Vietnam Medical Device Market Size 2023, Demand, Rising Trends, Growth Drivers, CAGR Status, Revenue, Challenges, Future Opportunities and Forecast Analysis till 2033: SPER Market Research
Any machine, tool, apparatus, or other piece of equipment that has been recommended by medical professionals for use alone or in conjunction with other pieces of equipment for medical treatments, such as the treatment of heart conditions, lung diseases, respiratory diseases, etc., is considered a medical device. Depending on the patient’s medical needs or professional advice, medical gadgets are utilized in a range of medical procedures. Because they pose little risk, class I medical devices are divided into three groups.
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%.
The medical device industry is one of the most promising areas for technological advancement in Vietnam’s healthcare system. Vietnamese medical practitioners are putting more of an emphasis on utilizing high-tech medical devices to help with early disease identification and hasten diagnosis and recovery times. It is anticipated that as healthcare resources in both public and private settings increase, there will be a greater need for medical equipment. In Vietnam, the population is growing older at a faster pace than the birth rate, which accelerates the aging process. Vietnam’s population is aging at one of the fastest rates in Asia Pacific. Doctors require medical devices in order to diagnose and cure illnesses. These features present a plethora of new potential for medical device market companies in Vietnam
But the industry is also dealing with a lot of challenges. Hospitals are usually congested and many of them are old. Major cities like Ho Chi Minh City and Hanoi sometimes have hospitals that are not large enough to accommodate patients from surrounding areas. Furthermore, the majority of the medical equipment in Vietnam’s public hospitals is out-of-date and has to be replaced. Too few surgical and intensive care unit utensils are available in many hospitals. Furthermore, a prevalent issue in many hospitals is the lack of skilled medical staff. The pay for doctors and nurses is not very high, and they work in stressful conditions. Throughout the projected time, these factors are probably going to hinder the growth of the Vietnamese medical device market.
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Nearly every area of the global economy has been impacted by the COVID-19 pandemic. The medical equipment sector is not immune to the repercussions. The COVID-19 pandemic has increased demand for medical equipment, which has improved the pharmaceutical industry’s forecast for 2021. The biggest pharmaceutical company in the nation, DHG Pharmaceutical Joint Stock Company, made a lot of money during COVID-19. Other notable companies saw increases in profits when compared to the same time last year. Although the epidemic undoubtedly benefited the medical device industry in the near term, if a similar pandemic occurs again, businesses might want to think about diversifying and sourcing raw materials from sources 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.
For More Information, refer to below link:-
Vietnam Medical Device Market Report
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