Vietnam Diagnostic Labs Market Size Booming at Significant CAGR to Reach USD 2 Billion by 2030

Published | 23 July 2024

Vietnam Diagnostic Labs Market is flourishing because of increasing investments by government and private sector in healthcare infrastructure and a growing focus on diagnosing chronic diseases for better treatment outcomes.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Vietnam Diagnostic Labs Market size at USD 1.2 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects Vietnam Diagnostic Labs Market size to expand at a CAGR of 7.30% reaching a value of USD 2 billion by 2030. Major factors propelling Vietnam Diagnostic Labs Market include growing investments in healthcare development and the rising rates of different chronic and communicable ailments. The Vietnamese government and international organizations, including as the World Bank, are funding the improvement of healthcare services through grants and investments, which is expected to present Vietnam Diagnostic Labs Market with promising growth potential over the forecast period.

Opportunity: Growing Prevalence of Communicable and Non-Communicable Diseases

The growth of Vietnam Diagnostic Labs Market is directly influenced by the growing prevalence of various chronic and non-communicable diseases in the country. The World Health Organization estimates that one in every 20 Vietnamese adults has diabetes, while there are 165,000 new cancer cases and 115,000 cancer deaths each year. As a result, the demand for routine checkups spiked in the country as a preventive measure, which is propelling the demand for Diagnostic Labs in Vietnam.

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Pathology Test Type Segment Holds Largest Market Share

Based on test type, Vietnam Diagnostic Labs Market is segmented into routine tests, pathology tests, and radiology tests. The pathology test segment is the leading test type and also anticipated to register a high growth rate during the forecast period. Pathology tests are carried out to screen for certain health issues to detect them early, monitor a patient's reaction to medications and other therapies, and assist in the diagnosis or monitoring of a medical condition. The rising prevalence of various chronic and communicable diseases has resulted in a significant spike in the demand for pathology tests. In addition, the COVID-19 pandemic outbreak further boosted the number of pathology tests performed in Vietnam, which propelled the segment’s growth.

Impact of Escalating Geopolitical Tensions on Vietnam Diagnostic Labs Market

Escalating geopolitical tensions can significantly impact the Vietnam Diagnostic Labs Market. Trade disruptions, such as tariffs and import restrictions, can lead to higher costs for diagnostic labs, affecting both supply and pricing. For instance, tensions between major global economies like the United States and China can create ripple effects, as Vietnam often imports components from these countries. Additionally, geopolitical instability can affect investor confidence, potentially limiting market growth. For example, during the United States-China trade war, Vietnam experienced shifts in trade policies that influenced its import-export dynamics. Moreover, heightened tensions might divert government focus and resources from market development initiatives toward defense and security, indirectly stalling market growth and innovations in Vietnam Diagnostic Labs Market.  

Competitive Landscape

Vietnam Diagnostic Labs market is intensely competitive, as a number of companies are competing to gain a significant market share. Key players in the market include Lab Group International Vietnam Co. Ltd, Chemedic Test Center, Hoan My Medical Corporation, Plus Diagnostics (d+), Medlab Vietnam, Diag., MEDIC MEDICAL CENTER, Vinmec International Hospital, Cho Ray Hospital, and Bach Mai Hospital.

To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Don’t miss the business opportunity in Vietnam Diagnostic Labs Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and Vietnam Diagnostic Labs Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Vietnam Diagnostic Labs Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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