Global Market Research Reports : Ken Research: Vietnam Healthcare Market Size

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Monday, January 22, 2018

Vietnam Pharmaceutical Market is Witnessing Rapid Growth on Account of Rising Aging Population and Improving Spending Power: Ken Research

Vietnam healthcare market size, market segmentation by hospitals & clinics, diagnostic labs market, pharmaceutical market and medical devices market, The report also covers market in different aspects such as healthcare scenario in Vietnam, government and private spending on healthcare, cross comparison of healthcare sector of Vietnam with other Asia Pacific countries, mergers, acquisitions and funding in healthcare sector, investment model for setting up a hospital, snapshots of daycare centers and polyclinics, investment model for setting up a diagnostic laboratory, government regulations for launching a new drug, role of IT companies in Vietnam and comparative analysis of major players in each section. The report provides detailed overview on future outlook & projections with analyst recommendations for the industry.

Healthcare market in Vietnam has been supported by the ever increasing and ageing population of the country.

The deregulation of the healthcare sector along with increase in average income of the middle class population will lead the growth of the Vietnamese healthcare market in the upcoming years.

The Vietnamese government has a target of covering more than 84% of the population with health insurance by 2020. The government has invested heavily into the healthcare sector to make it accessible and affordable to everyone. However, owing to the ever increasing population the pressure on the public system is huge. Addressing this issue of overcrowding of public healthcare establishments (hospitals, clinics and diagnostic laboratories) the government decided to deregulate the healthcare system in 2014. This structural change in the government’s policy has opened the doors for private national and international investment into the healthcare system. Owing to this change, the healthcare market in Vietnam is expected to witness substantial growth in the coming years. In recent years the average household expenditure on healthcare in Vietnam has increased threefold and is expected to further increase in the future. Majority of the healthcare services are concentrated in urban areas and cities. The patient concentration in cities has drastically increased in recent years, owing to this there is need for new healthcare facilities to be built in rural areas. The overall Healthcare Access and Quality (HAQ) Index in the country has increased, but there is still room for improvement to reach the best possible threshold, given the level of development in the country.

The demand for pharmaceutical products has increased tremendously in recent years owing to the increase in average income of the middle class population in the country. With the deregulation of the healthcare sector, more national and international companies are expected to invest in the sector and more indigenous pharmaceutical companies are expected to come up in the future. The number of hospitals is expected to grow at a much faster pace along with privatization of public hospital. This will release the pressure off the public hospitals and raise the overall standard of healthcare in the country. The diagnostic laboratories market is also likely to grow in the future owing to the increase in demand as well as increase in private investment into the sector. With the development of hospitals, clinics and diagnostic laboratories in the country the medical devices are also likely to get updated. The dependency on import of these devices is likely to continue in the future. However, the domestic production of consumable medical equipments is expected to grow in the country.

Ken Research in its latest study, Vietnam Healthcare Market by Industry Type (Hospitals & Clinics, Diagnostic Labs, Pharmaceutical and Medical Devices) –Outlook to 2022, suggests that the Healthcare market in the Vietnam will grow at a substantial rate owing to liberalization policy adopted by the government and increase in demand for healthcare services.

Key Topics Covered in the Report:

Vietnam Healthcare Market Size

Single Specialty and Multispecialty Hospitals in Vietnam

Private Hospital Revenue Vietnam

Market share of Major Hospitals in Vietnam

Diagnostics Laboratories in Vietnam

Revenue of Laboratories by Type of Test in Vietnam

Vietnam Medical Devices Market Size

Vietnam Orthopaedic Appliances Market Demand

Dental Devices Revenue Vietnam

Medical and Electro-diagnostics Apparatus Market Vietnam

General Medical Instruments Consumption in Vietnam

Medical Consumables Market in Vietnam

Vietnam Ophthalmic Instruments Market Consumption

Vietnam Respiratory Devices Market

Vietnam Imaging Devices Market Outlook

Market Share of Major Players in Vietnam Medical Devices Market

Vietnam Pharmaceuticals Market Size

Vietnam Pharmaceuticals Market Segmentation

Market Share of Major Payers in Pharmaceutical Market

Vietnam Clinic and Health Center Market Size

Comparative Analysis of Major Diagnostic Labs in Vietnam

For more information on the research report, refer to below link:

https://www.kenresearch.com/healthcare/general-healthcare/vietnam-healthcare-market-report/142714-91.html

Related Reports by Ken Research

https://www.kenresearch.com/healthcare/general-healthcare/qatar-healthcare-market-report/99730-91.html

https://www.kenresearch.com/healthcare/medical-devices/global-robotic-surgery-market/142287-91.html

https://www.kenresearch.com/healthcare/general-healthcare/saudi-arabia-dental-care-market/142283-91.html

Contact:

Ken Research

Ankur Gupta, Head Marketing & Communications

sales@kenresearch.com

+91-124-4230204

Vietnam Healthcare Market by Industry Type (Hospitals & Clinics, Diagnostic Labs, Pharmaceutical and Medical Devices)-Outlook to 2022: Ken Research

Vietnam Healthcare Market by Industry Type (Hospitals & Clinics, Diagnostic Labs, Pharmaceutical and Medical Devices)-Outlook to 2022” provides a comprehensive analysis of the healthcare market in Vietnam. The report covers Vietnam Healthcare Market size, market segmentation by hospitals & clinics, diagnostic labs, pharmaceutical and medical devices. The report also covers market in different aspects such as healthcare scenario in Vietnam, government and private spending on healthcare, cross comparison of healthcare sector of Vietnam with other Asia Pacific countries, mergers, acquisitions and funding in healthcare sector, investment model for setting up a hospital, snapshots of daycare centers and polyclinics, investment model for setting up a diagnostic laboratory, government regulations for launching a new drug, role of IT companies in Vietnam healthcare sector and comparative analysis of major players in each section. The report provides detailed overview on future outlook & projections with analyst recommendations for the industry.

Market Potential

The healthcare sector in Vietnam has witnessed unprecedented growth in recent years. The country’s basic health indicators have improved and are better than other countries in the region with similar or higher per capita income. The overall healthcare market has increased from USD ~ billion in 2012 to USD ~ billion in 2017 and witnessed a growth rate of ~% during the period 2012-2017. However with the overall growth and development in the country it has been difficult to sustain the progress made in the healthcare sector due some existing and new challenges. It is still difficult for a significant percentage of the population to access proper healthcare facilities. Major health issues in Vietnam arise from dietary problems. There has been a significant rise in cerebrovascular diseases, heart diseases, lung and liver cancer, tuberculosis, HIV/AIDS, diabetes, respiratory diseases and road accidents. There is a huge gap in health status of different regions in the country. The country has been developing its healthcare infrastructure including hospitals, diagnostic labs, clinics and the pharmaceutical sector. In addition to all these factors, fast rising and ageing population in the country further adds to the advantages for Vietnam healthcare market.

Medical Devices Market

The medical devices industry is largely import driven in Vietnam. The medical devices market in Vietnam witnessed a moderate growth rate. The medical devices market contributed a share of around ~% (USD ~ billion) of the total healthcare market in Vietnam in 2017. The CAGR for the medical devices market during 2012-2017 was ~%.The overall healthcare market of the country is witnessing substantial growth, however the medical devices market in the country has lagged behind. Most of the hospitals, clinics and diagnostic labs are government owned. The government has invested heavily for the up gradation of the healthcare system in the country but the medical devices at most of the hospitals are old. With the decentralization of the healthcare sector, more hospitals are coming up and the existing ones are being upgraded. There is a huge opportunity in front of medical device companies to capitalize and expand into the Vietnamese market. The market has been majorly dominated by diagnostic imaging products, contributing ~% (USD ~ million) while consumable equipment contributed around ~% (USD ~ million) to the overall medical devices market. The large percentage of the medical devices was also contributed by orthopedic appliances & implants.

Pharmaceuticals Market

Vietnam has one of the fastest growing pharmaceutical markets in Asia. One of the main reasons for this is the significantly high population of the country which is entering the ageing stage at a very fast pace. With the growth of the economy the average income of the middle class has also increased and so has the demand for pharmaceutical products. The overall size of the pharmaceutical market has increased with a CAGR of ~% from USD ~ billion in 2012 to USD ~% in 2017. The government through its policies has tried to address the increasing demand of pharmaceutical products in the country, however there is a huge room for growth. Similar to the medical device market, the pharmaceutical market in Vietnam is also highly dependent on imports. Around ~% of the total pharma products consumed in the country are imported. Increasing rate and prevalence of lung and liver cancer, TB, HIV, respiratory, cerebrovascular and heart diseases among the growing population of the country has created high demand for generic and patented drugs. The pharmaceutical companies in the country mainly manufacture generic drugs by importing raw material from other countries. In context of therapeutic drugs, majority of the demand is to treat diabetes, respiratory and cardiovascular diseases. However to develop the domestic pharmaceutical sector the government has initiated efforts to streamline the Foreign Direct Investment (FDI) into the industry. Foreign companies cannot directly enter the Vietnamese market; instead they need to partner with an indigenous company to distribute their products. The biggest pharmaceutical firms in the country are Hau Giang Pharmacy, Traphaco, Domesco, IMEXPHARM, and OPC.

Hospitals Market

Vietnam is in the phase of experiencing a structural change in hospital industry. Currently the country is dominated by the presence of government run hospitals and commune health stations. There are around ~ hospitals and ~ commune health clinics in the country out of which ~% are run by the government. However, in 2014 the government announced the plan to deregulate the hospital in order to support the already overburdened public hospitals in the country. Since liberalization a number of private hospital have already come up in the country and more are in the process. Many foreign investors and firms already have or are in the process of acquiring stocks in the hospitals. The number of inpatients and outpatients has increased at a CAGR of ~% and ~% respectively during 2012-2017. The overall revenue of the hospital market in Vietnam has increased with a CAGR of ~% from USD ~ billion in 2012 to USD ~ in 2017. The government has also eased the regulation for the employment of foreign doctors and medical staff in the country. A large percentage of hospitals, clinics and medical staff is concentrated in urban area and cities. This presents an opportunity for private investors and companies to expand their health services into the rural areas of the country.

Diagnostic Laboratories Market

Owing to government policies, the healthcare sector in the country is gradually getting decentralized. With this decentralization the number of hospitals & clinics is increasing and so is the overall standard of healthcare services. To cater to this demand there is a vital requirement for affective and faster diagnostic laboratories. The overall market for diagnostic laboratories has increased from USD ~ million in 2012 to USD ~ million in 2017 with a CAGR of ~% during this period. The market is dominated by public hospital labs which contribute around ~% (USD ~ million) to the overall diagnostic laboratories market. The rise in average income of the middle class in Vietnam coupled with increasing prevalence of chronic diseases is a major factor which has led to the growth of diagnostic laboratories. These laboratories are actively engaged in providing imaging and pathology tests. Pathology tests contributed approximately ~% of the total revenue, while imaging tests contributed around ~% in 2017.