Vietnam Medical Device Market to Boost In Coming Years – Projected To Reach Worth USD 2,862.6 Million by 2028
Published | 28 March 2022
The growth of the Vietnam medical device market can be attributed to the growth of effective and efficient diagnosis, treatment, and monitoring procedures in the region…
A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the Vietnam Medical Device Market was worth USD 1,522.1 Million in 2021 and is anticipated to reach USD 2,862.6 Million by 2028 at a CAGR of 7.9%. The market growth is attributed to Vietnam’s economic development and growing demand for appropriate medical care and equipment. Multiple opportunities are ripe for Vietnam’s medical device market due to the country's aging population, scarcity of medical devices, and governmental support in the form of tax incentives and industry prioritization. Moreover, the increasing disposable income, rising population, and rapid urbanization have significantly improved living conditions that have contributed to increasing the demand for healthcare in general and medical devices in particular.
Large Scale Investments In Healthcare Sector Coupled With Government’s Efforts To Drive Market Growth Rate
The medical device industry in Vietnam has a bright future ahead of it, as the country's companies are spending heavily on healthcare. The construction of hospitals and health systems has become important as the population has grown. As a fast-growing economy, Vietnam presents a fantastic opportunity for foreign healthcare companies to consolidate and construct a high-quality patient-centric tertiary hospital network, as well as expand healthcare as a lucrative investment sector. To promote greater foreign investment in the healthcare sector, the government has provided investors with a low corporate income tax rate of 10% for the duration of the project, as well as a tax exemption for 4 years and a lower land lease charge for at least seven years. In order to encourage foreign investment, the government has also decided to set aside land in the districts of My Dinh and Gia Lam for 2 huge healthcare centers. During the projected period, these factors are likely to accelerate the growth rate of the Vietnam medical devices market.
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Rising Geriatric Population Act as a Key Market Driver in Vietnam Medical Device Market
Vietnam is one of Asia's fastest-aging nations. By 2050, the number of persons aged 60 and more will have increased by nearly a third, from 11.9 million to 29 million, accounting for nearly a third of the entire population. The number of people aged 80 and more will triple, accounting for nearly 6% of the population. Vietnam, according to the World Bank, is one of the region's most developed economies, having an advanced healthcare sector in recent years. Vietnam is anticipated to maintain its position in the top 20 most stable and sustainable medical device markets globally. Moreover, most of the enterprises in Vietnam's medical device industry are trying to reach international standards to produce safer medical devices and generic drugs rather than invest in patent or brand-name drugs, thus making way for the significant growth of the Vietnam medical devices market.
Increasing Prevalence Of Non-Communicable Lifestyle-Associated Diseases In The Region Contribute to the Vietnam Medical Device Market Growth
The prevalence of non-communicable diseases (NCDs) has increased in Vietnam; it is worth noting that almost a significant number of the population aged 30–70 years has diabetes. Economic growth and changes in consumption and living styles coupled with changes in the social environment have influenced disease patterns ranging from communicable diseases (CDs) to non-communicable diseases. Moreover, the main causes of death in the country were cardiovascular disease, coronary heart disease, Alzheimer’s disease, and lung cancer. Cardiovascular disease is the most prevalent form of the non-infectious disease, accounting for about 30% of nationwide deaths. Lung cancer is the second-highest non-communicable disease; a big part of the population is affected by lung cancer. Such widespread prevalence of the non-communicable disease has created a heavy demand for an efficient healthcare system in the region, thus indirectly contributing to the growth of the medical devices market in Vietnam.
Impact Of COVID-19 On The Vietnam Medical Device Market
Vietnam has been acknowledged as one of the few countries to successfully control the COVID-19 pandemic and also achieve robust economic growth in 2020. In 2021, however, the pandemic took a toll on the national economy. National borders have been blocked for an extended period of time, and the lack of raw materials is generating major problems in the healthcare industry. However, Vietnam’s medical device market witnessed a significant positive impact owing to the heavy demand for medical devices created due to the global health crisis. The country's leading pharmaceutical firm, DHG Pharmaceutical Joint Stock Company, earned significant revenue during COVID-19. Other major firms also saw their profits going up from the same period last year. While it's evident that the pandemic benefitted the medical devices industry in a short span of time, firms may have to consider diversifying and importing raw materials from other regions rather than China and India in case a similar pandemic strikes again.
Competitive Landscape
The key players dominating the Vietnam medical device market are Stryker Corporation Vietnam, USM Healthcare Medical Devices Factory JSC, Medical Devices and Biomaterial Plant Joint Stock Company, Getz Healthcare (Vietnam), Omron Healthcare Vietnam, B. Braun Vietnam Co., Ltd., Hoya Lens Vietnam Ltd., Japan Vietnam Medical Instrument JSC, Armephaco Joint Stock Company, Terumo Vietnam Medical Equipment Co., Ltd, GE Healthcare Vietnam, and other prominent players.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the Vietnam medical device market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Vietnam medical device market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market's growth drivers, challenges, and competitive dynamics.
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