Vietnam X-Ray Systems Market to Grow at a CAGR of 5.8% until 2028
Published | 28 July 2022
Vietnam X-Ray Systems Market is gaining significant traction owing to the aging population, technological advancements, changing lifestyles, and an increase in cancer and orthopedic disease incidences…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Vietnam X-Ray Systems Market is predicted to grow at a CAGR of 5.8%, by the end of 2028. The Vietnam X-Ray Systems Market is booming because of the growing geriatric population and the rise in the prevalence of chronic diseases, which in turn contribute to the expansion of the market. Additionally, the increase in fracture and orthopedic disease instances, as well as the quick development of X-Ray system techniques, are expected to boost the market's expansion. Also, several advantageous laws, government initiatives, and investments are among the key elements anticipated to propel the growth of the Vietnam X-ray Systems. Furthermore, X-ray Market is one of the most emerging markets that grow continuously owing to the fast integration of new technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), cloud computing, and others. However, the high cost of these technologies prevents their wider implementation. The development of this industry is also anticipated to be hampered by additional issues such as diminishing reimbursements, a lack of infrastructure, particularly in developing and impoverished nations, and potential radiation exposure dangers.
Increasing Prevalence of Chronic Disease
In Vietnam, a lot of people struggle with both chronic and infectious diseases. Nationwide, a vast number of people have been impacted by cardiovascular and respiratory diseases, which are the main causes of death for the country's population. In the event of breathing issues or a respiratory ailment, people have frequently prescribed a chest X-ray. A major respiratory condition that affects millions of people nationwide is tuberculosis. In a population-based survey conducted in rural Vietnam, it was discovered that 39% of those between the ages of 25 and 74 reported having at least one chronic illness. More than 10% of them claimed to have two or more chronic illnesses. All these factors boost the growth of the Vietnam X-Ray Systems Market during the forecast period (2022-2028).
Development of Digital X-Ray Systems Powered by AI
The application of artificial intelligence (AI), particularly in the field of medical imaging, is one of the most promising areas of health innovation. Numerous ongoing research and development initiatives have helped the industry in this area. R&D efforts are currently being made by several businesses to integrate AI into several imaging modalities, including digital X-ray systems. Clinicians may now access AI1 automated imaging analysis solutions from some medical systems, which enables them to make quicker, more accurate diagnoses for better patient care. These developments have also contributed to AI's successful application in diagnostic imaging. During the anticipated period, each of these drivers contributes to the growth of the Vietnam X-Ray Systems Market (2022-2028).
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Challenge: Greater Use of Refurbished Systems
Due to budget constraints, high equipment costs, and low reimbursement rates, many hospitals in developing countries are unable to invest in digital X-ray systems. However, due to the high demand for digital imaging procedures worldwide, hospitals that cannot afford to invest in new imaging systems opt for refurbished ones. Refurbished systems are frequently less expensive than new systems. Also, the growing demand for refurbished devices presents a significant challenge for market participants, particularly small manufacturers. To strengthen their market position and build a strong user base for their imaging systems, market players must either price their products lower or develop better or more advanced technologies that address unmet market needs.
Impact of COVID-19 on Vietnam X-Ray Systems Market
The COVID-19 pandemic had a negative economic impact in 2020, as well as several difficulties for patients and clinical healthcare providers. COVID-19 has had an impact on various levels of the value chain as a result of the stringent lockdowns implemented by the governments of the majority of countries. Newer packaging guidelines and country-imposed lockout procedures have also had an impact on the time it takes to deliver goods and services. All of these factors harm the manufacturing and supply chain of digital X-ray equipment. COVID-19, on the other hand, has given X-ray manufacturers and healthcare providers new opportunities. In situations when laboratory testing (RT-PCR) is unavailable, results are slow to come in, or results are initially negative, chest imaging has been thought of as an alternate treatment for patients with suspected or probable COVID-19.
Competitive Landscape
The leading market players in the Vietnam X-Ray Systems Market are Great Asia Co., Ltd, Thanh Thy Co., Tan Dai Diung Ltd, FUJIFILM Vietnam Co Ltd, Siemens Vietnam, Neusoft Medical Systems Vietnam, Canon Medical Systems Vietnam, Shimadzu Vietnam, IDS Medical Systems Vietnam, and other prominent players.
The Vietnam X-Ray Systems Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Vietnam X-Ray Systems Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Vietnam X-Ray Systems 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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