Vietnam Hospital market is
anticipated to witness a growth of steady CAGR of 6.20% and reach USD 11228.11
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.
Demand for Healthcare Services
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.
factors that have led to the increasing demand for healthcare services in
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.
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
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.
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:
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.
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
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.
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.
Initiatives for Healthcare Industry in Vietnam
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.
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
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
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
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.
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.
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.
Medical Tourism in 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:
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
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.
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.
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
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
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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.
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 are some of the leading players
operating in the Vietnam Hospital market.
Market size value in 2022
Revenue Forecast in 2028
2018 – 2021
2024 – 2028
Revenue in USD Million, and
CAGR for 2018-2022 and 2023-2028
company share, competitive landscape, growth factors, and trends
By Type of Services
By Bed Capacity
Northern Vietnam, Central Vietnam
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.
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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:
Hospital Market, By Type:
Hospital Market, By Type of Services:
Hospital Market, By Bed Capacity:
Above 500 beds
o Up to
Vietnam Hospital Market, By Region:
analysis of the major companies present in the Vietnam Hospital Market.
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