Report Overview

An increasing demand for digital health services and government support for digital transformation are expected to boost the growth of Vietnam HealthTech Market during the forecast period between 2024 and 2030.

Vietnam HealthTech Market - Industry Trends & Forecast Report, 2030

Vietnam HealthTech Market size was estimated to be worth USD 261.27 million in 2023. During the forecast period between 2024 and 2030, Vietnam HealthTech Market size is projected to grow at a CAGR of 5.14%, reaching a value of USD 453.56 million by 2030. Major growth factors for Vietnam HealthTech Market include the lack of access to advanced healthcare services in rural areas and the growing adoption of smartphones and various mobile platforms, which facilitates the accessibility of healthtech services. In addition, the rising prevalence of chronic diseases and increasing demand for remote patient monitoring is anticipated to drive Vietnam HealthTech Market over the forecast period.

HealthTech – Overview

Healthtech refers to the use of technology in healthcare products and services. Healthcare technology software enterprises create and execute technology-driven goods and solutions that raise standards of care, boost patient outcomes, and lower medical expenses. The growing need for healthcare services and the rising cost of providing those services are driving the healthtech industry. It makes health more accessible and easier by enabling people to communicate with doctors online, monitor their fitness regimens, and even receive timely medication reminders.

Vietnam HealthTech Market

Growth Drivers

Rising Private Investment into the HealthTech Sector

The demand for healthtech services is rising in Vietnam owing to rising awareness of healthcare and the unmet demand for quality healthcare services in the country. As a result, Vietnam HealthTech Market has been attracting significant investments, which is anticipated to drive its market growth during the forecast period. The healthcare sector alone recorded record-high growth of 391%. Jio Health, a technology-powered healthcare provider, for instance, secured USD 20 million in funding in a Series B investment from Heritas Capital, a Singapore-based healthcare investor.

Challenges

Privacy Concerns and Data Breaches

The use of healthtech software and services may raise privacy concerns, which could be a major barrier to the market's expansion in Vietnam. Healthtech collects and shares essential consumer or patient data, such as financial and medical records. These gadgets acquire a lot of personal data as they track and monitor health-related data, such as heart rate, activity levels, and sleep habits. This data may be compromised during health information transfers between healthcare providers and may limit the usage of healthtech in Vietnam.

Vietnam HealthTech Market

Segmental Coverage

Vietnam HealthTech Market – By Technology

Based on technology, Vietnam HealthTech Market is segmented into digital health systems, health analytics, health information technology, mHealth, and telehealthcare. The telehealthcare segment holds the largest share of Vietnam HealthTech Market. The country's high mobile phone ownership and an increasingly aging population are major factors driving the demand for telehealthcare in Vietnam. Furthermore, rising demand for remote patient monitoring, particularly after the COVID-19 pandemic outbreak, is anticipated to propel the demand for both telehealthcare and mHealth in the forecast period.

Vietnam HealthTech Market – By Component

On the basis of component, Vietnam HealthTech Market is segmented into hardware, software, and services. The software segment accounts for the highest market share. Healthtech software is flexible, affordable, as well as innovative and offers an easy-to-understand interface that allows accessibility to a wide range of demographics and patient pools. The software significantly contributes to reducing the healthcare expenses of the patients and provides better healthcare delivery. In addition, the software enhances medical professional collaboration and patient involvement by making health information more accessible to patients. Additionally, it uses cutting-edge technology like big data analytics, which can facilitate customized treatment.

Vietnam HealthTech Market – By End User

On the basis of end user, Vietnam HealthTech Market is divided into healthcare providers, healthcare payers, healthcare consumers, pharmaceutical companies, and other segments. The healthcare consumers segment accounts for the largest share in Vietnam HealthTech Market. The lack of accessibility to healthcare systems in the rural parts of Vietnam is boosting the growth of telehealth and mHealth facilities in the country. In terms of patient accessibility to healthcare, healthtech provides several benefits, including remote monitoring and health information access. Furthermore, increasing smartphone ownership and the launch of various healthtech devices, such as Fitbit, are further driving the growth of the market.

Competitive Landscape

Vietnam HealthTech Market is intensely competitive, as a number of companies are competing to gain a significant market share. Key players in the market include Johnson Health Tech Vietnam, Saigon Technology, Thuocsi, Jio Health, Medigo, Medici, EDoctor, Med247, Docosan, Nhi Đồng 315, and AiHealth. 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 August 2023 – HD, a healthtech company based in Thailand, received investments from FEBE Ventures, a Vietnam-based venture capital firm, to expand its presence in Vietnam.

Scope of the Report

By Technology

• Digital Health Systems

• Health Analytics

• Health Information Technology

• mHealth

• Telehealthcare

By Component

• Hardware

• Software

• Services

By Application

• Cardiology

• Diabetes

• Neurology

• Sleep Apnea

• Oncology

• Others

By End User

• Healthcare Providers

• Healthcare Payers

• Healthcare Consumers

• Pharmaceutical Companies

• Others