Medical Technology - Vietnam

Vietnam

Vietnam's Medical Technology market market is expected to achieve a revenue of US$1.84bn in 2024.
The largest market within this market is Medical Devices, which is projected to reach a market volume of US$1.62bn in the same year.
With an anticipated annual growth rate of 8.45% (CAGR 2024-2029), the revenue is forecasted to increase further, resulting in a market volume of US$2.76bn by 2029.
When compared globally, the United States is predicted to generate the highest revenue, amounting to US$211.10bn in 2024.
Vietnam's Medical Technology market is experiencing a surge in demand for telemedicine solutions due to the country's large rural population and limited healthcare infrastructure.

Key regions: United States, Germany, China, Japan, France

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Analyst Opinion

The Medical Technology market in Vietnam is experiencing significant growth and development due to various factors.

Customer preferences: Customers in Vietnam are increasingly seeking advanced medical technology solutions to address their healthcare needs. They are becoming more aware of the benefits of innovative medical devices and are willing to invest in them. The demand for medical technology is driven by the growing middle class, who have higher disposable income and are willing to spend on healthcare. Additionally, the aging population in Vietnam is also contributing to the increased demand for medical technology, as elderly individuals require more healthcare services and advanced medical devices.

Trends in the market: One of the key trends in the Medical Technology market in Vietnam is the adoption of digital health solutions. With the increasing penetration of smartphones and internet connectivity, there is a growing interest in telemedicine, remote patient monitoring, and other digital health solutions. These technologies enable healthcare providers to reach patients in remote areas and provide them with quality healthcare services. Moreover, digital health solutions also help in improving patient outcomes and reducing healthcare costs. Another trend in the market is the focus on preventive healthcare. As the awareness about the importance of preventive healthcare increases, there is a growing demand for medical devices that can help individuals monitor their health and detect any potential health issues at an early stage. This includes wearable devices, home diagnostic kits, and other self-monitoring tools. The emphasis on preventive healthcare is driven by the desire to reduce healthcare costs and improve overall population health.

Local special circumstances: Vietnam has a rapidly developing healthcare system, with a focus on improving access to quality healthcare services. The government has implemented various initiatives to enhance the healthcare infrastructure and promote the use of advanced medical technology. This includes the establishment of specialized healthcare centers, investment in medical research and development, and the implementation of health insurance schemes. These initiatives create a favorable environment for the growth of the Medical Technology market in Vietnam.

Underlying macroeconomic factors: The economic growth and rising income levels in Vietnam are contributing to the development of the Medical Technology market. As the economy continues to grow, individuals have more disposable income to spend on healthcare. This includes the purchase of medical devices and other healthcare products. Additionally, the government's focus on healthcare and investment in the sector is also driving the growth of the Medical Technology market. In conclusion, the Medical Technology market in Vietnam is experiencing significant growth and development due to the increasing customer preferences for advanced medical technology solutions, the adoption of digital health solutions, the focus on preventive healthcare, the local special circumstances that support the growth of the market, and the underlying macroeconomic factors such as economic growth and rising income levels.

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.