Vietnam Medical Devices Market Outlook: Trends, Value, and Company Profiles

Vietnam Medical Devices Market Projected to Expand at 9% CAGR Through 2030

Vietnam Medical Devices Market is estimated to grow at a CAGR of around 9% during the forecast period, i.e., 2024-30. The market growth has been credited to the rising geriatric population, as with increasing age the risk for multiple diseases, including cancer, orthopedic, cardiovascular, neurological, and others increases enormously. Hence, owing to that the demand for various medical devices such as those required for monitoring chronic conditions, assistive devices for daily living, mobility aids, etc., has increased across the country. For instance, the population of Vietnam, aged around 60 and above is projected to increase to more than 25% by 2050, up from 11.9% in 2019 as stated by the United Nations.

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Strategic Takeaways from the Report:

Market Sizing and Forecasting
Regulatory and Policy Influence
Competitive Trends and MA Activity
Innovation Drivers and Disruptive Technologies
Investment Hotspots and Emerging Niches
Geographical Dynamics and Trade Flows

Vietnam Medical Devices Market Segment Overview Classification

This market is categorized to offer targeted insights across various operational and consumer-related verticals.

Segment List:

By Device Type

Diagnostic Devices- Market Size Forecast 2019-2030, USD Million
Monitoring Devices- Market Size Forecast 2019-2030, USD Million
Drug Delivery Devices- Market Size Forecast 2019-2030, USD Million
Bio Implants and Stimulation Devices- Market Size Forecast 2019-2030, USD Million
Surgical Devices- Market Size Forecast 2019-2030, USD Million
Treatment Equipment- Market Size Forecast 2019-2030, USD Million
Others (Anaesthesia Devices, Mobility Aid Devices, etc.)- Market Size Forecast 2019-2030, USD Million

The Diagnostic Devices segment of the Vietnam Medical Devices Market is anticipated to grow with a significant market share over the forecast period. The diagnostic devices category encompasses a range of devices crucial for the diagnosis, treatment, and management of various health conditions, including cardiovascular, cancer, diabetes, hepatitis, etc. With cardiovascular diseases contributing to mortality rates in Vietnam, there's a projected surge in demand for diverse diagnostic devices like ECG to ensure early and effective detection treatment of the condition.

Moreover, the occurrence of various infectious diseases such as tuberculosis, hepatitis, etc., as evidenced by the 2024 data from the United States Agency for International Development that is about 170,000 get infected with tuberculosis each year in Vietnam. Following that, the demand for diagnostic tests such as TB skin tests (TST) and TB blood tests, etc., has surged, propelling the Diagnostic Devices Market growth. Also, the various risk factors such as smoking, obesity, alcohol consumption, and others, associated with cancer, cardiovascular diseases, etc., have aided in the growth of the Diagnostic Devices Market in Vietnam.

By Therapeutic Application

Gastrointestinal Surgery- Market Size Forecast 2019-2030, USD Million
Cardiology- Market Size Forecast 2019-2030, USD Million
Respiratory- Market Size Forecast 2019-2030, USD Million
General Surgery- Market Size Forecast 2019-2030, USD Million
Orthopedics- Market Size Forecast 2019-2030, USD Million
Dental- Market Size Forecast 2019-2030, USD Million
Nephrology Urology- Market Size Forecast 2019-2030, USD Million
Neurology- Market Size Forecast 2019-2030, USD Million
Ophthalmology- Market Size Forecast 2019-2030, USD Million
Ear-Nose-Throat (ENT) - Market Size Forecast 2019-2030, USD Million
Others (Dermatology, Gynecology, etc.)- Market Size Forecast 2019-2030, USD Million

By End User

Hospitals- Market Size Forecast 2019-2030, USD Million
Specialty Centers Clinics- Market Size Forecast 2019-2030, USD Million
Diagnostic Centres- Market Size Forecast 2019-2030, USD Million
Others (Research Organisations, Homecare, etc.)- Market Size Forecast 2019-2030, USD Million

The Hospitals category accounted for the largest share of the Vietnam Medical Devices Market. Being the major healthcare facilities, hospitals serve an enormous number of patients suffering from a range of medical conditions, including cancer, diabetes, respiratory, cardiovascular, and many others. Further, in recent years, driven by increasing health awareness, progress in the development of private hospitals that are equipped with adequate and high-tech medical devices has been observed. Also, the government has been making efforts to continuously boost the healthcare infrastructure of their country, which has resulted in improved investments in new government hospital construction. Hence, this would increase the demand for a range of medical devices to treat patients suffering from multiple diseases.

By Region

North
South
Central.

These divisions help clarify demand patterns and expected shifts.

Market Opportunities

Rising Adoption for Wearable Medical Devices – With the increasing incidence of chronic/infectious diseases and people’s awareness of similar diseases, especially since the COVID- 19 period, the demand for various wearable devices has increased in Vietnam. Further, various metrics like heart rate, physical activity, sleep patterns, and even irregular heart rhythms, can be effectively accurately tracked by these devices. Also, the information generated is not only important for individuals to monitor or diagnose diseases earlier but also for healthcare professionals to assess how preventive measures are working and supervise patients in their homes. Along with this. the companies have also started investing in the same to gain a potential market share.

Moreover, the rising disposable income has further allowed Vietnamese to spend more on their health requirements, leading to increased adoption of various wearable medical devices, including smartwatches, fitness trackers, and portable heart rate monitors to monitor health in real-time.

Vietnam Medical Devices Market Competitive Snapshot from 2024-2030

The report highlights established and emerging players in the global Vietnam Medical Devices Market, evaluating their strengths, challenges, and potential for innovation.

Key Competitors Include:

Terumo Corporation
USM Healthcare
Nihon Kohden Corporation
Medtronic plc
Stryker
Abbott Laboratories
Koninklijke Philips N.V.
Boston Scientific Corporation
Becton Dickinson and Company
GE Healthcare.

Their activities include partnerships, product launches, and geographic expansions.

Vietnam Medical Devices Industry Prime Challenge

Affordability Issues Arising from Vietnam’s Heavy Reliance on Imported Medical Devices – Vietnam is heavily reliant on imported medical devices since local production cannot meet demands for required medical devices. This is further evident from the fact that over 90% of medical equipment and supplies were imported to Vietnam in 2023, as the International Trade Administration mentioned. While the import of medical devices provides access to a wide array of advanced and specialized medical devices, it also poses challenges that can hinder the growth and stability of the overall Vietnam Medical Devices Market.

The fluctuations in exchange rates affect the cost of imported devices, subsequently influencing pricing and affordability. Consequently, healthcare facilities in Vietnam often lack the budget to procure adequate and high-tech technology, sometimes even essential, medical equipment. Also, even when available in certain hospitals or clinics, patients find these devices unaffordable due to their high cost resulting from imports, hence hampering the market expansion.

Frequently Asked Questions (FAQs):

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