Cardiology Devices - Vietnam | Statista Market Forecast

The projected revenue for the Cardiology Devices market market in Vietnam is expected to reach US$262.10m in 2024.
Over the period of 2024-2029, the market is forecasted to grow at an annual growth rate of 10.43%, resulting in a market volume of US$430.30m by 2029.
It is worth noting that in terms of global comparison, the United States is expected to generate the highest revenue in this market, amounting to US$25.77bn in 2024.
Vietnam is seeing a growing demand for advanced cardiology devices as the country's healthcare infrastructure continues to improve.

Definition:
The Cardiology Devices market includes diagnostic, monitoring, and surgical devices that are used to treat heart diseases and heart-related problems.

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: Medtronic, Abbott Laboratories, Boston Scientific, Edwards Lifesciences.
Further information on the key players can be found in the Market Shares boxes.

Cardiology diagnostic & monitoring devices
Cardiology surgical devices
Implants such as pacemakers

Cardiology drugs
Cardiology supplements

The Cardiology Devices market in Vietnam is experiencing significant growth due to various factors.

Customer preferences: In Vietnam, there is a growing demand for advanced cardiology devices. Customers are increasingly seeking devices that are technologically advanced, reliable, and provide accurate diagnosis and treatment options. They are also looking for devices that are cost-effective and easily accessible.

Trends in the market: One of the key trends in the Cardiology Devices market in Vietnam is the increasing adoption of minimally invasive procedures. This trend is driven by the desire to reduce the risk and recovery time associated with traditional open-heart surgeries. Minimally invasive procedures, such as angioplasty and stenting, have gained popularity as they offer shorter hospital stays, smaller incisions, and faster recovery times. Another trend in the market is the rising prevalence of cardiovascular diseases in Vietnam. Factors such as sedentary lifestyles, unhealthy diets, and smoking contribute to the increasing incidence of heart diseases. As a result, there is a growing need for cardiology devices that can effectively diagnose and treat these conditions.

Local special circumstances: Vietnam is a developing country with a growing middle class. As the country's economy continues to improve, there is an increase in disposable income and healthcare expenditure. This has led to a higher demand for advanced medical devices, including cardiology devices. Furthermore, Vietnam has a rapidly aging population. With aging comes a higher risk of cardiovascular diseases, leading to an increased demand for cardiology devices. The government has also implemented various healthcare policies and initiatives to improve access to healthcare services, including cardiology devices, especially in rural areas.

Underlying macroeconomic factors: The economic growth in Vietnam has resulted in an increase in healthcare spending. The government has been investing in healthcare infrastructure and facilities, which has improved the accessibility and availability of cardiology devices. Additionally, the government has also implemented policies to encourage foreign investment in the healthcare sector, which has further contributed to the growth of the Cardiology Devices market in Vietnam. In conclusion, the Cardiology Devices market in Vietnam is experiencing significant growth due to increasing customer preferences for advanced and cost-effective devices, the adoption of minimally invasive procedures, the rising prevalence of cardiovascular diseases, the growing middle class and aging population, and the government's efforts to improve healthcare infrastructure and accessibility. These factors are driving the demand for cardiology devices in Vietnam and are expected to continue to fuel the market growth in the coming years.

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.