General & Plastic Surgery Devices - Vietnam

The projected revenue of the General & Plastic Surgery Devices market market in Vietnam is estimated to reach US$96.06m by 2024.
It is expected to exhibit an annual growth rate (CAGR 2024-2029) of 9.29%, leading to a market volume of US$149.80m by 2029.
When compared globally, the United States is anticipated to generate the highest revenue, amounting to US$9.84bn in 2024.
Vietnam has seen a significant increase in demand for general and plastic surgery devices, driven by the country's growing middle class and increasing focus on aesthetic enhancements.

Definition:
The General & Plastic Surgery Devices market represents medical devices designed for general and plastic surgery procedures, such as disposable surgical supplies, open surgery instruments, minimally invasive surgery instruments.

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, Johnson & Johnson, Becton Dickinson, Conmed Corporation. Further information on the key players can be found in the Market Shares boxes.

Disposable surgical supplies
Open surgery instruments
Minimally invasive surgery instruments

Services (i.e., treatment expenses)
Blood and transplants derived from the human body
In vitro diagnostics
Diagnostic imaging

The General & Plastic Surgery Devices market in Vietnam is experiencing significant growth due to several factors.

Customer preferences: Customers in Vietnam are increasingly seeking out plastic surgery procedures to enhance their appearance and boost their self-confidence. The demand for cosmetic surgeries such as breast augmentation, rhinoplasty, and liposuction is on the rise. This is driven by a combination of factors, including the influence of social media and the desire to conform to Western beauty standards. Additionally, the growing middle class in Vietnam has more disposable income to spend on aesthetic procedures.

Trends in the market: One of the key trends in the General & Plastic Surgery Devices market in Vietnam is the adoption of minimally invasive procedures. Customers are increasingly opting for non-surgical treatments such as Botox injections and dermal fillers, which require less downtime and have fewer risks compared to traditional surgical procedures. This trend is driven by the desire for quick results and the convenience of these procedures. Another trend in the market is the increasing popularity of medical tourism in Vietnam. The country has become a destination for individuals seeking affordable and high-quality plastic surgery procedures. Many international patients are attracted to Vietnam due to the lower cost of surgeries compared to their home countries. This trend has led to the establishment of specialized clinics and hospitals catering to international patients.

Local special circumstances: Vietnam has a large and growing young population, which contributes to the demand for plastic surgery procedures. Young individuals are more likely to seek out aesthetic enhancements to improve their appearance and boost their confidence. Additionally, the influence of Korean beauty trends has also played a role in shaping customer preferences in Vietnam.

Underlying macroeconomic factors: The growing economy and rising disposable income in Vietnam have contributed to the growth of the General & Plastic Surgery Devices market. As individuals have more money to spend, they are willing to invest in aesthetic procedures to improve their physical appearance. Furthermore, the increasing urbanization in Vietnam has also contributed to the growth of the market, as individuals in urban areas are more exposed to Western beauty standards and have easier access to plastic surgery clinics and hospitals. In conclusion, the General & Plastic Surgery Devices market in Vietnam is experiencing significant growth due to the increasing demand for cosmetic procedures, the adoption of minimally invasive techniques, the rise of medical tourism, the influence of social media and Korean beauty trends, and the growing economy and disposable income in the country.

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.