Report Overview

Vietnam Health Sensors Market - Industry Trends & Forecast Report, 2029

The Vietnam health sensors market size was estimated to be worth USD 13.61 million in 2022. During the forecast period between 2023 and 2029, the Vietnam health sensors market size is projected to grow at a CAGR of 18.25% reaching a value of USD 43.76 million by 2029. Major growth factors for the Vietnam health sensors market include the increasing burden of chronic illnesses and the geriatric population under care along with technological advancements introduced by the manufacturers. The rising adoption of advanced technologies, such as IoT and sensors, and expanding demand post the COVID-19 pandemic outbreak for remote patient monitoring is offering lucrative growth opportunities to the Vietnam health sensors market.

Vietnam Health Sensors Market – Overview

Health sensors measure physiological indicators like blood pressure, electrocardiograms, electromyograms, heart rates, body temperatures, electrodermal activity, arterial oxygen saturation, and respiration rates (RR). Medical gadgets in intensive care units, hospital wards, doctor's offices, lab equipment, dentist offices, and in-home care goods all employ health sensors. Home patient monitoring often includes sensors that are accurate, dependable, simple to integrate, and simple to interpret. The data they offer can facilitate remote monitoring of chronic conditions and help doctors better diagnose and treat patients.

Vietnam Health Sensors Market

Growth Drivers

Increasing Burden of Chronic Diseases

According to the World Trade Organization, in addition to the declining birth rate, Vietnam's elderly population is driving up demand for healthcare services and goods. Non-communicable diseases (NCDs), which account for over 77% of all deaths in Vietnam, have a higher mortality and morbidity burden. Chronic lung disorders, joint issues, and cardiovascular diseases are the most prevalent chronic illnesses affecting the elderly in Vietnam. As a result, health sensors are emerging as an effective tool for remote monitoring of geriatric patients who are under home care, which is propelling its demand in the market.

Restraints

Lack of Domestic Production and High Cost

Data released by the World Trade Organization reveals that “more than 90% of the medical equipment in Vietnam is imported. Vietnam is the second largest importer of health sensors and imports most of its products from Germany, Japan, and China. The MOH has created regulations and licensing standards for medical equipment. Only businesses possessing a legitimate Vietnamese corporate organization and an import permit are permitted to distribute medical equipment. Foreign providers sometimes sell through regional distributors or agents to meet this criterion. These may act as a restricting factor for the growth of the Vietnam health sensors market.

Impact of COVID-19 on Vietnam Health Sensors Market

Following the COVID-19 epidemic, the market for health sensors in Vietnam saw brisk expansion. The market was originally hampered by a worldwide supply chain slowdown and a shortage of semiconductors production, which interfered with the production of health sensors and produced a sizable demand and supply imbalance in Vietnam. The demand for health sensors increased, though, as remote monitoring for chronic patients became more common and COVID cases placed a heavy burden on the healthcare system. Following the pandemic, home care and telehealth have grown in popularity, and these trends are providing the Vietnamese market for health sensors with excellent growth prospects.

Vietnam Health Sensors Market

Segmental Coverage

Vietnam Health Sensors Market – By Product

Based on product, the Vietnam health sensors market is segregated into hand-held diagnostic sensors, wearable sensors, and ingestible/implantable sensors. The wearable sensors segment holds the highest share in the Vietnam health sensors market owing to the increasing popularity of wearable fitness trackers and smart health watches, especially among the younger demographic. These devices are capable of monitoring and recording health vitals including heart rate, calorie intake, blood pressure, and others, that can be used by health professionals to diagnose and monitor the health conditions of the patients.

Vietnam Health Sensors Market – By Application

Based on application, Vietnam health sensors market is segmented into chronic illness & at-risk – monitoring, wellness monitoring, logistic tracking, in-hospital clinical monitoring, post-acute care monitoring, sensor therapeutics, and others. The chronic illness & at-risk – monitoring segment accounts for the highest market share. The use of health sensors by healthcare professionals allows monitoring of patients with chronic diseases who require routine monitoring to detect any changes in their health early, be reminded of self-care strategies, and ensure that their medications are performing as intended.

Vietnam Health Sensors Market – By Region

Vietnam Health Sensors market covers the country’s three major regions: Northern, Central, and Southern. The Southern region dominates the Vietnam health sensors market. The Southern KER, which accounts for 42% of the country's entire stock of FDI, is the most significant economic hub in the nation, contributing 40% of the GDP. This region provides a vibrant, varied business climate that is friendly to both large- and small-scale organizations. These factors contribute to high living standards and income groups, which is fueling the demand for health sensors in this region.

Competitive Landscape

Major players operating in Vietnam Health Sensors market include Stryker Corporation Vietnam, Koninklijke Philips, Medtronic Plc., Honeywell International Inc., 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, and GE Healthcare 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.

Scope of the Report

By Product

• Hand-held Diagnostic Sensors

• Wearable Sensors

• Ingestible /Implantable Sensors

By Application

• Chronic illness & At Risk – Monitoring

• Wellness Monitoring

• Logistic Tracking

• In Hospital Clinical Monitoring

• Post- Acute Care Monitoring

• Sensor Therapeutics

• Others

By Region

• Northern

• Central

• Southern

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. Vietnam Health Sensors Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. The Rise in Aging Population
         2. Increase in Medical Tourism
         3. The Rise in Chronic Diseases
         4. Growing awareness of personal health monitoring
      2. Restraints
         1. High Costs
         2. Privacy Concerns
         3. High cost of diagnostic tests
      3. Opportunity
         1. Remote patient monitoring
         2. Home Healthcare
         3. Wearable Sensors
      4. Challenges

3. 3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. Vietnam Health Sensors Market Overview
   1. Market Size & Forecast by Value, 2019−2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Product
         1. Hand-held Diagnostic Sensors
         2. Wearable Sensors
         3. Ingestible /Implantable Sensors
      2. By Application
         1. Chronic illness & At Risk – Monitoring
         2. Wellness Monitoring
         3. Logistic Tracking
         4. In Hospital Clinical Monitoring
         5. Post- Acute Care Monitoring
         6. Sensor Therapeutics
         7. Others
      3. By Region
         1. Northern
         2. Central
         3. Southern
5. Northern Vietnam Health Sensors Market Overview
   1. Market Size & Forecast by Value, 2019−2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Product
      2. By Application
6. Central Vietnam Health Sensors Market Overview
   1. Market Size & Forecast by Value, 2019−2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Product
      2. By Application
7. Southern Vietnam Health Sensors Market Overview
   1. Market Size & Forecast by Value, 2019−2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Product
      2. By Application
8. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. Vietnam Health Sensors Company Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Development (Mergers, Acquisitions, Partnerships, and others)
9. Impact of Covid-19 on Vietnam Health Sensors Market
10. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT analysis)
    1. Stryker Corporation Vietnam
    2. Koninklijke Philips
    3. Medtronic Plc.
    4. Honeywell International Inc.
    5. USM Healthcare Medical Devices Factory JSC
    6. Medical Devices and Biomaterial Plant Joint Stock Company
    7. Getz Healthcare (Vietnam)
    8. Omron Healthcare Vietnam
    9. B. Braun Vietnam Co., Ltd.
    10. Hoya Lens Vietnam Ltd.
    11. Japan Vietnam Medical Instrument JSC
    12. Armephaco Joint Stock Company
    13. Terumo Vietnam Medical Equipment Co., Ltd
    14. GE Healthcare Vietnam
    15. Other Prominent Players
11. Key Strategic Recommendations
12. Research Methodology
    1. Qualitative Research
       1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
       1. Secondary Research
       2. Primary Research
    4. Breakdown of Primary Research Respondents, By Region
    5. Assumptions & Limitations

*Financial information in case of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

List of Figures

Figure 1 Vietnam Health Sensors Market Segmentation

Figure 2 Vietnam Health Sensors Market Value Chain Analysis

Figure 3 Company Market Share Analysis, 2022

Figure 4 Vietnam Health Sensors Market Size, By Value (USD Billion), 2019–2029

Figure 5 Vietnam Health Sensors Market Share, By Product, By Value, 2019–2029

Figure 6 Vietnam Health Sensors Market Share, By Application, By Value, 2019–2029

Figure 7 Vietnam Health Sensors Market Share, By Region, By Value, 2019–2029

Figure 8 Northern Vietnam Health Sensors Market Size, By Value (USD Billion), 2019–2029

Figure 9 Northern Vietnam Health Sensors Market Share, By Product, By Value, 2019–2029

Figure 10    Northern Vietnam Health Sensors Market Share, By Application, By Value, 2019–2029

Figure 11    Central Vietnam Health Sensors Market Size, By Value (USD Billion), 2019–2029

Figure 12    Central Vietnam Health Sensors Market Share, By Product, By Value, 2019–2029

Figure 13    Central Vietnam Health Sensors Market Share, By Application, By Value, 2019–2029

Figure 14    Southern Vietnam Health Sensors Market Size, By Value (USD Billion), 2019–2029

Figure 15    Southern Vietnam Health Sensors Market Share, By Product, By Value, 2019–2029

Figure 16    Southern Vietnam Health Sensors Market Share, By Application, By Value, 2019–2029

List of Tables

Table 1    Vietnam Health Sensors Market Size, By Product, By Value, 2019–2029

Table 2    Vietnam Health Sensors Market Size, By Application, By Value, 2019–2029

Table 3    Vietnam Health Sensors Market Size, By Region, By Value, 2019–2029

Table 4    Northern Vietnam Health Sensors Market Size, By Product, By Value, 2019–2029

Table 5    Northern Vietnam Health Sensors Market Size, By Application, By Value, 2019–2029

Table 6    Central Vietnam Health Sensors Market Size, By Product, By Value, 2019–2029

Table 7    Central Vietnam Health Sensors Market Size, By Application, By Value, 2019–2029

Table 8    Southern Vietnam Health Sensors Market Size, By Product, By Value, 2019–2029

Table 9    Southern Vietnam Health Sensors Market Size, By Application, By Value, 2019–2029

Table 10  Stryker Corporation Vietnam Company Overview

Table 11  Stryker Corporation Vietnam Financial Overview

Table 12  Koninklijke Philips Company Overview

Table 13  Koninklijke Philips Financial Overview

Table 14  Medtronic Plc. Company Overview

Table 15  Medtronic Plc. Financial Overview

Table 16  Honeywell International Inc. Company Overview

Table 17  Honeywell International Inc. Financial Overview

Table 18  USM Healthcare Medical Devices Factory JSC Company Overview

Table 19  USM Healthcare Medical Devices Factory JSC Financial Overview

Table 20  Medical Devices and Biomaterial Plant Joint Stock Company Company Overview

Table 21  Medical Devices and Biomaterial Plant Joint Stock Company Financial Overview

Table 22  Getz Healthcare (Vietnam) Company Overview

Table 23  Getz Healthcare (Vietnam) Financial Overview

Table 24  Omron Healthcare Vietnam Company Overview

Table 25  Omron Healthcare Vietnam Financial Overview

Table 26  B. Braun Vietnam Co., Ltd. Company Overview

Table 27  B. Braun Vietnam Co., Ltd. Financial Overview

Table 28  Hoya Lens Vietnam Ltd. Company Overview

Table 29  Hoya Lens Vietnam Ltd. Financial Overview

Table 30  Japan Vietnam Medical Instrument JSC Company Overview

Table 31  Japan Vietnam Medical Instrument JSC Financial Overview

Table 32  Armephaco Joint Stock Company Overview

Table 33  Armephaco Joint Stock Company Financial Overview

Table 34  Terumo Vietnam Medical Equipment Co., Ltd Company Overview

Table 35  Terumo Vietnam Medical Equipment Co., Ltd Financial Overview

Table 36  GE Healthcare Vietnam Company Overview

Table 37  GE Healthcare Vietnam Financial Overview