Other Medical Devices - Vietnam

Vietnam

Highlights

Vietnam is expected to witness a significant growth in the Other Medical Devices market market, with projected revenue reaching US$513.30m by 2024.
This market is also forecasted to experience a steady annual growth rate (CAGR 2024-2029) of 7.78%.
Consequently, by 2029, the market volume is estimated to reach US$746.70m.
It is worth noting that in the global perspective, the United States is projected to generate the highest revenue, amounting to US$58.90bn in 2024.
Vietnam is experiencing a surge in demand for innovative and cost-effective medical devices in the Other Medical Devices market of the Medical Technology market.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other Medical Devices market in Vietnam is experiencing significant growth and development.

Customer preferences: In Vietnam, customers are increasingly demanding high-quality and innovative medical devices. They prioritize devices that are efficient, reliable, and affordable. Customers also value devices that are easy to use and maintain, as well as those that offer advanced features and functionalities. Additionally, there is a growing preference for medical devices that are compatible with digital health technologies and can be integrated into the healthcare system seamlessly.

Trends in the market: One of the key trends in the Other Medical Devices market in Vietnam is the increasing adoption of advanced diagnostic and imaging devices. This is driven by the rising prevalence of chronic diseases and the need for accurate and timely diagnosis. Medical devices such as ultrasound machines, MRI scanners, and CT scanners are in high demand as they enable healthcare professionals to detect and monitor diseases more effectively. There is also a growing trend towards the use of minimally invasive surgical devices, which offer benefits such as faster recovery times and reduced scarring. Another trend in the market is the rising demand for home healthcare devices. With an aging population and increasing healthcare costs, there is a growing need for medical devices that can be used at home for monitoring and managing chronic conditions. Devices such as blood glucose monitors, blood pressure monitors, and respiratory devices are becoming more popular as they allow patients to receive care in the comfort of their own homes.

Local special circumstances: Vietnam has a rapidly developing healthcare infrastructure, with increased investment in healthcare facilities and services. This has led to an expansion of the healthcare market and an increased demand for medical devices. The government has also implemented policies to promote the use of medical devices and improve healthcare delivery. These factors have created a favorable environment for the growth of the Other Medical Devices market in Vietnam.

Underlying macroeconomic factors: Vietnam's economy has been growing steadily, with a rising middle class and increasing disposable income. This has resulted in an increase in healthcare spending and a greater demand for medical devices. Additionally, the government has been focusing on improving healthcare access and quality, which has further fueled the demand for medical devices. The country's favorable investment climate and increasing foreign direct investment have also contributed to the growth of the Other Medical Devices market in Vietnam. Overall, the Other Medical Devices market in Vietnam is witnessing significant growth and development. Customer preferences for high-quality and innovative devices, along with the increasing adoption of advanced diagnostic and imaging devices and home healthcare devices, are driving this growth. The local special circumstances, such as the expanding healthcare infrastructure and government policies to promote the use of medical devices, further support the market's development. The underlying macroeconomic factors, including the country's growing economy and increasing healthcare spending, are also contributing to the market's growth.

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.