Vietnam Medical Devices Market to Grow at 8.47% CAGR through 2029
Vietnam Medical Devices Market to Grow at 8.47% CAGR through 2029
Investments in
research and development and partnerships with international manufacturers is
expected to drive the Vietnam Medical Devices Market growth in the forecast
period, 2025-2029.
According to
TechSci Research report, “Vietnam Medical Devices Market By Region, Competition, Forecast & Opportunities, 2019-2029F”,
the Vietnam Medical Devices Market stood at USD 832.45 Million in 2023 and is
anticipated to project steady growth in the forecast period with a CAGR of 8.47% through 2029. The Vietnam Medical Devices Market is
currently undergoing a transformative phase, marked by substantial growth and
propelled by a convergence of demographic, economic, and technological
dynamics.
As one of the
swiftly developing economies in Southeast Asia, Vietnam is experiencing a surge
in urbanization, coupled with a steady rise in disposable incomes and
healthcare expenditures. These factors collectively fuel a burgeoning demand
for medical devices and technologies throughout the nation. A primary catalyst
driving the growth trajectory of the Vietnam Medical Devices Market is the
country's demographic evolution, notably characterized by a rapidly aging
population and an escalating prevalence of chronic ailments. With this
demographic shift comes an amplified need for medical devices tailored to the
diagnosis, treatment, and management of age-related conditions like
cardiovascular diseases, diabetes, and orthopedic disorders. The surge in
lifestyle-related diseases further bolsters demand for medical devices that
facilitate preventive care, early diagnosis, and personalized treatment
modalities.
Vietnam's robust
economic expansion and governmental initiatives aimed at augmenting healthcare
infrastructure play pivotal roles in propelling the market forward. Substantial
investments in healthcare facilities, medical education, and research and
development endeavors serve to elevate the quality and accessibility of
healthcare services nationwide. Streamlined regulatory processes and incentives
to attract foreign investment foster an environment conducive to innovation,
attracting international medical device manufacturers and catalyzing industry
advancement.
Technological
innovation stands as another significant driver reshaping the Vietnam Medical
Devices Market landscape. The adoption of cutting-edge medical technologies
such as diagnostic imaging equipment, minimally invasive surgical devices, and
telemedicine solutions is on the rise. These technologies not only enhance the
accuracy, efficiency, and accessibility of healthcare services, especially in
remote areas but also open new avenues for personalized and predictive
healthcare delivery. The integration of digital health solutions and artificial
intelligence further accelerates innovation within the medical device sector,
promising transformative impacts on patient care and outcomes.
Nevertheless,
amidst the promising growth opportunities, the Vietnam Medical Devices Market
encounters notable challenges. Regulatory complexities, budgetary constraints,
and quality assurance issues pose hurdles for market participants. Navigating
the intricate regulatory landscape, ensuring affordability and accessibility of
medical devices, and addressing concerns regarding product quality and safety
emerge as critical considerations for industry stakeholders. However, with
ongoing governmental efforts directed towards healthcare infrastructure
enhancement, regulatory reforms, and continued investment in medical
technology, the Vietnam Medical Devices Market remains poised for sustained
growth and innovation in the foreseeable future.
Browse over XX
market data Figures spread through XX Pages and an in-depth TOC on "Vietnam Medical Devices Market”
The Vietnam
Medical Devices Market is segmented into type, end user, regional distribution,
and company.
Based on end
user, Hospitals and
clinics emerge as the dominant entities driving the demand for medical devices
in the Vietnam market due to several key factors. Hospitals and clinics are the
primary providers of healthcare services in the country, catering to a wide
range of medical needs across various specialties and disciplines. As such,
they require a diverse array of medical devices to diagnose, treat, and manage
medical conditions effectively. The growing healthcare infrastructure and
increasing investment in healthcare facilities in Vietnam have led to the
expansion and modernization of hospitals and clinics. With the establishment of
new healthcare facilities and the upgrading of existing ones, there is a
corresponding need for state-of-the-art medical devices to equip these
facilities with the latest technologies and equipment. The rising demand for
quality healthcare services and the growing prevalence of chronic diseases in
Vietnam drive the need for advanced medical devices in hospitals and clinics.
From diagnostic equipment such as imaging systems and laboratory analyzers to
therapeutic devices like infusion pumps and surgical instruments, medical
devices play a crucial role in delivering high-quality care to patients.
Based on region,
the Southern region of Vietnam benefits significantly from its robust
logistical infrastructure and extensive transportation networks, which play
pivotal roles in facilitating the importation, distribution, and management of
medical devices and equipment. Its strategic proximity to major ports and
international airports ensures efficient access to global markets and enables
the timely delivery of medical devices to healthcare facilities across the
region. This logistical advantage further reinforces the Southern region's
dominance in the Vietnam Medical Devices Market. The Southern
region of Vietnam emerges as the preeminent force in driving the Vietnam
Medical Devices Market forward. This dominance is underpinned by its vibrant
healthcare ecosystem, thriving medical tourism industry, innovation-led
economy, and resilient logistical infrastructure. As the region continues to
attract investments, foster innovation, and enhance healthcare accessibility,
it is poised to maintain its leadership position and propel the growth and
development of the medical devices sector.
Major companies
operating in Vietnam Medical Devices Market are:
- Stryker Vietnam Company Limited
- USM Healthcare Medical Devices Factory JSC
- MEDEP Joint Stock Company
- Getz Healthcare (Vietnam)
- Omron Healthcare Manufacturing Vietnam Co. Ltd
- B. Braun Vietnam Co., Ltd.
- Hoya Lens Vietnam Ltd.
- Japan Vietnam Medical Instrument JSC
- Armephaco Joint Stock Company
- Terumo Vietnam Medical Equipment Co., Ltd
Download Free Sample Report
Customers can
also request for 10% free customization on this report
“The future of
the Vietnam Medical Devices Market appears promising, driven by sustained
economic growth, demographic changes, and increasing investments in healthcare
infrastructure. With a rapidly aging population and rising incidence of chronic
diseases, there will be a growing demand for innovative medical devices to
support diagnosis, treatment, and management. The expansion of private
healthcare providers and the rise of medical tourism will continue to fuel
demand for advanced medical technologies and equipment. Technological
advancements, including digital health solutions and artificial intelligence,
will reshape the landscape of healthcare delivery, enhancing efficiency,
accuracy, and patient outcomes. Regulatory reforms and efforts to improve
quality assurance will create a more conducive environment for market growth
and innovation. The Vietnam Medical Devices Market is poised for continued
expansion, offering significant opportunities for industry players to meet the
evolving healthcare needs of the population.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Vietnam Medical Devices Market By Type (Cardiovascular
Devices, Diagnostic Imaging Equipment, In-vitro Diagnostic Devices, Ophthalmic
Devices, Diabetes Care Devices, Dental Care Devices, Surgical Equipment, Orthopedic
Devices, Nephrology & Urology Devices, ENT Devices, Anesthesia &
Respiratory Devices, Neurology Devices, Mobility-Aid Devices, Others), By End
User (Hospitals & Clinics, Diagnostic Centers, Others), By Region,
Competition, Forecast and Opportunities, 2019-2029F”, has evaluated
the future growth potential of Vietnam Medical Devices 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 Medical Devices Market.
Contact
TechSci
Research LLC
420 Lexington
Avenue, Suite 300,
New York,
United States- 10170
Tel: +1-332-258-6602
Email: [email protected]
Website: www.techsciresearch.com