Vietnam Medical Device Market Growth and Size Demand, Rising Trends, Revenue, CAGR Status, Challenges, Future Opportunities and Forecast Analysis till 2033: SPER Market Research
Medical devices include any machine, tool, apparatus, or other piece of equipment that has been prescribed by medical professionals for use either alone or in combination with other pieces of equipment for medical treatments, such as the treatment of respiratory, lung, or heart conditions. Medical devices are used in a variety of medical treatments, depending on the patient’s medical need or expert advise. Class I medical devices are categorized into three groups due to their low risk.
According to SPER market research, ‘Vietnam Medical Devices Market Size– By Device Type, By End User – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Vietnam Medical Devices Market is predicted to reach USD 4.22 billion by 2033 with CAGR of 8.11%.
One of the most potential sectors for technical development in Vietnam’s healthcare system is the medical device sector. Vietnamese healthcare professionals are increasingly emphasizing the use of advanced medical technology to speed diagnostic and recovery periods and aid in early disease detection. The demand for medical equipment is expected to rise in tandem with the expansion of healthcare resources in both public and private settings. The aging process is accelerated in Vietnam because the population is getting older more quickly than the birth rate. One of the fastest rates of population aging in Asia Pacific is occurring in Vietnam. Medical devices are necessary for doctors to identify and treat ailments.
However, the industry is also facing other obstacles. The majority of hospitals are outdated and crowded. Hospitals in major cities like Hanoi and Ho Chi Minh City are occasionally too small to handle patients from the surrounding areas. In addition, most of the medical equipment in Vietnam’s public hospitals has to be replaced because it is outdated. Many hospitals lack adequate surgery and intensive care unit utensils. In addition, the shortage of qualified medical personnel is a common problem in many hospitals. Physicians and nurses are underpaid and subjected to difficult work environments. These factors are likely to impede the expansion of the Vietnamese medical device market over the forecast period.
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The COVID-19 pandemic has affected almost every sector of the world economy. The consequences also affect the medical equipment industry. The need for medical equipment has surged due to the COVID-19 pandemic, improving the pharmaceutical industry’s 2021 projection. During COVID-19, DHG Pharmaceutical Joint Stock Company, the country’s largest pharmaceutical company, made a lot of money. When compared to the same period previous year, the profitability of other noteworthy corporations increased. In the short term, the medical device industry certainly benefited from the pandemic, but if it happens again, companies may want to consider diversifying and getting raw materials from countries other than China and India.
Hanoi is a major force behind the demand for medical devices and the development of healthcare regulations. It is a hub for medical advancements and has a developing healthcare infrastructure. The largest city in Vietnam, Ho Chi Minh City, is also a major hub for the healthcare and commercial sectors. Additionally, some of the market key players are Stryker Corporation Vietnam, USM Healthcare Medical Devices Factory Omron Healthcare Vietnam, B. Braun Vietnam Co., Ltd., Hoya Lens Vietnam Ltd., Japan Vietnam Medical Instrument JSC, Armephaco Joint Stock, JSC and various others.
Vietnam Medical Device Market Segmentation:
By Device Type: Based on the Device Type, Vietnam Medical Device Market is segmented as; Respiratory Devices, Cardiology Devices, Orthopedic Devices, Diagnostic Imaging Devices, Endoscopy Devices, Ophthalmology Devices.
By End Users: Based on the End Users, Vietnam Medical Device Market is segmented as; Hospitals, Clinics, Homecare Settings.
By Region: This research also includes data for Eastern Region, Western Region, Southern Region, Northern Region.
For More Information, refer to below link: –
Vietnam Medical Device Market Report
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