Vietnam In Vitro Diagnostics Market
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
- Published Date: March 2023
- Report ID: BWC23238
- Available Format: PDF
- Page: 200
Report Overview
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
Vietnam In Vitro Diagnostics Market - Industry Trends & Forecast Report, 2029
Vietnam in vitro diagnostics (IVD) market size was estimated at USD 1,391.25 million in 2022. During the forecast period between 2023 and 2029, the size of Vietnam in vitro diagnostics market is projected to grow at CAGR of 4.65% reaching a value of USD 1,900.46 million by 2029. Major growth drivers for 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 diseases, renal diseases, and chronic respiratory diseases is fueling the expansion of the Vietnam in vitro diagnostics market. Rising instances of neurological illnesses will also drive expansion in the Vietnam in vitro diagnostics market. A 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 the 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 in vitro diagnostics tests are blood testing, urine tests, sperm analysis, and vaginal swab analysis. 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.
Vietnam In Vitro Diagnostics Market
Growth Drivers
Rising Awareness of Early Disease Diagnosis
Rising cases of chronic diseases and infections have boosted population worries about early identification of diseases and infections, raising demand for regular in vitro diagnostic tests and thus the expansion of the Vietnam in vitro diagnostics market during the forecast period. Soaring rates of chronic diseases such as cardiovascular disease, neoplasms, renal disease, and respiratory disease are important contributors to the country's rising mortality. In 2017, 201.4 persons died from cardiovascular illnesses per 1,000 inhabitants. Similar reports of death related to neoplasms, renal failures, and respiratory disorders were documented, at 120.62, 40.86, and 35.96, respectively. Sedentary lifestyles are also one of the primary causes of rising illnesses in the population, which will assist the expansion of the Vietnam in vitro diagnostics market
Restraints
High Costs Deterring Customers from Adopting Technologies
Vietnam in vitro diagnostics market may face a potential obstacle due to high investment costs, which can discourage customers from adopting the latest diagnostic technologies. High capital investment requirements may deter small and medium-sized laboratories from acquiring new equipment, which can impede the growth of the market. This challenge may particularly affect the adoption of advanced technologies such as molecular diagnostics, next-generation sequencing, and genetic testing, which require significant investments in equipment, infrastructure, and training. In addition, strict regulatory requirements and the need for skilled personnel may also add to the cost burden for laboratory operators.
Impact of COVID -19 on Vietnam In Vitro Diagnostics Market
COVID-19 increased global demand for in vitro diagnostic (IVD) goods like as 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 (IVD) Market
Segmental Coverage
Vietnam In Vitro Diagnostics Market – By Type
By type, Vietnam in vitro diagnostics market is bifurcated into Product and Service segments. The product segment includes reagents & kits and instruments. The reagents and kits subsegment is expected to hold a higher market share due to rising demand for in vitro diagnostics, because of rising public health concerns. Also, concerned individuals are actively investing in their health and undergoing regular exams to monitor their health.
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. 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.
Vietnam In Vitro Diagnostics Market – By Application
Based on application, Vietnam in vitro diagnostics market is segmented into Oncology, Infectious Disease, Diabetes, Cardiology, and Nephrology. The cancer segment is expected to hold the highest market share due to an increase in cancer cases among the population. Also, growing need for early cancer detection and analysis of cancer stage in patients promotes the greater prevalence and growth of the Vietnam in vitro diagnostics market in the forecast period.
Vietnam In Vitro Diagnostics Market – By End User
Based on end user, Vietnam in vitro diagnostics market is divided into Hospitals, Point of Care Testing, Laboratories, and Academic Institutes segments. The Hospitals and clinics segment is expected to hold the highest market share of the market due to rising need for early detection of gastrointestinal illnesses and the country's growing population. The increasing patient burden is also responsible for the segment's expansion. Regular patient visits when suffering from chronic diseases or pregnant females are helping to increase the sub sector as well as the Vietnam in vitro diagnostics market during the forecast period.
Competitive Landscape
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.
Scope of the Report
Attributes |
Details |
Years Considered |
Historical Data – 2019–2022 |
Base Year – 2022 |
|
Estimated Year – 2023 |
|
Forecast Period – 2023–2029 |
|
Facts Covered |
Revenue in USD Million |
Market Coverage |
Vietnam |
Product/ Service Segmentation |
Type, Technology, Application, End User |
Key Players |
Abbott, Danaher, Danaher, Siemens Healthineers AG, Roche Diagnostics, Sysmex Corporation |
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 Testing
-
Laboratories
-
Academic Institutes
- Research Framework
- Research Objective
- Product Overview
- Market Segmentation
- Executive Summary
- Vietnam In Vitro Diagnostics (IVD) Market Insights
- Industry Value Chain Analysis
- DROC Analysis
- Growth Drivers
- Growing Prevalence of Chronic and Infectious Diseases in Geriatric Population
- Rising Awareness of Early Disease Diagnosis
- Restraints
- High Investment Deterring the Customers from Adopting Technologies
- Opportunities
- Advancement in Technology
- Challenges
- Stringent Government Regulation
- Growth Drivers
- Technology Advancements/Recent Developments
- Regulatory Framework
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of New Entrants
- Threat of Substitutes
- Intensity of Rivalry
- Vietnam In Vitro Diagnostics (IVD) Market Overview
- Market Size & Forecast, 2019–2029
- By Value (USD Million)
- Market Share & Forecast
- By Type
- Product
- Reagents & Kits
- Instruments
- Service
- Software
- Testing Services
- Product
- By Type
- Market Size & Forecast, 2019–2029
-
-
- By Technology
- Clinical Chemistry
- Immunoassay/ Immunochemistry
- Molecular Diagnostics
- Hematology
- Microbiology
- Others (Coagulation & Hemostasis, Urinalysis)
- By Application
- Oncology
- Infectious Disease
- Diabetes
- Cardiology
- Nephrology
- Others (Autoimmune disease, Drug testing/ pharmacogenomics)
- By End User
- Hospitals
- Point of Care Testing
- Laboratories
- Academic Institutes
- By Technology
-
- Competitive Landscape
- List of Key Players and Their Offerings
- Vietnam In Vitro Diagnostics (IVD) Company Market Share Analysis, 2022
- Competitive Benchmarking, By Operating Parameters
- Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
- Impact of Covid-19 on Vietnam In Vitro Diagnostics (IVD) Market
- Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
- Abbott
- Danaher
- Siemens Healthineers AG
- Roche Diagnostics
- Sysmex Corporation
- Other Prominent Players
- Key Strategic Recommendations
- Research Methodology
- Qualitative Research
- Primary & Secondary Research
- Quantitative Research
- Market Breakdown & Data Triangulation
- Secondary Research
- Primary Research
- Breakdown of Primary Research Respondents, By Region
- Assumptions & Limitations
- Qualitative Research
*Financial information of case of non-listed companies can be provided as per availability.
**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable
List of Figures
Figure 1 Vietnam In Vitro Diagnostics (IVD) Segmentation
Figure 2 Vietnam In Vitro Diagnostics (IVD) Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2022
Figure 4 Vietnam In Vitro Diagnostics (IVD) Market Size, By Value (USD Million), 2019–2029
Figure 5 Vietnam In Vitro Diagnostics (IVD) Market Share, By Type, By Value, 2019–2029
Figure 6 Vietnam In Vitro Diagnostics (IVD) Market Share, By Technology, By Value, 2019–2029
Figure 7 Vietnam In Vitro Diagnostics (IVD) Market Share, By Application, By Value, 2019–2029
Figure 8 Vietnam In Vitro Diagnostics (IVD) Market Share, By End User, By Value, 2019–2029
List of Tables
Table 1 Vietnam In Vitro Diagnostics (IVD) Market Size, By Value (USD Million), 2019–2029
Table 2 Vietnam In Vitro Diagnostics (IVD) Market Size, By Type, By Value, 2019–2029
Table 3 Vietnam In Vitro Diagnostics (IVD) Market Size, By Technology, By Value, 2019–2029
Table 4 Vietnam In Vitro Diagnostics (IVD) Market Size, By Application, By Value, 2019–2029
Table 5 Vietnam In Vitro Diagnostics (IVD) Market Size, By End User, By Value, 2019–2029
Table 6 Abbott Company Overview
Table 7 Abbott Financial Overview
Table 8 Danaher Company Overview
Table 9 Danaher Financial Overview
Table 10 Siemens Healthineers AG Company Overview
Table 11 Siemens Healthineers AG Financial Overview
Table 12 Roche Diagnostics Company Overview
Table 13 Roche Diagnostics Financial Overview
Table 14 Sysmex Corporation Company Overview
Table 15 Sysmex Corporation Financial Overview
Market Segmentation
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