Report Overview

Vietnam Medical Device Market - Industry Trends & Forecast Report 2028

The Vietnam Medical Device Market was worth USD 1,522.1 Million in 2021, and it is further projected to reach USD 2,862.6 Million by 2028, at a CAGR of 7.9% during 2022-2028 (forecast period). The growth of the Vietnam medical device market can be attributed to the growth of effective and efficient diagnosis, treatment, and monitoring procedures. Additionally, increasing investments in medical technology and rapid growth in research and technological development further support the growth of the Vietnam medical devices market. Moreover, rising instances of chronic diseases, like hypertension, diabetes, cardiovascular diseases, etc., are expected to contribute additional support to the growth of the Vietnam medical devices market during the forecast period.

Medical Device Overview

A medical device can be any instrument, apparatus, implement, machine, appliance, implant, reagent for in vitro use, material, or other similar equipment, instructed by the professionals to be used alone or in combination with other equipment for medical treatments such as respiratory disease treatment, lungs treatment, cardiology treatments, etc. Medical devices are used for different medical practices according to the medical needs of the patients or as instructed by the professionals. The medical device falls under 3 classes as class I products are low-risk. They don't need to be submitted to the FDA for data or information; class II products have a moderate risk. They are cleared under the 510(k) process (k), and a premarket approval application is required for class III products, which are high-risk, innovative products.

Vietnam Medical Device Market Trends

Growth Drivers

Emerging Technological Advancement In Diagnosis And Recovery Timelines

In the Vietnam healthcare sector, the medical device industry is one of the most promising industries in terms of technological advancements growth. With improving healthcare services in Vietnam, healthcare providers are focusing on using superior technological medical devices to aid in the early detection of diseases as well as accelerate the pace of diagnosis and recovery timelines. Demand for medical devices is anticipated to record growth due to the up-gradation of the healthcare resources at public and private healthcare facilities. These factors are opening up a plethora of new avenues for the Vietnam medical device market players.

Growing Capabilities Of The Domestic Medical Device Market

The medical device market in Vietnam is developing, and it is one of the country's fastest-growing industries. The Ministry of Health's Department of Medical Equipment and Health Works (DMEHW) regulates medical devices in the country. Several advantageous scenarios supplied by the country's regulatory authorities to domestic players for medical device approval are assisting the market's expansion in the next years. Moreover, in Vietnam, about 90% of the active pharmaceutical ingredients (APIs) are imported by domestic companies. The country is moving towards the usage of domestically produced goods, driven by a rise in self-medicating and OTC drugs practices. Hence, substantial growth of the medical device market is anticipated during the forecast years in Vietnam.

Restraints

Unsatisfactory Condition of Hospitals In Vietnam To Hamper the Medical Devices Market Growth

Many hospitals are outdated, and they are frequently overcrowded. Hospitals in major cities such as Ho Chi Minh City and Hanoi frequently lack the capacity to serve both local and regional patients. Moreover, Most of the existing medical equipment in public hospitals in Vietnam is obsolete and needs replacement. Many hospitals do not have sufficient utensils for surgery and intensive care units. Furthermore, the shortage of qualified medical staff is common in many hospitals. Doctors and nurses work under stressful environments, and earnings are relatively low. These factors are likely to impede the Vietnam medical devices market growth during the forecast period.

Impact Of COVID-19 On Vietnam Medical Device Market

The COVID-19 pandemic has affected almost each and every sector of the global economy. The medical devices sector is no exception to its effects. Escalating demand for medical devices amidst the COVID-19 pandemic propelled the pharmaceutical market to witness a positive impact in 2021. The country’s leading pharmaceutical firm, DHG Pharmaceutical Joint Stock Company, earned significant revenue during COVID-19. Other major firms also saw their profits going up from the same period last year. While it’s evident that the pandemic benefitted the medical devices industry in a short span of time, firms may have to consider diversifying and importing raw materials from other regions rather than China and India in case a similar pandemic strikes again.

Vietnam Medical Device Market- By Device Type

Based on the device type, the Vietnam medical device market has been segmented into respiratory devices, cardiology devices, orthopedic devices, diagnostic imaging devices (radiology devices), endoscopy devices, ophthalmology devices, and other devices. Amidst the segmentation, the cardiology devices have been generating the highest revenue in the medical device market of Vietnam. This can be attributed to the growing prevalence of cardiovascular disease that has directly boosted the demand for cardiovascular devices. Likewise, rising incidences of respiratory disorders have been augmenting the demand for respiratory devices in the region.

Vietnam Medical Device Market- By End-Users

On the basis of end-users, the Vietnam medical device market has been segmented into the following categories: hospitals, clinics, home care settings, and others. Amidst the segmentation, the hospitals and clinic's end-user segmentation held the largest market share on account of the rapidly increasing number of hospitals & clinics in the region. Moreover, the surging demand for effective and efficient diagnosis in the hospitals is adding up to the growth of the hospitals and clinics segment. Additionally, the escalation in the trend of self-medication has initiated the growth of the homecare setting segment as well as the Vietnam medical device market.

Competitive Landscape

The key players dominating the Vietnam medical device include Stryker Corporation Vietnam, USM Healthcare Medical Devices Factory JSC, Medical Devices and Biomaterial Plant Joint Stock Company, Getz Healthcare (Vietnam), Omron Healthcare Vietnam, B. Braun Vietnam Co., Ltd., Hoya Lens Vietnam Ltd., Japan Vietnam Medical Instrument JSC, Armephaco Joint Stock Company, Terumo Vietnam Medical Equipment Co., Ltd, GE Healthcare Vietnam, and other prominent players. To maintain their dominance in the market, these players invest and launch improved products for the customers. Different strategies are adopted, like engaging in strategic alliances and collaborations.

Recent Development

• January 2022: The Vietnamese government enacted Decree No. 98/2021/ND-CP on medical device management ("Decree 98"). Decree 98 took effect from 1 January 2022 and replaced Decree No. 36/2016/ND-CP, Decree No. 169/2018/ND-CP, and Decree No. 03/2020/ND-CP.
• November 2021: Vietnam Issues VAT Rate Reduction for Imported Medical Equipment. Vietnam issued Circular No. 43/2021/TT-BTC (Circular 43), implementing a reduction in the value-added tax (VAT) rate for imported medical equipment to 5% from 10%. Circular 43 came into force.

Scope of Report:

By Device Type

• • •  
• Respiratory Devices
• Cardiology Devices
• Orthopedic Devices
• Diagnostic Imaging Devices (Radiology Devices)
• Endoscopy Devices
• Ophthalmology Devices
• Other Devices

By End-Users

• • •  
• Hospitals
• Clinics
• Homecare Settings
• Others

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. 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. Assumption & Limitation
3. Executive Summary
4. Vietnam Medical Device Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   3. Technological Landscape/Recent Development
   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
5. Vietnam Medical Device Market Overview
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Device Type
         1. Respiratory Devices
         2. Cardiology Devices
         3. Orthopedic Devices
         4. Diagnostic Imaging Devices (Radiology Devices)
         5. Endoscopy Devices
         6. Ophthalmology Devices
         7. Other Devices
      2. By End-Users
         1. Hospitals
         2. Clinics
         3. Homecare Setting
         4. Others
6. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. Market Share Analysis, 2021
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Development (Merger, Acquisition, Partnership.)
7. Impact of Covid-19 on Vietnam Medical Device Market
8. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
   1. Stryker Corporation
   2. USM Healthcare Medical Devices Factory
   3. JSC
   4. Medical Devices and Biomaterial Plant Joint Stock Company
   5. Getz Healthcare
   6. Omron Healthcare
   7. B. Braun Vietnam Co., Ltd.
   8. Hoya Lens Vietnam Ltd.
   9. Japan Vietnam Medical Instrument JSC
   10. Armephaco Joint Stock Company
   11. Terumo Vietnam Medical Equipment Co., Ltd
   12. GE Healthcare Vietnam
   13. Traphaco
   14. Nha Khoa Thin
   15. USM Healthcare
   16. Bidiphar
   17. Seadent
   18. Other prominent players.
9. Key Strategic Recommendations

*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 Medical Devices Segmentation

Figure 2        Vietnam Medical Devices Market Value Chain Analysis

Figure 3        Company Market Share Analysis, 2021

Figure 4        Vietnam Medical Devices Market Size, By Value (USD Million), 2018-2028

Figure 5        Vietnam Medical Devices Market Share, By Device Type, By Value, 2018-2028

Figure 6        Vietnam Medical Devices Market Share, By End-User, By Value, 2018-2028

List of Tables

Table 1         Vietnam Medical Devices Market Size, By Device Type, By Value, 2018-2028

Table 2         Vietnam Medical Devices Market Size, By End-User, By Value, 2018-2028

Table 3         Stryker Corporation Company Overview   

Table 4         Stryker Corporation Financial Overview              

Table 5         USM Healthcare Medical Devices Factory Company Overview                       

Table 6         USM Healthcare Medical Devices Factory Financial Overview                        

Table 7         Medical Devices and Biomaterial Plant Joint Stock Company Overview                     

Table 8         Medical Devices and Biomaterial Plant Joint Stock Company Financial Overview                           

Table 9         Getz Healthcare Company Overview                            

Table 10        Getz Healthcare Financial Overview                   

Table 11        B. Braun Vietnam Co., Ltd. Company Overview                      

Table 12        B. Braun Vietnam Co., Ltd. Financial Overview                       

Table 13        Japan Vietnam Medical Instrument JSC Company Overview                         

Table 14        Japan Vietnam Medical Instrument JSC Financial Overview                          

Table 15        Armephaco Joint Stock Company Overview                            

Table 16        Armephaco Joint Stock Company Financial Overview                         

Table 17        Terumo Vietnam Medical Equipment Co., Ltd Company Overview                  

Table 18        Terumo Vietnam Medical Equipment Co., Ltd Financial Overview                   

Table 19        GE Healthcare Vietnam Company Overview                           

Table 20        GE Healthcare Vietnam Financial Overview                   

Table 21        Traphaco Company Overview                           

Table 22        Traphaco Financial Overview                  

Table 23        Nha Khoa Thin Company Overview                    

Table 24        Nha Khoa Thin Financial Overview                     

Table 25        USM Healthcare Company Overview                            

Table 26        USM Healthcare Financial Overview                   

Table 27        Bidiphar Company Overview                   

Table 28        Bidiphar Financial Overview                    

Table 29        Seadent Company Overview                   

Table 30        Seadent Financial Overview                    

Table 31        Kung Shin Plastics Company Overview                        

Table 32        Kung Shin Plastics Financial Overview