Market Insights Health Medical Technology Medical Devices

Endoscopic Devices - Vietnam

Vietnam

Revenue in the Endoscopic Devices market market in Vietnam is anticipated to reach US$102.40m in 2024.
This revenue is projected to exhibit an annual growth rate (CAGR 2024-2029) of 9.46%, which will lead to a market volume of US$160.90m by 2029.
In a global context, the largest revenue generation will occur the United States, with an expected figure of US$10,390.00m in 2024.
Vietnam is witnessing a surge in demand for endoscopic devices, driven by advancements in minimally invasive surgical procedures and a growing healthcare infrastructure.

Key regions: Italy, United Kingdom, Netherlands, Germany, Japan

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Analyst Opinion

The Endoscopic Devices Market in Vietnam is witnessing moderate growth, influenced by factors such as advancements in medical technology, increasing healthcare investments, and a growing emphasis on minimally invasive procedures among healthcare providers and patients.

Customer preferences: In Vietnam, there is a growing preference for minimally invasive surgical options, driven by an increasing awareness of the benefits associated with quicker recovery times and reduced hospital stays. Patients are actively seeking advanced endoscopic procedures, influenced by cultural values that prioritize family care and the desire for a swift return to daily activities. Additionally, as the population ages and urban lifestyles evolve, there is heightened demand for innovative endoscopic devices that enhance surgical precision and improve patient outcomes, reflecting a significant shift in healthcare expectations.

Trends in the market: In Vietnam, the Endoscopic Devices Market is experiencing a surge in demand for advanced minimally invasive procedures, driven by an increasing patient preference for faster recovery and shorter hospital stays. This shift is fueled by an aging population and evolving urban lifestyles, prompting healthcare providers to adopt innovative technologies that enhance surgical precision. Moreover, as awareness of endoscopic benefits grows, stakeholders must adapt to this trend by investing in research and development, ensuring access to cutting-edge devices, and prioritizing patient education to meet the rising expectations for improved surgical outcomes.

Local special circumstances: In Vietnam, the Endoscopic Devices Market is shaped by a blend of cultural attitudes toward healthcare and government regulations promoting advanced medical technologies. The traditional preference for holistic and herbal treatments is gradually giving way to acceptance of modern surgical techniques, particularly among urban populations. Additionally, regulatory frameworks are evolving, streamlining the approval processes for innovative devices. Furthermore, local manufacturers are increasingly collaborating with international firms, enhancing the availability of cutting-edge endoscopic solutions and tailoring them to meet specific regional healthcare needs.

Underlying macroeconomic factors: The Endoscopic Devices Market in Vietnam is driven by several macroeconomic factors, including national economic health, technological advancements, and government investment in healthcare infrastructure. As Vietnam's economy continues to grow, rising disposable incomes and increased healthcare spending are enhancing access to advanced medical technologies. Regulatory support is also pivotal, with streamlined approval processes facilitating the entry of innovative endoscopic devices. Additionally, the global trend toward minimally invasive surgeries is influencing local practices, while collaborative efforts between domestic and international companies are fostering the development of tailored solutions to meet the specific healthcare needs of the population.

Methodology

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.