MarkNtel Advisors recently published a detailed industry analysis of the Vietnam Medical Devices Market. The report covers growth trends, geographical marketing strategies, challenges, opportunities, and drivers influencing the market.

Vietnam Medical Devices Market, Share, and Trends Analysis Report – Industry Overview and Forecast to 2030

The Vietnam Medical Devices Market is estimated to grow at a CAGR of around 9% during the forecast period, i.e., 2024-30.

What are the major Driver the Vietnam Medical Devices industry?

Increasing Occurrence of Chronic Diseases – The occurrence of several preventable chronic diseases, such as diabetes, cardiovascular diseases (CVDs), etc., across Vietnam, has successfully boosted the overall medical devices market in the country. For instance, as mentioned by the International Diabetes Federation (IDF), there were around 3,994,100 people with diabetes in Vietnam in 2021, and the number is expected to increase to 4,961,600 and 6,015,300 by 2030 and 2045, respectively. As a result, the demand for insulin pumps, glucose monitoring devices, and other diabetes care devices has increased in Vietnam.

Additionally, the increasing incidence rates of various types of cancer like breast cancer, prostate cancer, etc., in the country is also anticipated to drive the demand for medical devices in Vietnam. For instance, according to the Global Cancer Observatory, the new cancer incidence rate in Vietnam in 2022 was roughly 180,000 and could reach about 292, 000 in 2045. Consequently, the demand for different medical devices such as Computed Tomography (CT), Magnetic Resonance Imaging (MRI), etc., employed for the diagnosis and treatment of cancer would increase, driving the growth of the Vietnam Medical Devices Market.    

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What segments define the Vietnam Medical Devices Market from 2024 to 2030? How do these segments contribute to market dynamics and growth?

• By Device Type
• Diagnostic Devices- Market Size & Forecast 2019-2030, USD Million
• Monitoring Devices- Market Size & Forecast 2019-2030, USD Million
• Drug Delivery Devices- Market Size & Forecast 2019-2030, USD Million
• Bio Implants and Stimulation Devices- Market Size & Forecast 2019-2030, USD Million
• Surgical Devices- Market Size & Forecast 2019-2030, USD Million
• Treatment Equipment- Market Size & Forecast 2019-2030, USD Million
• Others (Anaesthesia Devices, Mobility Aid Devices, etc.)- Market Size & Forecast 2019-2030, USD Million

According to report, The Diagnostic Devices segment of the Vietnam Medical Devices Market is anticipated to grow with a significant market share over the forecast period.

• By Therapeutic Application
• Gastrointestinal Surgery- Market Size & Forecast 2019-2030, USD Million
• Cardiology- Market Size & Forecast 2019-2030, USD Million
• Respiratory- Market Size & Forecast 2019-2030, USD Million
• General Surgery- Market Size & Forecast 2019-2030, USD Million
• Orthopedics- Market Size & Forecast 2019-2030, USD Million
• Dental- Market Size & Forecast 2019-2030, USD Million
• Nephrology & Urology- Market Size & Forecast 2019-2030, USD Million
• Neurology- Market Size & Forecast 2019-2030, USD Million
• Ophthalmology- Market Size & Forecast 2019-2030, USD Million
• Ear-Nose-Throat (ENT) - Market Size & Forecast 2019-2030, USD Million
• Others (Dermatology, Gynecology, etc.)- Market Size & Forecast 2019-2030, USD Million
• By End User
• Hospitals- Market Size & Forecast 2019-2030, USD Million
• Specialty Centers & Clinics- Market Size & Forecast 2019-2030, USD Million
• Diagnostic Centres- Market Size & Forecast 2019-2030, USD Million
• Others (Research Organisations, Homecare, etc.)- Market Size & Forecast 2019-2030, USD Million

According to report, The Hospitals category accounted for the largest share of the Vietnam Medical Devices Market.

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Geographical Analysis: Vietnam Medical Devices Market

• By Region
• North
• South
• Central

Vietnam Medical Devices Market Share & Competitive Landscape:

The Vietnam Medical Devices Market is characterized by intense competition, with several key players driving growth through innovation, market expansion, and strategic investments. The competitive landscape provides valuable insights into the industry's leading companies, highlighting their strengths, financial performance, and market influence.

Leading Companies in the Vietnam Medical Devices Market are:

• Terumo Corporation
• USM Healthcare
• Nihon Kohden Corporation
• Medtronic plc
• Stryker
• Abbott Laboratories
• Koninklijke Philips N.V.
• Boston Scientific Corporation
• Becton Dickinson and Company
• GE Healthcare

Vietnam Medical Devices Industry Recent Developments

• 2023: Nihon Kohden Corporation announced that the company will establish a new sub-subsidiary, a wholly owned subsidiary of Nihon Kohden Singapore (NKS), one of Nihon Kohden’s sales subsidiaries, aiming to apply for registration of medical devices smoothly and expand its sales in Vietnam.

 Questions Addressed in this Study

1.What factors are driving the Vietnam Medical Devices Market growth?

2.How is the Vietnam Medical Devices Market expected to grow over the next five years?

3.What are the key insights into the current trends in the Vietnam Medical Devices Market ?

4.What is the current size of the Vietnam Medical Devices Market, and how is it projected to change in the future?

6.What is the future outlook for the Vietnam Medical Devices Market in terms of technological advancements and market expansion?

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Why MarkNtel Advisors?

MarkNtel Advisors is a leading research, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.

Our specialization in niche industries informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.

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