Medical Devices - Vietnam | Statista Market Forecast

In Vietnam, the Medical Devices market market is expected to witness a substantial growth in revenue, projected to reach US$1.61bn in 2024.
Among the various markets within the market, Cardiology_Devices stands out as the largest, with a projected market volume of US$262.10m in the same year.
This indicates the significance of the Cardiology_Devices market within the overall Medical Devices market market in Vietnam.
Looking ahead, the Medical Devices market market in Vietnam is anticipated to display a steady growth rate.
The compound annual growth rate (CAGR) from 2024 to 2029 is projected to be 8.85%, resulting in a market volume of US$2.47bn by the end of 2029.
This signifies the potential for further expansion and opportunities in the Medical Devices market sector in Vietnam.
In a global context, it is worth noting that the United States leads the way in terms of revenue generation within the Medical Devices market market.
In 2024, the United States is expected to generate a substantial amount of revenue, reaching US$181.00bn.
This highlights the dominance of the United States in the global Medical Devices market market.
Overall, the Medical Devices market market in Vietnam is poised for growth, with promising revenue projections and a significant market in Cardiology_Devices.
However, it is important to consider the global landscape and the dominance of the United States in this industry.
Vietnam's medical device market is experiencing rapid growth due to increasing healthcare expenditure and a focus on improving healthcare infrastructure.

Definition:
The Medical Devices market includes instruments and machines helping for the prevention, diagnosis, and treatment of diseases. This market is further broken down into 6 submarkets according to medical specialties or types of application. Medical devices that treat the heart, such as pacemakers, can be found in the Cardiology Devices market. The Diagnostic Imaging market covers machines and instruments for diagnosis of many different kinds of conditions. Devices for orthopedic applications, such as joint implants, are included in the Orthopedic Devices market. Ophthalmic Devices are devices used for conditions related to the eye. The General & Plastic Surgery Devices covers many different products required for surgeries. The Other Medical Devices market provides information on additional areas that are not covered by the main markets.

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, Siemens Healthineers.

Implants and prostheses
Assistive technology products (e.g., hearing aids, wheelchairs)
Clinical engineering products
Imaging devices
Active medical devices (i.e., operating with electrical energy)

Services (i.e., treatment expenses)
Consumer technologies, e.g., fitness trackers
Products for laboratory testing (IVD)

The Medical Devices market in Vietnam has been experiencing significant growth in recent years.

Customer preferences: Customers in Vietnam are increasingly seeking advanced and innovative medical devices that can improve healthcare outcomes. This includes a growing demand for devices that are portable, user-friendly, and cost-effective. Additionally, there is a preference for devices that are compatible with digital health technologies, such as telemedicine and remote patient monitoring, which have gained popularity in recent years.

Trends in the market: One of the key trends in the Medical Devices market in Vietnam is the increasing adoption of digital health technologies. This includes the use of mobile health apps, wearable devices, and telemedicine platforms. These technologies are helping to improve access to healthcare services, especially in rural areas where there is a shortage of healthcare professionals. The COVID-19 pandemic has further accelerated the adoption of telemedicine in Vietnam, as it allows patients to consult with doctors remotely and reduces the risk of exposure to the virus. Another trend in the market is the growing focus on preventive healthcare. Vietnamese consumers are becoming more health-conscious and are taking proactive measures to prevent diseases and maintain their well-being. This has led to an increased demand for medical devices that can monitor vital signs, track fitness and activity levels, and provide personalized health recommendations.

Local special circumstances: Vietnam has a rapidly aging population, which is driving the demand for medical devices related to elderly care. This includes devices for monitoring chronic conditions, assistive devices for daily living, and mobility aids. The government is also implementing policies to support the aging population, such as providing subsidies for medical devices and promoting home healthcare services. This presents opportunities for medical device manufacturers to cater to the specific needs of the elderly population in Vietnam.

Underlying macroeconomic factors: Vietnam has been experiencing strong economic growth in recent years, which has contributed to the development of the Medical Devices market. The rising disposable incomes of Vietnamese consumers have increased their purchasing power and affordability of medical devices. Additionally, the government has been investing in healthcare infrastructure and implementing healthcare reforms to improve the quality and accessibility of healthcare services. These factors have created a favorable environment for the growth of the Medical Devices market in Vietnam. In conclusion, the Medical Devices market in Vietnam is experiencing significant growth due to customer preferences for advanced and innovative devices, the adoption of digital health technologies, the focus on preventive healthcare, the aging population, and the favorable macroeconomic factors. This presents opportunities for medical device manufacturers to expand their presence in the Vietnamese market and cater to the evolving needs of the consumers.

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.