Report Overview

Vietnam Diagnostic Labs Market - Industry Trends & Forecast Report, 2029

The Vietnam diagnostic labs market size was estimated to be worth USD 1,146.56 million in 2022. During the forecast period between 2023 and 2029, the Vietnam diagnostic labs market size is projected to grow at a CAGR of 6.26% reaching a value of USD 1,743.36 million by 2029. Major growth factors for the Vietnam diagnostic labs market include the increasing prevalence of various chronic and communicable diseases along with rising investment in healthcare development. The Vietnamese government as well as international institutions, such as the World Bank, are investing and granting funds for the betterment of healthcare services, which is expected to provide lucrative growth opportunities to the Vietnam diagnostic labs market during the forecast period.

Vietnam Diagnostic Labs Market – Overview

A diagnostic lab is a location where blood or other potentially infectious materials are subjected to diagnostic or other screening procedures. There are five common diagnostic services offered by these labs including microbiology, urinalysis, blood bank, hematology, and histopathology. Determining the cause of an illness is the diagnostician's primary responsibility. The diagnostic labs also perform three other but equally crucial duties, namely: 1) consultative/advisory; 2) interpretive; and 3) disease surveillance.

Vietnam Diagnostic Labs Market

Growth Drivers

Rising Investments in Healthcare Infrastructure

Developing healthcare businesses in Vietnam has prospects due to the country's constrained government resources and increased demand for healthcare services. In 2021, Vietnam had 3.1 hospital beds per 1,000 inhabitants, below the amount the WHO advised (5 beds per 1,000 population). According to government regulations like Decision No. 20/NQ-TW 2017[2], which sets the goal for private hospital beds to account for 10% and 15% of all hospital beds in 2025 and 2030, respectively, there is a substantial capacity for the growth of private healthcare in Vietnam.

Restraints

Poor Healthcare Infrastructure and Lack of Skilled Professionals

Vietnamese tertiary hospitals in major cities like Hanoi and Ho Chi Minh City have long been overburdened with patients from nearby areas. According to a Ministry of Health report from 2012, 59% of patients bypass local or provincial hospitals in favor of central, better-equipped hospitals. At some facilities, sharing a bed with two or three patients has become standard. The lack of sufficient funds and skilled professionals to run these labs acts as a major restraining factor for the growth of the Vietnam diagnostic labs market.

Impact of COVID-19 on the Vietnam Diagnostic Labs Market

COVID-19 had a mixed effect on the expansion of Vietnam's diagnostic labs market. On the one hand, the market experienced incredible growth due to the increase in COVID-19 infection testing. The expanding need for diagnostic laboratories across the nation was facilitated by the commencement of home sample collection services offered by a number of diagnostic clinics. On the other hand, fewer people visited hospitals due to the growing dangers of COVID-19 contamination, which had a negative influence on the market's expansion by sharply decreasing the number of diagnostic tests and treatments for various types of disorders. However, the Vietnamese government increased its expenditure in the healthcare sector following the COVID-19 pandemic, which is likely to drive the growth of the diagnostic labs market during the forecast period.

Vietnam Diagnostic Labs Market

Segmental Coverage

Vietnam Diagnostic Labs Market – By Provider Type

Based on provider type, the Vietnam diagnostic labs market is segregated into hospital-based and standalone segments. The hospital-based segment holds a higher market share. In comparison to other types of laboratories, hospital-based laboratories do more tests, providing them with a competitive advantage. The competitiveness between independent laboratories and hospital-based labs is also greatly influenced by the existence of several government rules and insurance. However, the standalone segment is also projected to register growth at a higher CAGR during the forecast period as they perform several pathological tests at a lesser cost.

Vietnam Diagnostic Labs Market – By Test Type

Based on test type, the Vietnam diagnostic labs market is segmented into radiology and pathology. The radiology segment accounts for a higher share in the Vietnam diagnostic labs market. Radiology assists patients by using cutting-edge instruments, methods, and several alternatives to diagnose and treat illness. Using diagnostic imaging can provide extensive information on structural or disease-related changes. The prominent use of radiology in the cancer diagnosis is one of the major contributing factors to this segment’s growth.

Vietnam Diagnostic Labs Market – By End User

Based on end user, the Vietnam diagnostic labs market is segmented into referrals, walk-ins, and corporate clients. The referrals segment holds the highest market share. The transition between primary care providers and secondary care specialists may be made better by having a proper clinical referral; improving the readability and correctness of referrals also lowers mistakes brought on by missing or incomplete recommendations. However, the corporate client segment is projected to register a high growth rate during the forecast period owing to rising focus towards employee benefit programs and offers of private health care plans by employers.

Vietnam Diagnostic Labs Market – By Region

Geographically, the Vietnam diagnostic labs market covers the following major regions: Northern, Central, and Southern. The Southern region dominates the Vietnam diagnostic labs market. Ho Chi Minh City, the capital of Vietnam, is at the center of healthcare in the country with a high number of diagnostic labs and healthcare professionals. The lack of proper healthcare in rural Vietnam prompts its population to flock to urban regions of the South, which is contributing to the diagnostic labs market growth.

Competitive Landscape

Major players operating in the Vietnam diagnostic labs market include Lab Group International Vietnam Co. Ltd., Medic Medical Diagnostic Center, Medical Laboratory and Technology Co. Ltd., Chemedic Test Center, HI-Medic Laboratory Co., Ltd., Vietnam Lab Testing Center (Labo TH Việt Nam), Hoan My Medical Corporation, Vietlife Medicine Joint Stock Company, Plus Diagnostics (d+), and Medlab Vietnam. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In February 2023, FunBrain, a Vietnam-based health tech startup, deployed AI models to 100+ hospitals to detect abnormalities and accelerate the time to diagnosis with NVIDIA DGX SuperPOD and NVIDIA Clara.

Scope of the Report

By Provider Type

• Hospital-Based

• Stand Alone

By Test Type

• Radiology

• Pathology

By End User

• Referrals

• Walk-ins

• Corporate Clients

By Region

• Northern

• Central

• Southern

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. Vietnam Diagnostic Labs Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Growing Disease Prevalence Fuelling Market Growth
         2. Growing Concerns Regarding Health
         3. Rapid Adoption of Technology advancements
      2. Restraints
         1. Lack of Skilled Professionals
         2. High Cost of Diagnostic Tests
      3. Opportunities
         1. Increasing Healthcare Spending
         2. Increasing Awareness about Preventive Healthcare
      4. Challenges

3. 3. Technology Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. Vietnam Diagnostic Labs Market Overview
   1. Market Size & Forecast by Value, 2019−2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Provider Type
         1. Hospital-based
         2. Stand Alone
      2. By Test Type
         1. Radiology
         2. Pathology
      3. By End User
         1. Referrals
         2. Walk-ins
         3. Corporate Clients
      4. By Region
         1. Northern
         2. Central
         3. Southern
5. Northern Vietnam Diagnostic Labs Market Overview
   1. Market Size & Forecast by Value, 2019−2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Provider Type
      2. By Test Type
      3. By End User
6. Central Vietnam Diagnostic Labs Market Overview
   1. Market Size & Forecast by Value, 2019−2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Provider Type
      2. By Test Type
      3. By End User
7. Southern Vietnam Diagnostic Labs Market Overview
   1. Market Size & Forecast by Value, 2019−2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Provider Type
      2. By Test Type
      3. By End User
8. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. Vietnam Diagnostic Labs Company Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Development (Mergers, Acquisitions, Partnerships, and others)
9. Impact of Covid-19 on Vietnam Diagnostic Labs Market
10. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT analysis)
    1. Lab Group International Vietnam Co. Ltd.
    2. Medic Medical Diagnostic Center
    3. Medical Laboratory and Technology Co. Ltd.
    4. Chemedic Test Center
    5. HI-Medic Laboratory Co., Ltd.
    6. Vietnam Lab Testing Center (Labo TH Việt Nam)
    7. Hoan My Medical Corporation
    8. Vietlife Medicine Joint Stock Company
    9. Plus Diagnostics (d+)
    10. Medlab Vietnam
    11. Other Prominent Players
11. Key Strategic Recommendations
12. Research Methodology
    1. Qualitative Research
       1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
       1. Secondary Research
       2. Primary Research
    4. Breakdown of Primary Research Respondents, By Region
    5. Assumptions & Limitations

*Financial information in case of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

List of Figures

Figure 1   Vietnam Diagnostic Labs Market Segmentation

Figure 2   Vietnam Diagnostic Labs Market Value Chain Analysis

Figure 3   Company Market Share Analysis, 2022

Figure 4   Vietnam Diagnostic Labs Market Size, By Value (USD Billion), 2019–2029

Figure 5   Vietnam Diagnostic Labs Market Share, By Provider Type, By Value, 2019–2029

Figure 6   Vietnam Diagnostic Labs Market Share, By Test Type, By Value, 2019–2029

Figure 7   Vietnam Diagnostic Labs Market Share, By End User, By Value, 2019–2029

Figure 8   Vietnam Diagnostic Labs Market Share, By Region, By Value, 2019–2029

Figure 9   Northern Vietnam Diagnostic Labs Market Size, By Value (USD Billion), 2019–2029

Figure 10 Northern Vietnam Diagnostic Labs Market Share, By Provider Type, By Value, 2019–2029

Figure 11 Northern Vietnam Diagnostic Labs Market Share, By Test Type, By Value, 2019–2029

Figure 12 Northern Vietnam Diagnostic Labs Market Share, By End User, By Value, 2019–2029

Figure 13 Central Vietnam Diagnostic Labs Market Size, By Value (USD Billion), 2019–2029

Figure 14 Central Vietnam Diagnostic Labs Market Share, By Provider Type, By Value, 2019–2029

Figure 15 Central Vietnam Diagnostic Labs Market Share, By Test Type, By Value, 2019–2029

Figure 16 Central Vietnam Diagnostic Labs Market Share, By End User, By Value, 2019–2029

Figure 17 Southern Vietnam Diagnostic Labs Market Size, By Value (USD Billion), 2019–2029

Figure 18 Southern Vietnam Diagnostic Labs Market Share, By Provider Type, By Value, 2019–2029

Figure 19 Southern Vietnam Diagnostic Labs Market Share, By Test Type, By Value, 2019–2029

Figure 20 Southern Vietnam Diagnostic Labs Market Share, By End User, By Value, 2019–2029

List of Tables

Table 1     Vietnam Diagnostic Labs Market Size, By Provider Type, By Value, 2019–2029

Table 2     Vietnam Diagnostic Labs Market Size, By Test Type, By Value, 2019–2029

Table 3     Vietnam Diagnostic Labs Market Size, By End User, By Value, 2019–2029

Table 4     Northern Vietnam Diagnostic Labs Market Share, By Provider Type, By Value, 2019–2029

Table 5     Northern Vietnam Diagnostic Labs Market Share, By Test Type, By Value, 2019–2029

Table 6     Northern Vietnam Diagnostic Labs Market Share, By End User, By Value, 2019–2029

Table 7     Central Vietnam Diagnostic Labs Market Share, By Provider Type, By Value, 2019–2029

Table 8     Central Vietnam Diagnostic Labs Market Share, By Test Type, By Value, 2019–2029

Table 9     Central Vietnam Diagnostic Labs Market Share, By End User, By Value, 2019–2029

Table 10   Southern Vietnam Diagnostic Labs Market Share, By Provider Type, By Value, 2019–2029

Table 11   Southern Vietnam Diagnostic Labs Market Share, By Test Type, By Value, 2019–2029

Table 12   Southern Vietnam Diagnostic Labs Market Share, By End User, By Value, 2019–2029

Table 13   Lab Group International Vietnam Co. Ltd. Company Overview

Table 14   Lab Group International Vietnam Co. Ltd. Financial Overview

Table 15   Medic Medical Diagnostic Center Company Overview

Table 16   Medic Medical Diagnostic Center Financial Overview

Table 17   Medical Laboratory and Technology Co. Ltd. Company Overview

Table 18   Medical Laboratory and Technology Co. Ltd. Financial Overview

Table 19   Chemedic Test Center Company Overview

Table 20   Chemedic Test Center Financial Overview

Table 21   HI-Medic Laboratory Co., Ltd. Company Overview

Table 22   HI-Medic Laboratory Co., Ltd. Financial Overview

Table 23   Vietnam Lab Testing Center (Labo TH Việt Nam) Company Overview

Table 24   Vietnam Lab Testing Center (Labo TH Việt Nam) Financial Overview

Table 25   Hoan My Medical Corporation Company Overview

Table 26   Hoan My Medical Corporation Financial Overview

Table 27   Vietlife Medicine Joint Stock Company - Company Overview

Table 28   Vietlife Medicine Joint Stock Company Financial Overview

Table 29   Plus Diagnostics (d+) Company Overview

Table 30   Plus Diagnostics (d+) Financial Overview

Table 31   Medlab Vietnam Company Overview

Table 32   Medlab Vietnam Financial Overview