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

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 ascribed to rising demands for early disease detection and the identification of root causes as soon as possible in order to acquire the best therapy. The Vietnamese government is always working to provide world-class healthcare and patient care services to its inhabitants, which will boost the growth of the Vietnam diagnostic labs market in the approaching five years.

The government will continue to invest in universal health coverage in order to provide insurance to the Vietnamese population. By 2027, Vietnam wants to provide health insurance to the majority of its population. Clinical laboratories, particularly hospital laboratories, will see an increase in clinical lab testing as insurance coverage increases. The government will continue to focus prevention of specific non-communicable diseases (NCDs), such as cancer.

To alleviate the pressure of overcrowding, hospitals will create satellite departments. In Vietnam, primary care clinics are extending their clinical testing capabilities by modernizing their testing equipment and expanding their testing possibilities, all while using their network of chain clinics to reach a broader customer base. Furthermore, Lifestyle difficulties, improper eating habits, and communicable diseases are all contributing to Vietnam's high patient population.

Long working hours, bad eating habits, and a lack of physical activity are all contributing to the rise in the incidence of lifestyle related diseases such as diabetes, obesity, and hypertension. The increasing spread of these disorders is expected to fuel the expansion of the diagnostic labs market in Vietnam over the next five years.

Sudden Outbreak & Spread of COVID-19 Driving Market Growth

During the initial phases or first wave of the pandemic, the sudden outbreak and spread of the pandemic with only RT-PCR as a confirmatory test for identification of COVID-19 substantially raised the burden on diagnostic labs, both hospital-based and freestanding centers.

Although the availability of rapid test kits alleviated some of the strain, patients who had positive rapid tests sought RT-PCR testing. People who already had an illness or ailment had to undergo further diagnostic testing. For example, if a diabetic patient tested positive for COVID-19, they were required to undergo regular blood sugar tests, resulting in an increase in the number of diagnostic tests performed and thereby promoting market growth in Vietnam.

Furthermore, the demand for post-COVID-19 tests such as renal profile tests, kidney profile tests, and other tests performed after recovery from coronavirus to assess the impact of viral infection on various body parts has increased significantly, increasing the number of diagnostic tests performed. Additionally, because diagnostic laboratories remained open during the pandemic and lockdown, employees went for routine diagnostic testing as a matter of course, increasing the number of diagnostic tests performed.

Growing Healthcare Expenditure Supporting Market Growth

The country's increasing healthcare infrastructure will result in a rise in the number of hospitals and diagnostic facilities. In addition, the Vietnamese government is continually investing in the infrastructure of existing hospitals.

In addition, healthcare spending in Vietnam is steadily rising. In 2019, it accounted for around 6.6 percent of the country's GDP, which is likely to rise in the future years. As a result, new opportunities for hospital-based diagnostic labs will emerge.

Special Discounts and Health Packages will Support Market Growth

Various diagnostic chains and hospital laboratories have begun to provide special discounts and bundles for various diagnostic tests for infectious and chronic diseases. These offerings rise on special occasions such as Women's Day, AIDS Day, Breast Cancer Awareness Week, and others.

As a result, the chances of the expansion of the diagnostic labs market in Vietnam are foreseen. For example, the Vietlife Clinic in Vietnam offers unique rates and packages for blood chemistry tests such as cholesterol tests, de-dimer tests, MRI, Ultrasounds, and other procedures.

Growing Prevalence of Diseases Supporting Growth of Diagnostic Labs Market

The rising frequency of chronic and infectious diseases such as cancer, cardiovascular disease, gastrointestinal disorders, renal disorders, and urological difficulties has significantly boosted the diagnostic labs market in Vietnam. According to the Ministry of Health, the total number of COVID-19 lab tests completed in Vietnam was over 24,355,551 as of October 2021.

Cancer is also becoming more common in Vietnam. In 2020, Vietnam recorded 182,563 new cancer cases. The rising prevalence of various ailments has resulted in a massive increase in the number of lab tests performed in Vietnam, propelling the diagnostic labs market to new heights.

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Market Segmentation

The Vietnam diagnostic labs market segmentation is based on provider type, test type, end user, competitional landscape, and regional distribution.

Based on provider type, the market is segmented into hospital based diagnostic labs and stand alone diagnostic labs. Market segmentation based on test type is distinguished between pathology and radiology.

Based on end user, the market is divided into referrals, walk-ins, and corporate clients. The market analysis also studies the regional segmentation, divided among Northern region, Central region, and Southern region. The Southern region dominated the market in 2021 with an overall market share of 46.23% on account of surging COVID-19 cases in the region which created a huge demand for testing across diagnostic labs in the region.

Company Profiles

Lab Group International Vietnam Ltd. 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 among others is a list of major market players responsible for the growth of Vietnam diagnostic labs market.

Report Scope:

In this report, Vietnam Diagnostic Labs market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

• Vietnam Diagnostic Labs Market, By Provider Type:
• Hospital Based Diagnostic Labs
• Stand Alone Diagnostic Labs
• Vietnam Diagnostic Labs Market, By Test Type:
• Pathology
• Radiology
• Vietnam Diagnostic Labs Market By End User:
• Referrals
• Walk-ins
• Corporate Clients
• Vietnam Diagnostic Labs Market, By Region:
• Southern
• Northern
• Central

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in Vietnam Diagnostic Labs market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).