Vietnam Medical Device Market Growth, Trends, Size, Challenges , Key Manufacturer, Future Outlook
Vietnam Medical Device Market Size- By Device Type, By End User - Regional Outlook, Competitive Strategies and Segment Forecast to 2033
| Published: Oct-2023 | Report ID: MEDE2324 | Pages: 1 - 106 | Formats*: |
| Category : Medical Devices | |||
Vietnam Medical Device Market Introduction and Overview
According to SPER Market Research, the Vietnam Medical Device Market is estimated to reach USD 4.22 billion by 2033 with a CAGR of 8.11%.
The report includes an in-depth analysis of the Vietnam Medical Device Market, including market size and trends, product mix, distribution channels, and supplier analysis. A device used for medical purposes can be any tool, apparatus, implement, machines. appliance, implant, reagent for in vitro use, material, or other similar equipment that has been prescribed by medical professionals for use alone or in conjunction with other equipment for medical treatments such as the treatment of respiratory diseases, the treatment of lung diseases, the treatment of heart conditions, etc. Depending on the patients' medical needs or professional advice, medical gadgets are utilized in a variety of medical procedures. Due to the low danger of class I products, the medical device is divided into three classes.
- Vietnam issues a VAT rate reduction for imported medical equipment in November 2021. In accordance with Circular No. 43/2021/TT-BTC, Vietnam has reduced the value-added tax (VAT) rate for imported medical equipment from 10% to 5%. The Circular 43 became effective.
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Market Opportunities and Challenges
Vietnam Medical Device market offers a variety of opportunities and challenges. The medical device sector in Vietnam's healthcare sector is one of the most promising sectors for technological growth. In order to aid in the early detection of ailments and hasten the pace of diagnosis and recovery timeframes, healthcare providers in Vietnam are concentrating on adopting cutting-edge technology medical devices. Due to the improvement of healthcare resources at both public and private healthcare facilities, demand for medical equipment is predicted to increase. These elements are providing the medical device market players in Vietnam with a wide range of new opportunities.
Many hospitals are out of date and usually overcrowded. Major city hospitals, such as those in Ho Chi Minh City and Hanoi, frequently lack the ability to service both local and regional patients. Furthermore, the majority of the existing medical equipment in Vietnam's public hospitals is antiquated and in need of replacement. Many hospitals may not have enough surgical and intensive care instruments. Furthermore, many hospitals experience a shortage of skilled medical personnel. Doctors and nurses work in stressful conditions, and their pay is modest. These challenges are projected to stymie the expansion of the Vietnam medical devices market throughout the forecast period.
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Market Competitive Landscape
USM Healthcare Medical Devices Factory JSC, Stryker Corporation Vietnam, Medical Devices and Biomaterial Plant Joint Stock Company, Getz Healthcare (Vietnam), Omron Healthcare Vietnam, B. Braun Vietnam Co., , Terumo Vietnam Medical Equipment Co., Ltd, GE Healthcare Vietnam, and other prominent players are among the key players dominating the Vietnam medical device market. To preserve their market supremacy, major players invest in and launch improved items for clients. Various strategies are used, such as strategic alliances and collaborations.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Device Type, By End User |
| Regions covered | Eastern Region, Western Region, Southern Region, Northern Region |
| Companies Covered | Stryker Corporation Vietnam, 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, GE Healthcare Vietnam, and other |
COVID-19 Impact on Vietnam Medical Device Market
The COVID-19 epidemic has had an impact on nearly every sector of the global economy. The medical device industry is not immune to its consequences. The rising demand for medical equipment as a result of the COVID-19 pandemic has moved the pharmaceutical business to a positive outlook in 2021. During COVID-19, DHG Pharmaceutical Joint Stock Company, the country's top pharmaceutical firm, gained huge money. Other large corporations' profits increased compared to the same period previous year. While the pandemic clearly benefited the medical devices industry in a short period of time, corporations may need to consider diversifying and sourcing raw materials from other locations rather than China and India in the event that a similar pandemic occurs again.
Key Target Audience
- Healthcare Providers
- Hospitals and Clinics
- Ministry of Health (MOH) and its departments
- Manufacturers
- Domestic medical device manufacturers
- International medical device manufacturers
- Patients
- Investors and Financial Institutions
- Research and Development (R&D) Organizations
Our in-depth analysis of the Vietnam Medical Device Market includes the following segments:
| By Device Type: |
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| By End User: |
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| By Region: |
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Key Topics Covered in the Report
- Vietnam Medical Device Market Size (FY’2023-FY’2033)
- Overview of Vietnam Medical Device Market
- Segmentation of Kenya Logistics and Warehousing Market By Device Type (Respiratory Devices, Cardiology Devices, Orthopedic Devices, Diagnostic Imaging Devices, Endoscopy Devices, Ophthalmology Devices)
- Segmentation of Kenya Logistics and Warehousing Market By End User (Hospitals, Clinics, Homecare Settings)
- Statistical Snap of Vietnam Medical Device Market
- Expansion Analysis of Vietnam Medical Device Market
- Problems and Obstacles in Vietnam Medical Device Market
- Competitive Landscape in the Vietnam Medical Device Market
- Impact of COVID-19 and Demonetization on Vietnam Medical Device Market
- Details on Current Investment in Vietnam Medical Device Market
- Competitive Analysis of Vietnam Medical Device Market
- Prominent Players in the Vietnam Medical Device Market
- SWOT Analysis of Vietnam Medical Device Market
- Vietnam Medical Device Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data2.1.2. Primary Data2.1.3. SPER’s internal database2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers4.1.2. Restraints4.1.3. Opportunities4.1.4. Challenges
4.2. COVID-19 Impacts of the Vietnam Medical Device Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths5.1.2. Weaknesses5.1.3. Opportunities5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape5.2.2. Economic Landscape5.2.3. Social Landscape5.2.4. Technological Landscape5.2.5. Environmental Landscape5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers5.3.2. Bargaining power of buyers5.3.3. Threat of Substitute5.3.4. Threat of new entrant5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Vietnam Medical Device Market Manufacturing Base Distribution, Sales Area, Product Type6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Vietnam Medical Device Market
7. Vietnam Medical Device Market, By Device Type (USD Million)
7.1. Vietnam Medical Device Market Value Share and Forecast, By Device Type, 2023-20337.2. Respiratory Devices7.3. Cardiology Devices7.4. Orthopedic Devices7.5. Diagnostic Imaging Devices7.6. Endoscopy Devices7.7. Ophthalmology Devices7.8. Other
8. Vietnam Medical Device Market, By End User (USD Million)
8.1. Vietnam Medical Device Market Value Share and Forecast, By End User, 2023-20338.2. Hospitals8.3. Clinics8.4. Homecare Settings8.5. Others
9. Vietnam Medical Device Market Forecast, 2019-2033 (USD Million)
9.1. Vietnam Medical Device Market Size and Market Share
10. Vietnam Medical Device Market, By Device Type, 2019-2033 (USD Million)
10.1. Vietnam Medical Device Market Size and Market Share By Device Type (2019-2026)10.2. Vietnam Medical Device Market Size and Market Share By Device Type (2027-2033)
11. Vietnam Medical Device Market, By End Users, 2019-2033 (USD Million)
11.1. Vietnam Medical Device Market Size and Market Share By End Users (2019-2026)11.2. Vietnam Medical Device Market Size and Market Share By End Users (2027-2033)
12. Vietnam Medical Device Market, By Region, 2019-2033 (USD Million)
12.1. Vietnam Medical Device Market Size and Market Share By Region (2019-2026)12.2. Vietnam Medical Device Market Size and Market Share By Region (2027-2033)12.3. Eastern Region12.4. Western Region12.5. Southern Region12.6. Northern Region
13. Company Profile
13.1. Armephaco Joint Stock Company
13.1.1. Company details13.1.2. Financial outlook13.1.3. Product summary13.1.4. Recent developments
13.2. B. Braun Vietnam Co., Ltd.
13.2.1. Company details13.2.2. Financial outlook13.2.3. Product summary13.2.4. Recent developments
13.3. GE Healthcare Vietnam
13.3.1. Company details13.3.2. Financial outlook13.3.3. Product summary13.3.4. Recent developments
13.4. Getz Healthcare (Vietnam)
13.4.1. Company details13.4.2. Financial outlook13.4.3. Product summary13.4.4. Recent developments
13.5. Hoya Lens Vietnam Ltd.
13.5.1. Company details13.5.2. Financial outlook13.5.3. Product summary13.5.4. Recent developments
13.6. Japan Vietnam Medical Instrument JSC
13.6.1. Company details13.6.2. Financial outlook13.6.3. Product summary13.6.4. Recent developments
13.7. Medical Devices and Biomaterial Plant Joint Stock Company
13.7.1. Company details13.7.2. Financial outlook13.7.3. Product summary13.7.4. Recent developments
13.8. Omron Healthcare Vietnam
13.8.1. Company details13.8.2. Financial outlook13.8.3. Product summary13.8.4. Recent developments
13.9. Stryker Corporation Vietnam
13.9.1. Company details13.9.2. Financial outlook13.9.3. Product summary13.9.4. Recent developments
13.10. Terumo Vietnam Medical Equipment Co., Ltd
13.10.1. Company details13.10.2. Financial outlook13.10.3. Product summary13.10.4. Recent developments
13.11. Others
14. List of Abbreviations
15. Reference Links
16. Conclusion
17. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
Vietnam Medical Device Market is projected to reach USD 4.22 billion by 2033, growing at a CAGR of 8.11% during the forecast period.
Vietnam Medical Device Market grew in market size from 2022. The Market is expected to reach USD 4.22 billion by 2033, at a CAGR of 8.11% during the forecast period.
Vietnam Medical Device Market CAGR of 8.11% during the forecast period.
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Vietnam Medical Device Market size is USD 4.22 billion from 2023 to 2033.
Vietnam Medical Device Market Segment is covered By Device Type, By End User.
The Asia-Pacific is anticipated to have the highest market share in the Vietnam Medical Device Market.
The key players in the market include Companies Covered Stryker Corporation Vietnam, 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.
A device used for medical purposes can be any tool, apparatus, implement, machines.
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