostic Devices Dominated the Vietnam Medical Devices Market

Based on the device type, the market is fragmented into Diagnostic Devices, Monitoring Devices, Drug Delivery Devices, Bio Implants & Stimulation Devices, Surgical Devices, Treatment Equipment, and Others. Demand for diagnostic devices has been increasing in Vietnam as these devices are helpful for detecting and managing various medical conditions like cardiovascular, hepatitis, cancer, diabetes, orthopaedic, etc. For instance, a non-diagnostic test Electrocardiography (ECG) records the heart's electrical activity over time and provides critical information about the heart's rhythm and conduction system. Since cardiovascular diseases have been contributing to the most significant percentage of huge death rates in Vietnam, the demand for devices like ECG would increase in the country to detect the same effectively.

Besides, the occurrence of infectious diseases, such as hepatitis, tuberculosis, etc., has accelerated the segmental market growth. Also, recent technological advancements, including the development of wearable diagnostics, such as fitness trackers, wearable blood pressure monitors, AI-powered interpretation, and non-contact monitoring systems that would bring improvements in the accuracy of disease diagnosis, among others, are further driving the segmental market.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Terumo Corporation, USM HEALTHCARE, Nihon Kohden Corporation, Medtronic plc, Stryker, Abbott Laboratories, Koninklijke Philips N.V., Boston Scientific Corporation, Becton Dickinson and Company, GE Healthcare, and Others, are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the Vietnam Medical Devices Market?
3. What key factors would propel and impede the industry across the country?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping across the country?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?