Vietnam Medical Devices Market Research Report: Forecast (2024-2030)

Market Insights & Analysis: Vietnam Medical Devices Market (2024-30):

Vietnam Medical Devices Market is estimated to grow at a CAGR of around 9% during the forecast period, i.e., 2024-30. The market growth has been credited to the rising geriatric population, as with increasing age the risk for multiple diseases, including cancer, orthopedic, cardiovascular, neurological, and others increases enormously. Hence, owing to that the demand for various medical devices such as those required for monitoring chronic conditions, assistive devices for daily living, mobility aids, etc., has increased across the country. For instance, the population of Vietnam, aged around 60 and above is projected to increase to more than 25% by 2050, up from 11.9% in 2019 as stated by the United Nations.

Moreover, in recent years, medical tourism has been growing in Vietnam, which has contributed to the rising demand for a range of medical devices such as those used for dental & cosmetic procedures. Also, the continuous investments by the government in healthcare sectors, construction of new hospitals, etc., have been supporting the Vietnam Medical Devices Market.

In addition, awareness programs such as the Healthy Viet Nam Programme and others have been educating the Vietnamese population about health issues & available medical solutions. This heightened awareness has led to increased demand for medical devices as people try to find their health needs actively, thus the Vietnam Medical Devices Market is expected to witness growth.

Vietnam Medical Devices Market Driver:

Increasing Occurrence of Chronic Diseases – The occurrence of several preventable chronic diseases, such as diabetes, cardiovascular diseases (CVDs), etc., across Vietnam, has successfully boosted the overall medical devices market in the country. For instance, as mentioned by the International Diabetes Federation (IDF), there were around 3,994,100 people with diabetes in Vietnam in 2021, and the number is expected to increase to 4,961,600 and 6,015,300 by 2030 and 2045, respectively. As a result, the demand for insulin pumps, glucose monitoring devices, and other diabetes care devices has increased in Vietnam.

Additionally, the increasing incidence rates of various types of cancer like breast cancer, prostate cancer, etc., in the country is also anticipated to drive the demand for medical devices in Vietnam. For instance, according to the Global Cancer Observatory, the new cancer incidence rate in Vietnam in 2022 was roughly 180,000 and could reach about 292, 000 in 2045. Consequently, the demand for different medical devices such as Computed Tomography (CT), Magnetic Resonance Imaging (MRI), etc., employed for the diagnosis and treatment of cancer would increase, driving the growth of the Vietnam Medical Devices Market.    

Vietnam Medical Devices Market Opportunity:

Rising Adoption for Wearable Medical Devices – With the increasing incidence of chronic/infectious diseases and people’s awareness of similar diseases, especially since the COVID- 19 period, the demand for various wearable devices has increased in Vietnam. Further, various metrics like heart rate, physical activity, sleep patterns, and even irregular heart rhythms, can be effectively & accurately tracked by these devices. Also, the information generated is not only important for individuals to monitor or diagnose diseases earlier but also for healthcare professionals to assess how preventive measures are working and supervise patients in their homes. Along with this. the companies have also started investing in the same to gain a potential market share.

Moreover, the rising disposable income has further allowed Vietnamese to spend more on their health requirements, leading to increased adoption of various wearable medical devices, including smartwatches, fitness trackers, and portable heart rate monitors to monitor health in real-time.

Vietnam Medical Devices Market Challenge:

Affordability Issues Arising from Vietnam’s Heavy Reliance on Imported Medical Devices – Vietnam is heavily reliant on imported medical devices since local production cannot meet demands for required medical devices. This is further evident from the fact that over 90% of medical equipment and supplies were imported to Vietnam in 2023, as the International Trade Administration mentioned. While the import of medical devices provides access to a wide array of advanced and specialized medical devices, it also poses challenges that can hinder the growth and stability of the overall Vietnam Medical Devices Market.

The fluctuations in exchange rates affect the cost of imported devices, subsequently influencing pricing and affordability. Consequently, healthcare facilities in Vietnam often lack the budget to procure adequate and high-tech technology, sometimes even essential, medical equipment. Also, even when available in certain hospitals or clinics, patients find these devices unaffordable due to their high cost resulting from imports, hence hampering the market expansion.

Vietnam Medical Devices Market (2024-30): Segmentation Analysis

The Vietnam Medical Devices Market study by MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2024–2030 at the country level. In accordance to the analysis, the market has been further classified as:

Based on Device Type:

• Diagnostic Devices
• Monitoring Devices
• Drug Delivery Devices
• Bio Implants & Stimulation Devices
• Surgical Devices
• Treatment Equipment
• Others

The Diagnostic Devices segment of the Vietnam Medical Devices Market is anticipated to grow with a significant market share over the forecast period. The diagnostic devices category encompasses a range of devices crucial for the diagnosis, treatment, and management of various health conditions, including cardiovascular, cancer, diabetes, hepatitis, etc.  With cardiovascular diseases contributing to mortality rates in Vietnam, there's a projected surge in demand for diverse diagnostic devices like ECG to ensure early and effective detection & treatment of the condition.

Moreover, the occurrence of various infectious diseases such as tuberculosis, hepatitis, etc., as evidenced by the 2024 data from the United States Agency for International Development that is about 170,000 get infected with tuberculosis each year in Vietnam. Following that, the demand for diagnostic tests such as TB skin tests (TST) and TB blood tests, etc., has surged, propelling the Diagnostic Devices Market growth. Also, the various risk factors such as smoking, obesity, alcohol consumption, and others, associated with cancer, cardiovascular diseases, etc., have aided in the growth of the Diagnostic Devices Market in Vietnam.

Based on the End User:

• Hospitals
• Specialty Centers & Clinics
• Diagnostic Centers
• Others

The Hospitals category accounted for the largest share of the Vietnam Medical Devices Market. Being the major healthcare facilities, hospitals serve an enormous number of patients suffering from a range of medical conditions, including cancer, diabetes, respiratory, cardiovascular, and many others. Further, in recent years, driven by increasing health awareness, progress in the development of private hospitals that are equipped with adequate and high-tech medical devices has been observed. Also, the government has been making efforts to continuously boost the healthcare infrastructure of their country, which has resulted in improved investments in new government hospital construction. Hence, this would increase the demand for a range of medical devices to treat patients suffering from multiple diseases.

Vietnam Medical Devices Industry Recent Development:

• 2023: Nihon Kohden Corporation announced that the company will establish a new sub-subsidiary, a wholly owned subsidiary of Nihon Kohden Singapore (NKS), one of Nihon Kohden’s sales subsidiaries, aiming to apply for registration of medical devices smoothly and expand its sales in Vietnam.

Gain a Competitive Edge with Our Vietnam Medical Devices Market Report

• Vietnam Medical Devices Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
• This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
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