Vietnam Diagnostic Labs Market to Grow with a CAGR of 6.71 % through 2028
Surge in research and development activities is expected to drive the Vietnam
Diagnostic Labs Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Vietnam Diagnostic
Labs Market– By Region, Competition, Forecast and Opportunities, 2018-2028F”,
the Vietnam Diagnostic Labs Market stood at USD 1260.19 Million in 2022 and is
anticipated to grow with a CAGR of 6.71 % in the forecast period, 2023-2028.
The initiatives taken by government based on diagnostic labs has led to
favorable market conditions for the Vietnam Diagnostic Labs Market. Several
factors contribute to the growth of various diagnostic labs market products.
The government
of Vietnam has made significant strides in combating diseases by establishing
dedicated laboratories for specific illnesses. For instance, a team of seven
highly skilled Vietnamese laboratory researchers underwent specialized training
to effectively detect and test for the Ebola Virus Disease, underscoring the
country's commitment to ongoing efforts in disease prevention and control.
Moreover,
Vietnam has also embraced new tools and technologies for disease testing,
particularly for Tuberculosis (TB). This innovative initiative aims to further
enhance the accuracy and efficiency of disease diagnosis and treatment,
prioritizing the well-being and health of its citizens. By leveraging these
advanced resources, Vietnam continues to make remarkable advancements in the
field of healthcare and disease management.
Browse over 19 market data Figures spread through 107 Pages and an in-depth TOC on "Vietnam Diagnostic Labs Market”
Research and
development (R&D) plays a crucial role in the diagnostic labs market by
continuously driving technological advancements that further enhance the
accuracy and speed of diagnostic tests. These advancements not only enable the
early detection of diseases but also contribute to improving treatment outcomes
and ultimately, patient survival rates.
In the context
of Vietnam, R&D activities have been instrumental in propelling the growth
of the diagnostic labs market. Market players understand the importance of
investing heavily in R&D to develop innovative diagnostic solutions and
upgrade their existing infrastructure. This surge in R&D activities is a
direct response to the increasing demand for advanced and accurate diagnostic
services in the country, as healthcare providers strive to meet the evolving
needs of the population.
These ongoing
R&D efforts are aimed at exploring new methodologies, technologies, and
approaches to diagnosis, ensuring that diagnostic labs in Vietnam stay at the
forefront of medical advancements. By constantly pushing the boundaries of
knowledge and innovation, these labs are able to offer cutting-edge diagnostic
services that have a significant impact on the healthcare landscape in the
country.
The Vietnam
Diagnostic Labs Market is segmented in provider type, test type, end user, regional
distribution, and company.
Based on its test type, the pathology segment held the
largest share in the market. Pathology tests, which involve the examination of
body tissues and fluids, are generally more accessible and affordable compared
to other diagnostic procedures like radiology. This accessibility and
affordability make pathology a more feasible option for a larger portion of the
population, particularly in developing countries like Vietnam where healthcare
resources may be limited. By offering a cost-effective and efficient approach
to diagnosis, pathology plays a crucial role in ensuring that individuals have
access to essential healthcare services, leading to improved health outcomes
and a better quality of life for the population as a whole.
Based on region, southern segment is expected to grow
during the forecast period.
In the southern region, international diagnostic labs
have established a significant presence due to their capability to provide a
comprehensive array of advanced diagnostic tests. With their state-of-the-art
facilities and cutting-edge technology, these labs have become a magnet for patients
not only from nearby areas but also from all corners of the country seeking
specialized and accurate medical examinations.
Major companies operating in Vietnam Diagnostic Labs Market
are:
- Lab Group International Vietnam Co. Ltd.
- Medic Medical Diagnostic Center
- Medical Laboratory and Technology Co.
Ltd.
- Hi-Medic Laboratory Co., Ltd.
- Vietnam Lab Testing Center (Labo TH Việt
Nam)
- Hoan My Medical Corporation
- Vietlife Medical And Pharmaceutical
Joint Stock Company
- Chemedic Test Center
- Plus Diagnostics (d+)
- Medlab Vietnam
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“Growing application of diagnostic labs in various end
user industries are key drivers of the diagnostic labs market. Growth in
competitive landscape and presence of well-established companies in the market
who are dedicated to enhance their productivity of diagnostic labs with every
passing year are anticipated to register an impressive growth to Vietnam
Diagnostic Labs Market in the forecast period.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Vietnam Diagnostic Labs Market By Provider Type (Hospital
Based Diagnostic Labs, Stand Alone Diagnostic Labs), By Test Type (Pathology,
Radiology), By End User (Referrals, Walk-ins, Corporate Clients), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Vietnam Diagnostic Labs Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Vietnam Diagnostic Labs Market.
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