Vietnam CT Scanners Market
Vietnam CT Scanners Market to Grow at a CAGR of 6.7%, during Forecast Period
Published | 30 August 2022
The rising demand for early disease detection increased attention to identifying infectious diseases, and changing healthcare industry, as well as rising investment in these sectors, are driving the Vietnam CT Scanners Market.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Vietnam CT Scanners Market is predicted to grow at a CAGR of 6.7% during 2022-2028. The Vietnam CT Scanners Market is booming because the requirement for improved computed tomography scanners for diagnostics in sophisticated healthcare institutions around the country is driving the market's rapid rise. Also contributing to this growth are rising rates of population aging, rising demand for medical imaging, and rising desire for minimally invasive diagnostic treatments. The growing need for accurate and timely diagnosis, the rising advantages of CT scans over other imaging modalities, and technological advancements are all driving the expansion of this market. The market for CT scanners may increase throughout the projected period, but large installation and maintenance costs, an uncertain reimbursement environment in emerging regions, and a shortage of qualified healthcare professionals could impede this development.
Favorable Government Policies for New Businesses
Start-ups and international firms in Vietnam have been pushed by recent government regulations to concentrate on advancements in the healthcare sector, notably in the medical imaging sector. Several medical imaging industry firms are refocusing their efforts on gaining a firm footing in emerging countries as a result of good economic conditions. To further entice MNCs and start-up businesses in a range of healthcare areas, new rules have been put in place in several Vietnam regions. These regulations stipulate that startups in Vietnam are free from paying taxes for the first three years following their establishment. Additionally, the price of patent protection is covered.
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An Increasing Population is Fueling Market Expansion
Over the next five years, the demand for effective healthcare services from consumers and the general community will expand, as will the burden of individuals suffering from various ailments. The elderly population in the nation is quickly expanding, and they are highly vulnerable to infectious infections, chronic illnesses, and neurological abnormalities. The market has grown as a result of the rise in demand for effective diagnostic imaging instruments and equipment. By providing insurance to patients, the government also helps the healthcare system grow. In 2019, 85.75 million people in the nation had health insurance, and by 2022, that number will have increased to 89.88 million.
Challenges: High Costs of Installation and Upkeep
Costly installation and upkeep will prevent market growth. For instance, the high cost of equipment installation and maintenance is a major factor limiting the growth of the Vietnam CT Scanners market. A computed tomography machine is expected to cost between US$300,000 and US$2,000,000 to purchase. A high-end 128-slice scanner has an annual maintenance cost of over 250,000 USD, compared to a 16-slice basic scanner's cost of roughly 60,000 USD. The high annual maintenance expenditures are unaffordable for small healthcare facilities. All of these things limit the market's ability to expand.
Vietnam CT Scanners Market - By Application
Based on application, the Vietnam CT Scanners Market is segmented into Cardiac, Abdominal, Spinal and Musculoskeletal, Oncology, Brain and Neurology. The oncology segment dominates the market share. It is also expected to grow at a faster rate than other segments during the forecast period. To detect tumors and other cancer medical abnormalities, computed tomography systems are widely used. Furthermore, the rising prevalence of cancer and the increasing number of applications of CT scanners in cancer diagnosis are driving the growth of this segment.
Impact of COVID-19 on Vietnam CT Scanners Market
COVID-19 has delayed the demand for computed tomography scanners because of the increased usage of CT scanners for the management and diagnosis of coronavirus patients. Profits for big market corporations increased dramatically as a result of the COVID-19 pandemic. The rise in chronic illness and the growing population as a modality used in identifying patients with COVID-19 is one of the primary factors influencing the growth of this imaging equipment during the pandemic. However, due to increased demand for this technology during COVID-19, hospitals and diagnostic centers bought more CT scanners than expected for 2020. As a result, demand fell significantly in 2021. In 2021, the market's revenue was down 14.9%.
The leading market players in the Vietnam CT Scanners Market are GE Healthcare, Philips Healthcare Vietnam Ltd, Seimens Healthcare Vietnam, Canon Medical Systems Vietnam, Neusoft Medical Systems Vietnam, Nam Duoc Joint Stock, Kim Dental Vietnam, Nhi Dong 315, and other prominent players.
The Vietnam CT Scanners Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Vietnam CT Scanners Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Vietnam CT Scanners Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
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