According to the Global Cancer Observatory, the new cancer incidence rate in Vietnam in 2022 was roughly 180,000 and could reach about 292, 000 in 2045.
According to MarkNtel Advisors study, The Vietnam Medical Devices Market is estimated to grow at a CAGR of around 9% during the forecast period, i.e., 2024-30.
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.
Market Growth Driver: The occurrence of several preventable chronic diseases, such as diabetes, cardiovascular diseases (CVDs), etc., across Vietnam, has successfully boosted the overall medical devices market in the country. For instance, as mentioned by the International Diabetes Federation (IDF), there were around 3,994,100 people with diabetes in Vietnam in 2021, and the number is expected to increase to 4,961,600 and 6,015,300 by 2030 and 2045, respectively. As a result, the demand for insulin pumps, glucose monitoring devices, and other diabetes care devices has increased in Vietnam.
Additionally, the increasing incidence rates of various types of cancer like breast cancer, prostate cancer, etc., in the country is also anticipated to drive the demand for medical devices in Vietnam. For instance, according to the Global Cancer Observatory, the new cancer incidence rate in Vietnam in 2022 was roughly 180,000 and could reach about 292, 000 in 2045. Consequently, the demand for different medical devices such as Computed Tomography (CT), Magnetic Resonance Imaging (MRI), etc., employed for the diagnosis and treatment of cancer would increase, driving the growth of the Vietnam Medical Devices Market.
Vietnam Medical Devices Market Key Players:
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, Others
Market Segmentation Overview:
By Device Type
-Diagnostic Devices
-Monitoring Devices
-Drug Delivery Devices
-Bio Implants and Stimulation Devices
-Surgical Devices
-Treatment Equipment
-Others (Anaesthesia Devices, Mobility Aid Devices, etc.)
By Therapeutic Application
-Gastrointestinal Surgery
-Cardiology
-Respiratory
-General Surgery
-Orthopedics
-Dental
-Nephrology & Urology
-Neurology
-Ophthalmology
-Ear-Nose-Throat (ENT)
-Others (Dermatology, Gynecology, etc.)
By End User
-Hospitals
-Specialty Centers & Clinics
-Diagnostic Centres
-Others (Research Organisations, Homecare, etc.)
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
The Vietnam Medical Devices Market Recent Development
2023: Nihon Kohden Corporation announced that the company will establish a new sub-subsidiary, a wholly owned subsidiary of Nihon Kohden Singapore (NKS), one of Nihon Kohden’s sales subsidiaries, aiming to apply for registration of medical devices smoothly and expand its sales in Vietnam.
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