Report Overview

A growing emphasis on the prevention, treatment, and management of increasing prevalence of chronic diseases and the Vietnamese government’s initiatives to promote the development of the medical devices industry in the country are expected to boost the growth of Vietnam Surgical Equipment Market during the forecast period between 2024 and 2030.

Vietnam Surgical Equipment Market - Industry Trends & Forecast Report, 2030

Vietnam Surgical Equipment Market size was estimated to be worth USD 153.34 million in 2023. During the forecast period between 2024 and 2030, Vietnam Surgical Equipment Market size is projected to grow at a CAGR of 6.60%, reaching a value of USD 238.88 million by 2030. Major growth factors for Vietnam Surgical Equipment Market include growing prevalence of various chronic and lifestyle diseases and increasing demand for surgical procedures. In addition, rising healthcare expenditure and increasing government initiatives to improve the healthcare infrastructure in the country is anticipated to drive Vietnam Surgical Equipment Market.

Surgical Equipment – Overview

Surgical equipment are instruments surgeons employ to dissect lesions, remove bone, open soft tissue, and manipulate tissues during medical operations. There is heavy use of clamps, retractors, scissors, forceps, and scalpels. These tools are essential for precisely carrying out procedures, reducing patient risk, and improving the effectiveness of medical treatments. Surgical equipment is a broad category of objects, each with a distinct function in the operating room. Surgical equipment can be classified into three categories: cutting surgical equipment, grasping surgical equipment, and retracting surgical equipment.

Vietnam Surgical Equipment Market

Growth Drivers

Growing Prevalence of Chronic Diseases

The increasing prevalence of various chronic and other diseases, such as diabetes, cancer, cardiovascular disease, gallbladder inflammation and gallstones, and varicose veins, is propelling the demand for surgeries in Vietnam. According to the World Health Organization, there are over 165 000 new instances of cancer and 115 000 cancer-related deaths annually in Vietnam. As a result, the demand for radiosurgery is increasing, propelling the demand for surgical equipment in the country. Furthermore, the growing demand for minimally invasive surgeries is also anticipated to present lucrative growth opportunities to Vietnam Surgical Equipment Market during the forecast period.

Challenges

Stringent Government Regulations

The market's expansion is hampered by an inconsistent regulatory environment and insufficient compensation. Manufacturers have significant financial and time limitations as a result of the regulatory bodies' strict requirements and certification procedures, which frequently result in higher costs for product development and longer time-to-market for new surgical equipment. Furthermore, the lengthy and difficult registration and approval procedure for surgical equipment causes delays in the commercialization of the product and its introduction into the market.

Impact of Escalating Geopolitical Tensions on Vietnam Surgical Equipment Market

Intensifying and further spreading of geopolitical tensions could affect the growth of Vietnam Surgical Equipment Market. Vietnam imports significant amount of surgical equipment from other countries, including the United States, Japan, European Union, and China. However, geopolitical tensions and conflicts leads to supply chain disruption, affecting the availability of these equipment and causing surge in its prices. The shortage of raw materials required to manufacture surgical equipment also affects the operation of local manufacturers. In addition, Governments may implement new regulations to ensure national security, impacting the medical device sector. Compliance with these regulations could add complexity and cost for manufacturers and distributors.

Vietnam Surgical Equipment Market

Segmental Coverage

Vietnam Surgical Equipment Market – By Product Type

Based on product type, Vietnam Surgical Equipment Market is segmented into handheld surgical devices, sutures & staplers, and electrosurgical devices. The surgical sutures and staplers accounts for the highest market share owing to their wide application, including major and minimally invasive surgeries. Sutures offers various benefits, such as closing wounds, promoting faster healing, and reducing the risk of infection, which contributes to its growing demand in healthcare facilities. The electrosurgical devices are anticipated to witness high CAGR during the forecast period owing to their rising use in minimally invasive surgeries.

Vietnam Surgical Equipment Market – By Category

By category, Vietnam Surgical Equipment Market is segmented into reusable surgical equipment and disposable surgical equipment. The disposable surgical equipment holds a larger share of Vietnam Surgical Equipment Market owing to the convenience and its ability to control infection. Disposable surgical equipment are highly capable to preventing hospital-acquired infections since they are single-use and are used to perform on a single patient. These instruments gained significant popularity post the COVID-19 pandemic outbreak. The reusable surgical equipment is projected to register high growth rate during the forecast period since they prove economical to healthcare facilities.

Vietnam Surgical Equipment Market – By Application

On the basis of application, Vietnam Surgical Equipment Market is segmented into neurosurgery, plastic & reconstructive surgery, wound closure, obstetrics & gynecology, cardiovascular, orthopedic, and others. The plastic & reconstructive surgery accounts for the highest market share of Vietnam Surgical Equipment Market by application. The rising demand for cosmetic surgeries is mainly associated with increasing disposable income of consumers and growing positive outlook around plastic surgery among Vietnamese people. Furthermore, rising influence of social media and celebrity culture is also fueling the number of cosmetic surgeries performed in the country, eventually propelling the demand for surgical equipment in Vietnam as well.

Vietnam Surgical Equipment Market – By End User

Based on end user, Vietnam Surgical Equipment Market is segmented into hospitals, ambulatory surgical centers (ASCs), clinics, diagnostic centers, and specialty clinics. The hospitals segment dominates Vietnam Surgical Equipment Market. The high number surgeries performed in hospitals and high financial resources available with them contributes to market growth. Hospitals in Vietnam significantly invest in high-quality and advanced surgical equipment which acts as a major catalyst for its market growth in the country. However, ambulatory surgical centers (ASCs) is anticipated to register high growth rate during the forecast period.

Competitive Landscape

Major companies in the intensely competitive Vietnam Surgical Equipment Market include Medtronic, Johnson & Johnson (J&J), B. Braun SE, BD (Becton, Dickinson and Company), KLS Martin, Dien Long Med Equipments Co. Ltd, VTH Vietnam Medical Equipment Company Ltd, Smith & Nephew, Trang Thi Medical, and Terumo Vietnam Medical Equipment Co., Ltd. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Scope of the Report

By Product Type

• Handheld Surgical Devices

• Sutures & Staplers

• Electrosurgical Devices

By Category

• Reusable Surgical Equipment

• Disposable Surgical Equipment

By Application

• Neurosurgery

• Plastic & Reconstructive Surgery

• Wound Closure

• Obstetrics & Gynecology

• Cardiovascular

• Orthopedic

• Others

By End User

• Hospitals

• Ambulatory Surgical Centers (ASCs)

• Clinics

• Diagnostic Centers

• Specialty Clinics