Vietnam Hospital market is
anticipated to witness a growth of steady CAGR of 6.20% and reach USD 11,228.11
million by 2028. The hospital market in Vietnam has witnessed significant
growth over the past few years, owing to several factors that have contributed
to the proliferation of healthcare industry in the country. Chronic diseases in
Vietnam are considered a major reason behind such growth. Due to rise in
patients requiring treatment and diagnosis, the prevalence of chronic and
infectious diseases such as cancer, cardiovascular disease, gastrointestinal
disorders, renal disorders, and urological difficulties have greatly enhanced
Vietnam's hospital industry. The Ministry of Health reported that as of
October 2021, over 24,355,551 COVID-19 lab tests were performed in Vietnam. In
Vietnam, the prevalence of cancer is likewise rising. Vietnam reported
182,563 new cancer cases in 2020. The number of individuals visiting
hospitals to receive treatment for various ailments have greatly increased as a
result of the growing burden of various diseases, fueling the expansion of the
hospital market in Vietnam.
The hospital market in Vietnam
is expected to continue growing at a rapid pace, driven by factors such as
increasing demand for healthcare services, government support, rising income
levels, medical tourism, increasing investment in healthcare infrastructure,
and the rising prevalence of chronic diseases. With a favourable business
environment and supportive government policies, the hospital market in Vietnam
presents a significant opportunity for investors and healthcare providers.
Increasing Demand for Healthcare
Services
As Vietnam's economy continues
to grow and the population ages, the demand for healthcare services has
increased significantly. The growing middle class is becoming more
health-conscious, leading to an increase in demand for healthcare services.
Additionally, the country's healthcare infrastructure is expanding, resulting
in better access to healthcare services.
Various factors that have led to
the increasing demand for healthcare services in Vietnam are:
Aging population: Vietnam's
population is aging rapidly, with the number of people aged 60 and above
expected to increase from 12.5 million in 2020 to 25 million by 2050. This
demographic shift has led to an increase in demand for healthcare services,
particularly for chronic diseases that are more prevalent among older adults.
Increasing urbanization: Vietnam
is rapidly urbanizing, with the proportion of the population living in urban
areas expected to increase from 35% in 2020 to 50% by 2030. Urbanization
is associated with lifestyle changes, such as a shift towards more sedentary
jobs, which has contributed to an increase in chronic diseases such as obesity,
diabetes, and hypertension.
Lifestyle changes: Vietnamese
people are increasingly adopting a more Westernized lifestyle, which includes a
diet high in fat and sugar, along with a sedentary lifestyle. This has led to
an increase in chronic diseases such as obesity, diabetes, and hypertension,
which require ongoing care and treatment.
Rising Income Levels in Vietnam
Vietnam's economy has been
growing steadily over the past few years, resulting in rising income levels.
With higher incomes, people are more willing to spend money on healthcare
services, leading to an increase in demand for hospital services.
Vietnam has been experiencing
significant economic growth over the past few decades, with rising income
levels being one of the most notable outcomes. This growth has had a
significant impact on the country's society and economy, leading to various
changes in the lifestyle and consumer behaviour of the Vietnamese population.
The factors behind the rising income levels in Vietnam and the implications of
this trend for the country's economy and society are:
Economic growth: Vietnam
has been one of the fastest-growing economies in the world, with an average
annual growth rate of 6-7% over the past decade. This
growth has led to an increase in job opportunities and higher wages, resulting
in rising income levels for the Vietnamese population.
Trade liberalization: Vietnam
has been actively pursuing trade liberalization policies, resulting in
increased exports and foreign investment in the country. This has led to job
opportunities in export-oriented industries, such as manufacturing and
agriculture, contributing to rising income levels.
Education and skill
development: The Vietnamese government has
been investing in education and skill development programs, resulting in a more
educated and skilled workforce. This has led to an increase in high-skilled
jobs, which pay higher wages, contributing to rising income levels.
Migration: Migration
to urban areas, both within Vietnam and from neighbouring countries, has
contributed to rising income levels. Migrants often move to cities in search of
better job opportunities and higher wages, resulting in increased competition
for labour and higher wages.
The rising income levels in
Vietnam have significant implications for the country's economy and society.
With higher incomes, people are more willing to spend money on healthcare as
well as consumer goods and services, leading to increased demand and growth in
various sectors of the economy, such as healthcare, retail, and tourism. This
trend also has implications for poverty reduction, as rising incomes can lead
to a reduction in poverty and inequality.
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Government Initiatives for
Healthcare Industry in Vietnam
Vietnam's government has been
actively promoting the development of its healthcare industry in recent years.
The government has recognized the importance of a robust healthcare system in
improving the country's overall well-being, supporting its growing economy. The
several initiatives that the Vietnamese government has implemented to support
the healthcare industry in the country such as Healthcare financing,
public-private partnerships, development of healthcare infrastructure, promotion
of preventive healthcare, among others are further expected to create lucrative
opportunities for the growth of Vietnam Hospital Market in the coming years.
Healthcare financing: The
Vietnamese government has increased its spending on healthcare in recent years,
with the aim of providing better access to healthcare services for its
citizens. The government has also implemented various health insurance schemes
to ensure that more people can afford healthcare services.
Public-private partnerships: The
Vietnamese government has encouraged public-private partnerships (PPPs) to
increase investment in the healthcare sector. PPPs are an effective way to
leverage private sector expertise and resources to improve the quality and
accessibility of healthcare services.
Development of healthcare
infrastructure: The government has
invested in the development of healthcare infrastructure, including the
construction of new hospitals, clinics, and medical centres. This investment
has enabled the country to expand its healthcare services to areas that were
previously underserved.
Promotion of preventive
healthcare: The Vietnamese government has placed a strong
emphasis on preventive healthcare, with the aim of reducing the incidence of
chronic diseases and improving overall health outcomes. The government has
implemented various programs to raise awareness about healthy lifestyles, such
as regular exercise and healthy diets.
Medical education and training: The
Vietnamese government has invested in medical education and training, with the
aim of increasing the number of healthcare professionals and improving their
skills and knowledge. The government has also encouraged international
collaboration and partnerships to facilitate knowledge transfer and technology
exchange.
Health technology and
innovation: The Vietnamese government has encouraged the
development and adoption of health technology and innovation, with the aim of
improving healthcare delivery and outcomes. The government has implemented
various policies to support the growth of the health technology sector,
including tax incentives and research funding.
Increasing Medical Tourism in
Vietnam
Vietnam has emerged as one of
the leading medical tourism destinations in Southeast Asia. The country's
healthcare industry has been growing rapidly, thanks to its government's
initiatives to improve healthcare infrastructure and promote medical tourism.
The reasons behind the increasing popularity of medical tourism in Vietnam are:
High-quality healthcare
services: Vietnam's healthcare industry has made
significant strides in recent years, with the country's medical facilities and
services now on par with those of developed countries. Vietnamese hospitals are
equipped with state-of-the-art medical equipment, and the country's healthcare
professionals are highly trained and skilled. This has led to an increasing
number of patients from other countries coming to Vietnam for medical
treatment.
Affordability: Compared
to other medical tourism destinations, Vietnam offers high-quality healthcare
services at a fraction of the cost. Medical procedures in Vietnam are
significantly cheaper than in developed countries, making it an attractive
destination for medical tourists from around the world.
Geographical location: Vietnam's
geographical location makes it easily accessible from many countries in the
region, including China, Japan, and South Korea. This has contributed to the
increasing number of medical tourists coming to Vietnam, especially from
neighbouring countries.
Visa policies: Vietnam
has relaxed its visa policies, making it easier for tourists to enter the
country for medical treatment. This has made it easier for medical tourists to
obtain a visa and travel to Vietnam for medical treatment.
Tourism attractions: Vietnam
is a popular tourism destination, with many cultural and natural attractions
that tourists can visit while receiving medical treatment. This has made
Vietnam an attractive destination for medical tourists, who can combine medical
treatment with a holiday.
Market Segmentation
Vietnam Hospital market can be
segmented by ownership, type, type of services, bed capacity and by region.
Based on ownership, the market can be split into Public and Private. Based on
type, the market can be segmented into General, Multispecialty and Specialty.
Based on type of services, the market can be divided into In-Patient Services
and Out-Patient Services. Based on bed capacity, the market can be
differentiated into above 500 beds, 100-500 beds, and up to 100 beds.
Market Players
Hoan My Medical Corporation
(Hoan My Health System), Danang Family Hospital, Tam Anh Hospital System, Hoan
My da Nang Hospital, Vinmec International Hospital (Vingroup Corporation)
Limited, Franco-Vietnamese Hospital, Medlatec Hospital, Tam Duc Cardiology
Hospital JSC (TTD), Thu Cuc International General Hospital, Family Medical
Practice da Nang, HONG NGOC HOSPITAL, Phuong Dong General Hospital, COLUMBIA
ASIA (Hong Leong Group), Hanoi French Hospital and Bệnh viện Chợ Rẫy (Cho Ray
Hospital) are some of the leading players operating in the Vietnam Hospital
market.
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Attribute
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Details
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Market size value in 2022
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USD7,758.67 million
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Revenue Forecast in 2028
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USD11,228.11 million
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Growth Rate
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6.20%
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Base
Year
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2022
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Historic
Data
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2018 – 2021
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Estimated
Year
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2023
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Forecast
Period
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2024 – 2028
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Quantitative
Units
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Revenue in USD
Million, and CAGR for 2018-2022 and 2023-2028
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|
Report
Coverage
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Revenue forecast, company share, competitive landscape,
growth factors, and trends
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|
Segments
Covered
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By Ownership
By Type
By Type of
Services
By Bed Capacity
By Region
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Regional
scope
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Southern Vietnam, Northern Vietnam, Central Vietnam
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Key
companies profiled
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Hoan My
Medical Corporation (Hoan My Health System), Danang Family Hospital, Tam Anh
Hospital System, Hoan My da Nang
Hospital, Vinmec International Hospital (Vingroup Corporation) Limited,
Franco-Vietnamese Hospital, Medlatec Hospital, Tam Duc Cardiology Hospital
JSC (TTD), Thu Cuc International General Hospital, Family Medical Practice da
Nang, HONG NGOC HOSPITAL, Phuong Dong General Hospital, COLUMBIA ASIA (Hong
Leong Group), Hanoi French Hospital, Bệnh viện Chợ Rẫy (Cho Ray Hospital).
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Customization
scope
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10% free report customization with purchase. Addition or
alteration to country, regional & segment scope.
|
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Pricing
and purchase options
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Avail
customized purchase options to meet your exact research needs. Explore purchase options
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Delivery
Format
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PDF and Excel through Email (We can also provide the editable
version of the report in PPT/Word format on special request)
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Report Scope:
In this report, Vietnam Hospital
market has been segmented into following categories, in addition to the
industry trends which have also been detailed below:
- Vietnam Hospital Market, By Ownership:
o Public
o Private
- Vietnam Hospital Market, By Type:
o General
o Multispecialty
o Specialty
- Vietnam Hospital Market, By Type of
Services:
o In-Patient
Services
o Out-Patient
Services
- Vietnam Hospital Market, By Bed Capacity:
o Above
500 beds
o 100-500
beds
o Up
to 100 beds
- Vietnam Hospital Market, By Region:
o Southern
Vietnam
o Northern
Vietnam
o Central
Vietnam
Competitive Landscape
Company Profiles: Detailed
analysis of the major companies present in the Vietnam Hospital 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).