Diabetes Care Devices - Vietnam | Statista Market Forecast

Revenue in the Diabetes Care Devices market market in Vietnam is anticipated to attain US$87.53m in 2024.
The revenue is forecasted to exhibit an annual growth rate (CAGR 2024-2029) of 14.40%, leading to a market volume of US$171.50m by 2029.
In a global context, the majority of revenue will be produced the United States, with figures reaching US$11.71bn in 2024.
Vietnam is witnessing a significant rise in the adoption of advanced diabetes care devices, driven by increasing awareness and government initiatives for chronic disease management.

Definition:
The Diabetes Care Devices market, a medical technology market, includes medical devices used in the management and treatment of diabetes. These devices range from blood glucose meters and continuous glucose monitoring systems to insulin pumps, insulin pens, and other related accessories. It is important to note that the market does not include pharmaceutical products used in the treatment of diabetes, such as insulin and oral hypoglycemic agents.

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), and governments (B2G). Revenues are allocated to the country where the money is spent.

Key players in the market include Medtronic, Abbott Laboratories, and Roche Diagnostics. Further information on the key players can be found in the Market Shares boxes.

Blood glucose monitoring devices
Insulin delivery devices

Diabetes drugs
Diabetes supplements

The Diabetes Care Devices Market in Vietnam is witnessing considerable growth, fueled by rising diabetes prevalence, increased health awareness, and advancements in technology, which enhance the accessibility and effectiveness of diabetes management solutions.

Customer preferences: In Vietnam, there is a noticeable shift towards user-friendly diabetes care devices that prioritize convenience and ease of use. As health awareness grows, consumers are increasingly favoring smart glucose monitors that integrate with mobile apps, allowing for real-time data tracking and personalized insights. Additionally, the younger demographic, influenced by technology and social media, is driving demand for innovative solutions that enhance lifestyle management. This trend is further supported by a cultural emphasis on family health, encouraging collective engagement in diabetes care practices.

Trends in the market: In Vietnam, the Diabetes Care Devices Market is experiencing a surge in demand for advanced, user-friendly glucose monitoring systems that seamlessly connect with smartphones. This trend is driven by an increasing health consciousness among consumers, who seek devices that provide real-time data and personalized management tools. The rising influence of technology among younger populations is fostering a preference for innovative solutions that integrate lifestyle management with diabetes care. Consequently, industry stakeholders must adapt to these shifts by investing in user-centric technologies and enhancing digital health ecosystems to meet evolving consumer needs.

Local special circumstances: In Vietnam, the Diabetes Care Devices Market is shaped by a rapidly urbanizing population and a strong cultural emphasis on family health. Traditional dietary habits are evolving, leading to a rise in diabetes prevalence, which increases the demand for effective monitoring devices. Additionally, government initiatives promoting healthcare accessibility are fostering a supportive regulatory environment for innovative medical technologies. The integration of local languages and culturally relevant health education into device interfaces enhances user engagement, making diabetes management more relatable and effective for Vietnamese consumers.

Underlying macroeconomic factors: The Diabetes Care Devices Market in Vietnam is significantly influenced by macroeconomic factors such as rising disposable incomes, urbanization, and increased healthcare spending. As the national economy grows, consumers have more resources to invest in health technologies, driving demand for advanced diabetes management devices. Furthermore, government fiscal policies promoting public health initiatives and subsidizing healthcare access enhance market growth. Global economic trends, such as the rise in chronic diseases and technological innovations, also play a crucial role, as they encourage local manufacturers to adopt cutting-edge solutions that cater to the unique needs of Vietnamese patients.

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.