Report Overview

Vietnam MRI Market is flourishing owing to the increasing understanding of the advantages of early diagnosis, technological advancements that replace low-field MRI systems with high-field MRI systems, and the discovery of fresh helium resources.

Vietnam MRI Market - Industry Trends & Forecast Report 2028

Vietnam MRI Market is anticipated to grow at a CAGR of 7.8% during the forecast period (2022-2028). The rapid expansion of the market is predominantly due to the rising public awareness of the advantages of early diagnosis, technological developments that have replaced low-field MRI systems with high-field MRI systems, and the finding of fresh helium resources are the main factors propelling the expansion of this market. Additionally, the adoption of MRI equipment is anticipated to be aided by the growing need for speedy and accurate diagnostic treatments. These MRI equipment are being installed in several nations. According to the OECD, there were 34.54 MRI units installed in the United States for every million people in 2020. Furthermore, the use of artificial intelligence in MRI is likely to promote market growth.

MRI - Overview

The medical diagnostic devices known as magnetic resonance imaging (MRI) systems use computerized picture generation and magnetic field generation to locate and diagnose diseases and issues in the body's organs. The water molecules in the human body are momentarily realigned by the huge, powerful, and tube-shaped magnets used in MRI equipment to produce a magnetic field. With the use of MRI, cross-sectional images in the form of thin slices can be produced from radio waves that are emitted from computerized sources. Sliced imaging makes it possible to generate a 3D model of the organ for a more in-depth diagnosis.

Vietnam MRI Market Forecast and Trends

Growth Drivers

Demand for MRI Systems Rises Due to Neurological Diseases

Neurosurgical diseases are responsible for over two-thirds of all deaths in Vietnam. The rising number of neurological illnesses that cause stroke, traumatic brain injury, and other complications frequently results in death owing to a lack of urgent medical intervention. Using modern technologies such as magnetic resonance imaging (MRI) for early detection of underlying reasons and rapid response to the patient in case of strokes with a clear grasp of chronic conditions would help the Vietnam MRI market expand in the next five years. MRI is essential for the quick and accurate detection of cardiovascular disorders since it may be used to create a 3D image for the diagnosis of the underlying cause of a cardiovascular disorder or in the case of artery blockages in the heart.

Academic Applications Aid Market Development

According to data from 2020, the country would face a population load of more than 97 million people. In Vietnam, there are nine doctors for every thousand people. As a result, the need for experts, doctors, and lab technicians to provide outstanding patient care is fast growing. Hands-on experience with instruments, equipment, tools, and related medical devices is required to produce qualified healthcare practitioners. Thus, rising demand for academic applications for MRI equipment is expected to fuel the expansion of the Vietnam MRI market during the next five years. The growing number of hospitals would also increase the demand for MRI systems, corresponding with the growing demand for world-class healthcare facilities for the country's population.

Technological Improvements in the MRI's Power

Academic institutions, research labs, hospitals, and doctors are showing interest in new MRI techniques such as superconducting (SC) magnets, open architecture, high-field MRI, and software applications. The number of patients qualified for MRI procedures will also rise dramatically with the introduction of pacemakers compatible with MRI. In established areas like North America and Europe, replacement is the key factor driving the rise of MRI equipment. The introduction of MRI scanners with bigger patient bores and the replacement of current MRI systems that have attained maximum use are the primary causes of the new wave of replacement.

Restraints

MRI Systems are Expensive and Some Patient Populations cannot use them

The sizes and magnetic fields of MRI scanners vary. For MRI systems with magnetic strengths of 1.5T and under, the typical sales price is roughly USD 1.5 million. Additionally expensive are 1.5T MRI systems with superconducting magnets. In a similar vein, high-field (3T) MRI systems are priced between USD 2.5 to $5 million. Additionally, even refurbished low-field MRI devices can run into millions of dollars. The market expansion is anticipated to be constrained by the high cost of MRI systems. Additionally, implantable devices like pacemakers and ICDs may suffer lasting harm or malfunction as a result of MRI equipment. MRI scans also show distorted pictures when orthopedic implants like screws, plates, or artificial joints are present. As a result, the incompatibility of MRI systems for patients with implants harms the market's growth potential.

Impact of COVID-19 on Vietnam MRI Market

During the second quarter of 2020, the number of procedures and thus demand for new MRI equipment took a brief standstill. Although the utility of MRI in COVID-19 diagnosis is restricted, it is widely employed in the assessment of post-covid sequelae. The necessity for frequent sterilizing is lengthening the scanning wait time. However, following COVID-19, Because of their fear of COVID-19, patients are skipping hospital visits for imaging treatments. This is projected to increase the number of standalone imaging facilities and teleradiology services available.

Vietnam MRI Market - By Type

Based on the type, the Vietnam MRI Market is segmented into Fixed and Mobile. Among these, the fixed segment accounts for the largest share in Vietnam MRI Market. Because of the rising installation of fixed MRI in hospitals and clinics, the fixed MRI segment is likely to dominate the Vietnam MRI scanners market during the forecast period as well. All these factors propel the growth of the Vietnam MRI Market during a forecast period (2022-2028).

Vietnam MRI Market – By Architecture

Based on architecture, the Vietnam MRI Market is segmented into Closed MRI Systems and Open MRI Systems. In 2021, the closed MRI system market share was the highest. To produce precise images, the closed MRI system employs strong magnetic fields and high-frequency radio waves. A closed structure permits accurate analysis and precise slice selection. Due to its tremendous noise, closed MRI patients may experience claustrophobia and other disturbances. Results could be erroneous as a result of these issues. All these factors boost the growth of the Vietnam MRI Market during the forecast period (2022-2028).

Vietnam MRI Market - By Application

Based on application, the Vietnam MRI Market is segmented into Cardiac, Abdominal, Spinal and Musculoskeletal, Oncology, Brain and Neurology. Because the scans produced by MRI systems are of higher quality than those produced by computed tomography scans, they held the biggest market share in 2021. Similarly, the breast imaging segment is predicted to increase rapidly as the prevalence of this cancer rises, creating a demand for detecting risk factors associated with the condition.

Vietnam MRI Market – By End-User

Based on end-user, the Vietnam MRI Market is segmented into Hospitals & Clinics, Diagnostic centers, Ambulatory Care, and Others. In 2021, the hospital sector retained the greatest share, mostly as a result of the increasing number of MRI equipment being installed in hospitals. Rapid MRI (rMRI) applications in trauma and emergency care facilities are predicted to expand, as is the number of MRI installations in teaching hospitals. During the projection period, the sector for imaging centers is anticipated to increase at the fastest rate. Growing demand for non-invasive diagnostics is encouraging the emergence of numerous specialized facilities that may offer services like MRI. Many medical professionals launch facilities that offer MRI at a reasonable price to suit this rising need. This is causing MRI to be adopted in this field of medicine, which is projected to grow the market.

Competitive Landscape

The leading market players in the Vietnam MRI Market are GE Healthcare, Philips Healthcare Vietnam Ltd, Siemens Healthcare Vietnam, Canon Medical Systems Vietnam, Neusoft Medical Systems Vietnam, and other prominent players.

The Vietnam MRI 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.

Recent Development

Scope of the Report

By Type

• Fixed
• Mobile

By Architecture

• Closed MRI Systems
• Open MRI Systems

By Application

• Cardiac
• Abdominal
• Spinal and Musculoskeletal
• Oncology
• Brain and Neurology

By Field Strength

• High-Field MRI Systems
• Low-Mid Field MRI Systems
• Very High Field MRI Systems

By End-User

• Hospitals & Clinics
• Diagnostic Center
• Ambulatory Care
• Others