Vietnam MRI Market
Vietnam MRI Market to Grow at a CAGR of 7.8% until 2028
Published | 29 August 2022
Vietnam MRI Market is flourishing owing to the improvements in technology that replace low-field MRI systems with high-field MRI systems, a growing appreciation of the benefits of early diagnosis, and the finding of new helium deposits.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Vietnam MRI Market is predicted to grow at a CAGR of 7.8%, by the end of 2028. Rising public awareness of the benefits of early diagnosis, technological advancements that have led to the replacement of low-field MRI systems with high-field MRI systems, and the discovery of new helium resources are the primary factors driving the expansion of this market. The rising demand for quick and precise diagnostic procedures is also projected to support the use of MRI technology. Many countries are installing this MRI technology. In 2020, there will be 34.54 MRI units deployed in the United States for every million people, according to the OECD. Additionally, the application of artificial intelligence in MRI is probably going to encourage market expansion. However, the high cost of MRI systems, incompatibility of MRI systems in some patients, and diminishing reimbursement rates for MRI treatments are anticipated to limit the market's growth to some extent.
Applications in academia Promote Market Development
Data from 2020 indicate that there would be more than 97 million people living in the nation. There are nine doctors for every 1,000 persons in Vietnam. As a result, there is a rapidly expanding need for specialists, physicians, and lab technicians to deliver first-rate patient care. Healthcare professionals must have practical expertise using instruments, tools, equipment, and related medical gadgets. Thus, it is anticipated that over the next five years, the need for MRI equipment for academic purposes will increase. In line with the rising demand for top-notch medical facilities for the nation's population, the growing number of hospitals would likewise raise the demand for MRI systems.
Potential Emerging Markets
It is anticipated that rising markets including those in the Middle East and Africa, China, India, and Brazil will become lucrative markets for MRI producers. Companies like GE and Philips have created MRI systems for customers in Asia, South America, and Africa to take advantage of the growth potential in emerging countries. The equipment is designed to fit in smaller hospitals and is straightforward, user-friendly, and inexpensive to install and maintain.
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Challenge: Lack of Qualified Professionals
Handling complex and sophisticated MRI devices require a high level of technical ability. With the development of MRI systems, technicians are now expected to use machine learning to train CNNs (convolutional neural networks) and RNNs (recurrent neural networks) for image segmentation, registration, and extraction of critical characteristics (combining and analyzing multiple images of the same area for better accuracy).
Vietnam MRI Market - By Field Strength
Based on field strength, the Vietnam MRI Market is segmented into High-Field MRI Systems, Low-Mid Field MRI Systems, and Very High Field MRI Systems. During the projected period, the high field segment is anticipated to increase at the fastest rate. The effectiveness of high-field strength MRI machines in diverse clinical applications is the subject of numerous research studies. High-field MRI machine development has already begun, and several players have already received regulatory permission. For instance, GE Healthcare's SIGNA 7.0T MRI scanner, which may be utilized in both research and clinical settings to support a wide range of neurologic and musculoskeletal illnesses investigations, was approved by the U.S. FDA in November 2020.
Impact of COVID-19 on Vietnam MRI Market
The number of procedures and consequently demand for new MRI equipment came to a halt in the second quarter of 2020. Although the utility of MRI in the diagnosis of COVID-19 is limited, it is routinely used in the assessment of post-covid sequelae. The need for periodic sterilization is increasing the scanning wait time. However, following COVID-19, people are missing hospital appointments for imaging treatments due to their dread of COVID-19. This is expected to expand the availability of standalone imaging facilities and teleradiology services.
The leading market players in the Vietnam MRI Market are GE Healthcare, Philips Healthcare Vietnam Ltd, Siemens Healthcare Vietnam, Canon Medical Systems Vietnam, Neusoft Medical Systems Vietnam, and other prominent players.
The Vietnam MRI 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 MRI Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Vietnam MRI 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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