Vietnam Medical Devices Industry Research Report 2024-2033

Dublin, July 16, 2024 (GLOBE NEWSWIRE) -- The "Vietnam Medical Devices Industry Research Report 2024-2033" report has been added to ResearchAndMarkets.com's offering.

Vietnam's medical devices industry is expected to grow rapidly in the future, particularly in the low-value medical consumables segment, which has lower patent barriers. The driving forces for the medical devices market in Vietnam include the growth in domestic market demand and the increase in Vietnam's medical devices exports. By 2033, the market size of Vietnam's medical devices industry is expected to reach USD 3.95 billion, with a compound annual growth rate (CAGR) of 9.0% from 2024 to 2033.

Vietnam's middle class and affluent class are expected to grow rapidly, accounting for 20% of the population by 2030. According to the analysis of the publisher, the consistent economic development of Vietnam, the growth of the middle class, and the increasing demand for high-quality medical services are key drivers for the development of the Vietnamese medical devices industry. Additionally, increased investment in medical technology and the rapid advancement of research technologies further support the expansion of Vietnam's medical devices market.



Vietnam's medical devices industry was USD 1.67 billion in 2023. Medical devices in Vietnam can be categorized into four main types: medical equipment, high-value medical consumables, low-value medical consumables, and in vitro diagnostics (IVD). Over 90% of medical devices are imported, with the United States, Japan, Singapore, Germany, and China being the main source countries.

More than 30% of imports are high-end products such as MRI, CT, X-ray, and ultrasound equipment from Japan and Germany. As the publisher analyzed, the medical devices of Vietnam are highly dependent on imports. Due to Vietnam's limited basic industrial level, it mainly produces simple medical supplies, and local production cannot meet the corresponding market demand. Therefore, the Vietnamese government encourages the import of medical devices. The import tariffs on medical devices are low, without quota restrictions.

Apart from the reliance on imports, medical resources in Vietnam are also quite imbalanced. The Vietnamese medical devices market is divided into two distinct regions: the northern and southern markets. The northern region has more government departments, regulatory agencies, and national healthcare institutions, while the southern region is more concentrated with private institutions. According to the publisher, high-quality medical resources in Vietnam are primarily concentrated in the capital city Hanoi and the largest city, Ho Chi Minh City. Therefore, foreign companies planning to enter the Vietnamese medical devices industry should pay special attention to these two cities.

The medical devices industry in Vietnam holds significant potential for foreign investors. According to the publisher, Vietnam's low labor costs and numerous trade agreements make it a potential investment destination for global medical devices companies. However, in high-end medical equipment and high-value medical consumables, Vietnam still faces challenges such as education, research and development of advanced technologies, and infrastructure.

Topics covered:

• Overview of Vietnam's Medical Devices Industry
• Economic Conditions and Policies for Vietnam's Medical Devices Industry
• Impacts of COVID-19 on the Medical Devices Industry in Vietnam
• Market Size of Vietnam's Medical Devices Industry (2024-2033)
• Analysis of Major Medical Devices Manufacturers in Vietnam
• Key Drivers and Market Opportunities in Vietnam's Medical Devices Industry
• What are the Main Drivers, Challenges, and Opportunities for Vietnam's Medical Devices Industry during the Forecast Period of 2024-2033?
• Key Players in the Medical Devices Industry in Vietnam and their Competitive Advantages
• What is the Expected Revenue for Vietnam's Medical Devices Market during the Forecast Period of 2024-2033?
• What Strategies are Major Market Players Adopting to Increase Their Market Share in the Industry?
• Which Segment of the Vietnam Medical Devices Market is Expected to Dominate by 2033?
• What are the Main Adverse Factors Facing Vietnam's Medical Devices Industry?

Companies Featured

• Medtronic
• Johnson & Johnson
• Becton Dickinson
• Siemens Healthineers
• Boston Scientific
• Stryker Corporation

Key Attributes:

Key Topics Covered:

1. Overview of Vietnam
1.1. Geography
1.2. Demographics of Vietnam
1.3. Economic of Vietnam
1.4. Minimum Wage in Vietnam, 2015-2024
1.5. Impact of COVID-19 on Vietnam's Medical Devices Industry

2. Development Environment of the Medical Devices Industry in Vietnam
2.1. History of the Medical Devices Industry in Vietnam
2.2. Categories of Medical Devices in Vietnam
2.3. Policies for the Medical Devices Industry in Vietnam

3. Supply and Demand of the Medical Devices Industry in Vietnam
3.1. Supply of the Medical Devices Industry in Vietnam
3.1.1. Production Capacity
3.1.2. Production Volume
3.2. Demand of the Medical Devices Industry in Vietnam
3.2.1. Demand Volume
3.2.2. Market Size

4. Import and Export of the Medical Devices Industry in Vietnam
4.1. Import of the Medical Devices Industry in Vietnam
4.1.1. Import Volume and Value of Medical Devices in Vietnam
4.1.2. Main Suppliers of Medical Devices Imports in Vietnam
4.2. Export of the Medical Devices Industry in Vietnam
4.2.1. Export Volume and Value of Medical Devices in Vietnam
4.2.2. Main Destinations of Medical Devices Exports in Vietnam

5. Market Competition of Vietnam's Medical Devices Industry
5.1. Barriers to Entry in Vietnam's Medical Devices Industry
5.1.1. Brand Barriers
5.1.2. Quality Barriers
5.1.3. Capital Barriers
5.2. Competitive Structure of Vietnam's Medical Devices Industry
5.2.1. Bargaining Power of Medical Devices Suppliers
5.2.2. Bargaining Power of Consumers
5.2.3. Competitive Landscape of Vietnam's Medical Devices Industry
5.2.4. Potential Entrants in the Medical Devices Industry
5.2.5. Substitutes for Medical Devices Products

6. Analysis of Major Medical Devices Brands in Vietnam
6.1.1. History
6.1.2. Main Products
6.1.3. Operating Model

For more information about this report visit https://www.researchandmarkets.com/r/r8mraf

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• Vietnamese Medical Devices Industry