In Vitro Diagnostics - Vietnam | Statista Market Forecast

The projected revenue in the In Vitro Diagnostics market market in Vietnam is expected to reach US$226.40m in 2024.
It is anticipated that the revenue will demonstrate an annual growth rate (CAGR 2024-2029) of 5.15%, leading to a market volume of US$291.00m by 2029.
When compared globally, the United States is estimated to generate the highest revenue of US$30.10bn in 2024.
Vietnam's In Vitro Diagnostics market is experiencing a surge in demand due to the country's increasing healthcare investments.

Definition:
The market In Vitro Diagnostics (IVD) consists of medical instruments and accessories used to perform tests with the help of biological samples. In Vitro Diagnostics provide valuable information used for detection, prognosis, prevention, and therapeutic monitoring of diseases.

Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Company examples: Roche Diagnostics, Abbott Laboratories, Danaher, Siemens Healthineers.
Further information on the key players can be found in the Market Shares boxes.

Molecular diagnosis
Immunoassays
Clinical chemistry
Microbiology
Hematology

Services (i.e., treatment expenses)
Imaging diagnostics

The In Vitro Diagnostics market in Vietnam is experiencing significant growth due to increasing customer preferences for early disease detection and prevention, as well as advancements in technology and healthcare infrastructure.

Customer preferences: Customers in Vietnam are increasingly seeking early detection and prevention of diseases, leading to a growing demand for In Vitro Diagnostics products. This is driven by the rising awareness about the importance of regular health check-ups and the benefits of early diagnosis. Additionally, the aging population in Vietnam is also contributing to the increased demand for In Vitro Diagnostics products, as older individuals are more prone to diseases and require regular monitoring.

Trends in the market: One of the key trends in the In Vitro Diagnostics market in Vietnam is the adoption of advanced technologies. Technological advancements have led to the development of innovative diagnostic tests that are more accurate, efficient, and cost-effective. For example, the introduction of point-of-care testing devices has enabled faster and on-site diagnosis, eliminating the need for sending samples to laboratories and reducing the turnaround time for results. Another trend in the market is the increasing use of molecular diagnostics. Molecular diagnostics offer precise and personalized diagnosis by analyzing genetic materials, allowing for the detection of diseases at an early stage. This trend is driven by the growing understanding of the genetic basis of diseases and the availability of targeted therapies.

Local special circumstances: Vietnam has a rapidly growing middle class with increasing disposable income, which has contributed to the demand for better healthcare services, including In Vitro Diagnostics products. Additionally, the government's focus on improving healthcare infrastructure and expanding access to healthcare services has also played a significant role in the growth of the In Vitro Diagnostics market.

Underlying macroeconomic factors: Vietnam's strong economic growth and favorable investment climate have attracted multinational companies to invest in the healthcare sector, including In Vitro Diagnostics. The government's efforts to promote foreign direct investment and develop the healthcare industry have created opportunities for market players to expand their presence in the country. Furthermore, the increasing healthcare expenditure by the government and private individuals has also contributed to the growth of the In Vitro Diagnostics market. The government has been investing in healthcare infrastructure development, including the establishment of new hospitals and healthcare centers, which has increased the accessibility of healthcare services to the population. In conclusion, the In Vitro Diagnostics market in Vietnam is growing due to increasing customer preferences for early disease detection and prevention, advancements in technology, and the government's focus on improving healthcare infrastructure. The adoption of advanced technologies and the increasing use of molecular diagnostics are key trends in the market. Vietnam's growing middle class and favorable investment climate, along with the government's efforts to develop the healthcare industry, are underlying macroeconomic factors driving the growth of the market.

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.