Press Release

Vietnam Diagnostic Labs Market to Grow at a steady CAGR of 6.79% During the Forecast Period

Growing prevalence of diseases to drive the Vietnam Diagnostic Labs market through 2027

According to TechSci Research report, Vietnam Diagnostic Labs Market By Provider Type (Hospital Based Diagnostic Labs v/s Stand Alone Diagnostic Labs), By Test Type (Pathology v/s Radiology), By End User (Referrals, Walk-ins, Corporate Clients), By Region, Competition Forecast & Opportunities, 2017-2027,” the Vietnam Diagnostic Labs market stood at USD1087.51 million in 2021 and is expected to grow at a CAGR of 6.79% during the forecast period. This can be attributed to increasing demand for early diagnosis of the diseases and to identify the root causes at earliest to obtain best treatment.

The Vietnamese government is always working to provide world-class healthcare and patient care services to its citizens, which will boost the growth of the Vietnam diagnostic labs market during the forecast period. Vietnam offers a universal healthcare system that covers a wide range of services such as health promotion, prevention, treatment, rehabilitation, and palliative care.

Universal Health Coverage (UHC) is a form of health insurance that emphasizes the necessity of equitable access to healthcare services and facilities. Vietnam's government is working to promote universal health coverage and improve basic health care facilities across the country. This, in turn, is likely to propel the diagnostic labs business in Vietnam forward.

However, the lack of qualified professionals performing lab tests necessitates the employment of well-trained personnel. Individuals who excel in performing tests and handling microbiological equipment and chemical reagents and have a strong understanding of microbiology and immunology are ideal prospects for diagnostic lab work.

However, there is a scarcity of such personnel throughout Vietnam, affecting the industry expansion. Likewise, about 90% of medical devices in Vietnam are imported from nations such as the United States, Japan, Germany, and China, indicating a growing reliance on imports. These imported medical devices include various instruments used in Vietnam to perform various sorts of radiology and pathology tests.

Browse over 18 market data Figures and 6 market data Tables spread through 84 Pages and an in-depth TOC on "Vietnam Diagnostic Labs Market"

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The Vietnam Diagnostic Labs Market is segmented based on provider type, test type, end user, company, and regional distribution. In terms of provider type, the market can be divided into Hospital based diagnostic labs and standalone diagnostic labs. In 2021, the hospital-based diagnostic labs segment dominated the market with a share of around 72.62%, and this dominance is expected to continue throughout the forecast period.

This is due to the fact that Vietnam has Universal Health Coverage, which implies that everyone in the country has cheap access to all healthcare services. Furthermore, when compared to private hospitals and diagnostic labs, Vietnam has a bigger number of public hospitals. As a result, people all around the country choose to use these hospital-based diagnostic labs over standalone diagnostic labs. In terms of test type, the market is divided into pathology and radiology.

Due to the increased health consciousness among the people, the pathology segment is likely to dominate the market through 2027. People are being more health-conscious, which has resulted in a rise in the number of people getting regular health check-ups. These health checks are performed for a variety of disorders, with pathology tests accounting for the majority of the testing.

Pathology tests are the initial tests performed anytime a disease or sickness is suspected, and they are repeated on a regular basis even after a problem has been diagnosed.  Based on End User, the market is segmented into referrals, walk-ins, and corporate clients. Because most people obtain various sorts of diagnostic tests on their doctors' recommendations, the Referrals sector is likely to dominate the market during the projected period.

Additionally, corporate clientele will expand because of numerous corporations having regular health checks performed for their staff. Furthermore, the Walk-ins category will grow as a result of rising healthcare awareness among the general public, which has resulted in a large increase in the number of people seeking regular health checkups.

Key market players in the Vietnam Diagnostic Labs Market include:

·         Lab Group International Vietnam Co. Ltd.

·         Medic Medical Diagnostic Center

·         Medical Laboratory and Technology Co. Ltd.

·         Chemedic Test Center

·         HI-Medic Laboratory Co., Ltd.

·         Vietnam Lab Testing Center (Labo TH Việt Nam)

·         Hoan My Medical Corporation

·         Vietlife Medicine Joint Stock Company

·         Plus Diagnostics (d+)

·         Medlab Vietnam

The Vietnam Diagnostic Labs Market is a very fragmented market with the majority of stakes held by hospital based diagnostic labs. However, standalone diagnostic labs are growing and also hold significant shares in the overall market. Lab Group International Vietnam holds the highest market share and is among the top five market players. Medic Medical Diagnostic Centre ranks second in terms of market share in the overall Vietnam Diagnostic Labs Market.

Other prominent companies operating in the market include Chemedic Test Center, HI-Medic Laboratory Co., Ltd., Hoan My Medical Corporation, Vietlife Medicine Joint Stock Company, etc. Several companies operating in the market are following strategies such as mergers & acquisitions, collaborations, and providing extra services, among others, to stay competitive and have the edge over the existing companies in the market.

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“The Southern region of the country will register the fastest CAGR during the forecast period. This can be attributed to the growing number of hospitals and standalone diagnostic labs in this region. Additionally, supportive government policies and healthcare schemes launched in the southern region is expected to support the market growth. For instance, people visiting hospitals and standalone center for diagnosis of COVID-19 was highest in the southern region amongst others. said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.

Vietnam Diagnostic Labs Market By Provider Type (Hospital Based Diagnostic Labs v/s Stand Alone Diagnostic Labs), By Test Type (Pathology v/s Radiology), By End User (Referrals, Walk-ins, Corporate Clients), By Region, Competition Forecast & Opportunities, 2017-2027”, 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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