The growth in the Healthcare industry of Vietnam can be attributed to the increasing and ageing population, reduction in poverty along with rise in demand for healthcare services due to increase in average income of middle class in the country.
Vietnam is one of the fastest growing economies in South-East Asia. The country has transformed from one of the poorest countries to a lower middle-income country in the past few decades. There has been a dramatic reduction in poverty and the country has made significant advances in provision of basic services to its citizens. The access to basic healthcare services has also improved. However the pressure on public healthcare facilities (hospitals, clinics, diagnostic laboratories etc.) has increased substantially in recent years. Considering the limitations of a government dominated sector and the need to expand, the government has deregulated the healthcare sector and allowed private investment into the industry.
Vietnam has one of the fastest growing pharmaceutical markets in South-East Asia, which is majorly dependant on imports. Prevalence of a number of chronic diseases in the country has made it imperative to import medicines. The indigenous pharmaceutical companies majorly produce generic drugs while international companies can distribute their products only in partnership with a local company. The medical devices market similar to the pharmaceutical market is majorly dependant on imports. Currently most of the hospital, clinics and diagnostic labs use outdated technology due to lack of government funding in this sector. However, with the increase in private investment in hospitals, clinics and labs these outdated devices are gradually being updated. Devices for imaging and orthopedic devices and implants contribute a major share of revenue to the market. The number of hospitals has gradually increased in the country. Most of the hospitals and clinics in the country are run by the government and they are not adequate enough to cope up with the demand of the ever increasing population. With deregulation of the healthcare sector a number of new hospitals have already come up and stocks of public hospitals are available in the market for national and international healthcare firms and private investor to invest into. Similar to the hospitals and clinics, most of the diagnostic laboratories in Vietnam are owned and operated by the government. With the rise in population of the country there has been a significant increase in demand for diagnostic tests. The number of private labs is increasing and private investment into the sector is expected to increase in the future.
The report titled “Vietnam Healthcare Market by Industry Type (Hospitals & Clinics, Diagnostic Labs, Pharmaceutical and Medical Devices) –Outlook to 2022” by Ken Research suggested a growth at a positive CAGR in revenues in Vietnam Healthcare market in the next 5 years till 2022, due liberalization of the healthcare sector by the government and increase in average income of middle class.
Key Topics Covered in the Report:
Revenue of Laboratories by Type of Test in Vietnam
Diagnostics Laboratories in Vietnam
Vietnam Medical Devices Market Size
Vietnam Healthcare Market Size
Vietnam Ophthalmic Instruments Market Consumption
Vietnam Pharmaceuticals Market Size
Market share of Major Hospitals in Vietnam
Vietnam Pharmaceuticals Market Segmentation
For more information on the research report, refer to below link:
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Ankur Gupta, Head Marketing & Communications