Vietnam Telemedicine Market Slated to Amass Considerable Revenue—Projected to Grow at a CAGR of 16.1% during 2022-2028
Published | 14 January 2022
Vietnam telemedicine market is exhibiting impressive growth due to the growing geriatric population and investment from the government in the development of advanced healthcare infrastructure in the country. Additionally, Vietnam’s golden population structure is also pushing the market forward…
A study, recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Vietnam telemedicine market is flourishing and projected to grow at a CAGR of 16.1% during the forecast period (2022-2028). The telemedicine market in Vietnam is growing owing to the growing adoption of Artificial Intelligence, Machine Learning, and other advanced technologies. Furthermore, the growing geriatric population, and increasing internet and smartphone penetration in the country are also propelling the market forward. Additionally, increasing investment from the government to develop & reinforce the healthcare infrastructure of the country is expected to create lucrative opportunities for the growth of the telemedicine market in Vietnam.
Vietnam’s Growing Geriatric Population propelling Vietnam Telemedicine Market Forward
Vietnam is the 8th most populous country in Asia and the 3rd most populous in Southeast Asia, after Indonesia and the Philippines, according to the 2019 Revision of the World Population Prospects. The World Bank reports that Vietnam is on brink of an aging population. In 2015, Vietnam became an aging society, and the World Bank estimates it will be an aged society by 2035, making it one of the fastest aging countries in the world.
As Vietnam's aging population grows more rapidly than its birth rate, Vietnam's healthcare facilities will be strained and the demand for healthcare services will rise across the country. The integration of AI, machine learning, and Big Data can help companies launch geriatric care services. Thus, new and advanced technologies, such as remote patient monitoring and remote diagnosis are expected to be in high demand during the forecast period, thereby driving the growth of the Vietnam telemedicine market.
Golden population structure of Vietnam is expected to present opportunity for the growth of the Vietnam telemedicine market
Vietnam has undergone significant demographic changes in the last three decades, with a drop in people under the age of 15 years while an increase in people aged 15-64 years. Therefore, Viet Nam is currently experiencing a golden age of population structure, which means there is only one dependent out of every two employed people.
Vietnamese millennials have contributed significantly to the country's economic growth in recent years, and they are expected to push toward becoming a developed country in the coming years. The age group of 15-64 years represents a favorable demographic for the adoption of innovative science and technology and is expected to stimulate demand for consumer healthcare electronics throughout the forecast period, creating opportunities for growth of the Vietnam telemedicine market.
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Services Segment Hold the Largest Share in the Vietnam Telemedicine Market
Based on components, the Vietnam telemedicine market is segmented into software, services, and hardware. In 2021, the services segment dominated the market and held the largest share owing to the surging demand for telemedicine services. Due to the lockdown and travel restrictions, people were unable to see doctors face-to-face, and services, such as telepathology, telecardiology, teleradiology, tele-dermatology, telepsychiatry, and others witnessed high demand, supporting the dominant share of the services segment in the Vietnam telemedicine market.
Impact of COVID-19 on the Vietnam Telemedicine Market
The ongoing COVID-19-pandemic has created a growing demand for telemedicine in the country and has contributed to the growth of the Vietnam telemedicine market. The surging number of COVID-19 cases in the country strained the healthcare industry of the country and in the hour of need, telemedicine companies came forward. By August 2021, Vietnam was battling the fourth COVID-19 wave in the country and telemedicine startups like Docoscan offered free teleconsulting to ease the pressure on the healthcare system. Now, with the emergence of the highly transmissible Omicron variant, cases of COVID-19 are surging again and it is expected to contribute to the growth of the telemedicine market in Vietnam in the coming years.
Vietnam Telemedicine Market- Competitive Landscape
Some of the key players in the Vietnam telemedicine market include Viettel Group, Vietnam Posts and Telecommunications Group (VNPT), FPT Group, Doctor Anywhere, BuyMed, VieVie Healthcare, JioHealth, Med247, eDoctor, MyDoc, and others prominent players.
The increasing government investment in developing the healthcare infrastructure in the country and initiatives to implement advanced technologies, such as AI, machine learning, Big Data, and others in the healthcare industry, are driving stiff competition within the market. Furthermore, the Vietnamese government is collaborating with foreign companies to invest in the country’s healthcare sector, which has increased competition in the market.
Recent Developments
In September 2021, Japanese trading house, Sumitomo Corporation, reported that it plans to invest tens of millions of dollars in Insmart, one of the regions' fastest-growing managed-care providers to further expand the latter’s services to include telemedicine, along with medication counselling and drug shipping.
In August 2021, Vietnam announced the launch of a Telehealth platform connecting district-level healthcare facilities to make access to healthcare easier, especially during COVID-19. Prime Minister Pham Minh Chinh witnessed doctors of Cho Ray Hospital make telehealth connection with Can Gio Hospital in Ho Chi Minh City, Hau Nghia General Hospital in the southern province of Long An and Thuan An Hospital in the southern province of Binh Duong.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Vietnam telemedicine market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Vietnam telemedicine market, along with 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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