Vietnam In Vitro Diagnostics (IVD) Market
Vietnam In Vitro Diagnostics (IVD) Market Size Set to Touch USD 1.9 Billion by 2029
Published | 23 March 2023
Vietnam in vitro diagnostics market is flourishing because of increasing awareness of early disease diagnosis and rising incidence of chronic and infectious diseases in geriatric population.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Vietnam in vitro diagnostics market size at USD 1,391.25 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects Vietnam in vitro diagnostics market size to grow at a significant CAGR of 4.65% reaching a value of USD 1,900.46 million by 2029. Major growth factors of Vietnam in vitro diagnostics market include increasing need for accurate and efficient diagnostic tests, increasing demand for in-vitro serological tests, growing need for early diagnosis to provide the finest patient care and effective treatment, as well as determining the true cause of the ailment. The rising prevalence of chronic diseases, such as cardiovascular disease, renal disease, and chronic respiratory disease, is fueling the expansion of the Vietnam in vitro diagnostics market during the period in analysis. Rising instances of neurological illnesses will also drive the market expansion. The surging demand for serological tests due to an increase in pregnancy cases, as well as an increase in diabetes cases, is raising demand for improved kits for in-home blood sugar analysis, assisting in the expansion of Vietnam in vitro diagnostics market in the coming years. The growing geriatric population and increasing number of elderly people susceptible to chronic and infectious diseases has boosted the demand for frequent checks and increased serological testing, helping the growth of the Vietnam in vitro diagnostics market during the forecast period.
Vietnam In Vitro Diagnostics Market – Overview
In vitro diagnostics (IVDs) are the methods and tests that use serological examination of bodily fluids to uncover underlying causes of diseases and comprehend biological functions. The tests are also frequently used to monitor a person's overall health in order to maintain the patient's health and prevent future ailments. Some of the most common forms of IVD tests are blood testing, urine tests, sperm analysis, vaginal swab analysis, and others. These tests are also used to analyze pregnancy, blood glucose levels, illness, and organ function. IVD point-of-care (PoC) testing is needed to speed up patient management and improve access to services. This testing involves directly measuring an analyte in a patient's sample at the hospital without sending it to a laboratory. This approach can offer several benefits, including faster results and robust interventions. The development of condition-specific markers is expected to have a significant impact on the market economy.
Impact of COVID-19 on Vietnam In Vitro Diagnostics Market
COVID-19 increased global demand for in vitro diagnostic (IVD) goods like test kits and reagents for the rapid and precise identification of SARS-CoV2 virus infection. The pandemic underlined the importance of IVDs in detecting infectious diseases, notably COVID-19, and testing was regarded as a vital step in pandemic control. Also, the Vietnamese government implemented strict measures to contain the spread of the virus, including widespread testing and contact tracing. This led to a surge in demand for COVID-19 diagnostic tests, including both PCR and rapid antigen tests. As a result, the market for COVID-19 diagnostic tests in Vietnam grew significantly in 2020.
Vietnam In Vitro Diagnostics Market – By Technology
Based on technology, Vietnam in vitro diagnostics market is divided into Clinical Chemistry, Immunoassay/Immunochemistry, Molecular Diagnostics, Hematology, and Microbiology segments. The immunoassay/immunochemistry segment is expected to hold the highest market share due to rising need for frequent health checkups. Also, increasing prevalence of routine blood and serological analysis, as well as growing health concerns and community awareness about maintaining health, will drive the growth of the Vietnam in vitro diagnostics market during the forecast period. Followed by the molecular diagnostics segment is expected to hold the second highest share. Molecular diagnostics are growing due to advances in technology and the presence of global market players. Growing need for infectious microorganism identification and treatment is fueling the expansion of the Vietnam in vitro diagnostic market.
Major players operating in Vietnam in vitro diagnostics market include Abbott, Danaher, Danaher, Siemens Healthineers AG, Roche Diagnostics, and Sysmex Corporation. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Vietnam In Vitro Diagnostics Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Vietnam In Vitro Diagnostics 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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- Vietnam In Vitro Diagnostics Market - By Type (Product, Service); By Technology (Clinical Chemistry, Immunoassay/Immunochemistry, Molecular Diagnostics, Hematology, Microbiology); By Application (Oncology, Infectious Disease, Diabetes, Cardiology, Nephrology); By End User (Hospitals, Point of Care (PoC) Testing, Laboratories, Academic Institutes), Trend Analysis, Competitive Landscape & Forecast, 2019–2029
Publish Date: March 2023
Growing prevalence of chronic and infectious diseases in geriatric population and rising awareness of early disease diagnosis are projected to propel the expansion of Vietnam in vitro diagnostics market during forecast period between 2023 and 2029
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