Vietnam Diagnostic Labs Market Size Expanding to Cross USD 1.7 Billion by 2029

Published | 28 February 2023

Vietnam diagnostic labs market is gaining traction because of the Growing health concerns, rising illness prevalence, and technical breakthroughs in diagnostic methods.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Vietnam Diagnostic Labs market size at USD 1,146.56 Million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects Vietnam diagnostic labs market size to grow at a significant CAGR of 9.2% reaching a value of USD 1,743.36 million by 2029. The increased incidences of various chronic and communicable illnesses, together with rising investments in healthcare development, are major driving factors for the Vietnam diagnostic laboratories market. The improvement of healthcare services is being funded by investments and grants from the Vietnamese government as well as international organizations like the World Bank, which is projected to provide attractive growth prospects to the Vietnam diagnostic labs market during the forecast period.

Vietnam Diagnostic Labs Market – Overview

A diagnostic lab is a location where blood or other potentially infectious materials are subjected to diagnostic or other screening procedures. There are five common diagnostic services offered by these labs including microbiology, urinalysis, blood bank, hematology, and histopathology. Determining the cause of an illness is the diagnostician's primary responsibility. The diagnostic labs also perform three other but equally crucial duties, namely: 1) consultative/advisory; 2) interpretive; and 3) disease surveillance.

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Vietnam Diagnostic Labs Market – By End User

Based on end user, the Vietnam diagnostic labs market is segmented into referrals, walk-ins, and corporate clients. The referrals segment holds the highest market share. The transition between primary care providers and secondary care specialists may be made better by having a proper clinical referral; improving the readability and correctness of referrals also lowers mistakes brought on by missing or incomplete recommendations. However, the corporate client segment is projected to register a high growth rate during the forecast period owing to rising focus towards employee benefit programs and offers of private health care plans by employers.

Impact of COVID-19 on Vietnam Diagnostic Labs Market

COVID-19 had a mixed effect on the expansion of Vietnam's diagnostic labs market. On the one hand, the market experienced incredible growth due to the increase in COVID-19 infection testing. The expanding need for diagnostic laboratories across the nation was facilitated by the commencement of home sample collection services offered by a number of diagnostic clinics. On the other side, fewer people visited hospitals due to the growing dangers of COVID-19 contamination, which had a negative influence on the market's expansion by sharply decreasing the number of diagnostic tests and treatments for diverse types of disorders. However, the Vietnamese government increased its expenditure in the healthcare sector following the COVID-19 pandemic, which is likely to drive the growth of the diagnostic labs market during the forecast period.

Competitive Landscape

Major players operating in Vietnam diagnostic labs market include Lab Group International Vietnam 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+), and Medlab Vietnam. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Vietnam Diagnostic Labs Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Vietnam Diagnostic Labs 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.

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