Report Overview

Vietnam Telemedicine Market- Industry Trends & Forecast Report 2028

Vietnam telemedicine market is thriving and expected to grow at a CAGR of 16.1% during the forecast period, i.e., 2022-2028. The increasing geriatric population, combined with Vietnam’s golden population structure are the major driving factors for the market’s growth. Additionally, the increasing prevalence of chronic diseases, growing penetration of smartphones, and the growth of the digital economy are propelling the Vietnam telemedicine market forward. Moreover, growing investments from the government in the development of healthcare infrastructure as well as the growing number of telehealth startups are expected to create multiple growth opportunities for the Vietnam telemedicine market during the forecast period.

Telemedicine Overview

A telemedicine service, also known as telehealth or e-medicine, is the delivery of healthcare services via telecommunication networks, including diagnosis and consultations. According to the World Health Organization, telehealth includes, “Surveillance, health promotion, and public health functions.” Telemedicine allows healthcare providers to evaluate, diagnose and treat patients via digital means, such as smartphones, remote sensing devices, and patient monitoring devices, without the need for an in-person visit.

Vietnam Telemedicine Market Trend

Growth Drivers

Growing Number of Chronic Diseases in the Country

Vietnam has undergone dramatic demographic changes in the last 30 years and has entered the phase of an aging society by 2015. The aging population is growing rapidly in the country and the share of the geriatric population is expected to go up from 7% in 2019 to 14% by 2035 and 61% by 2050, as per the World Health Organization. As a result of the growing geriatric population, chronic diseases have also increased exponentially across the country, which in turn is strengthening the Vietnam telemedicine market.

According to the Institute for Health Metrics and Evaluation (IHME), the number of ischemic heart diseases has gone up by 40.1%, diabetes by 49.8%, COPD by 16.7%, lung cancer by almost 50%, and chronic kidney diseases by 66.2% between 2009-2019. The growing geriatric population coupled with a surging number of chronic diseases in the country is expected to create a growing demand for telemedicine in the country and drive the growth of the Vietnam telemedicine market during the forecast period.

Growing penetration of Smartphones and Growing Digital Economy

The growth of the telemedicine market in Vietnam is significantly dependent on the penetration of smartphones and the internet in the country. According to the Ministry of Information and Communications (MIC), Vietnam has over 61.3 million smartphone users, making it one of the top 10 countries with the most smartphone users. Furthermore, according to the Ministry of Information and Communications (MIC), the smartphone penetration rate in Vietnam in 2020 was 63.1%.

According to a report by Google, Temasek, and Bain & Company, Vietnam along with Indonesia have posted a double-digit growth rate for the digital economy in Southeast Asia. Vietnam’s digital economy is currently valued at USD 14 billion and is expected to reach USD 52 billion by 2025 with an average growth rate of around 29%. The increasing penetration rate of smartphones and the growing digital economy in Vietnam are expected to make it easier for telemedicine companies to connect with customers and support the growth of the Vietnam telemedicine market in the coming years.

Impact of COVID-19 on Vietnam Telemedicine Market

The COVID-19 pandemic propelled the growth of the telemedicine industry in Vietnam. As the general public was not able to consult doctors face-to-face due to lockdown restrictions, travel bans, and hospitals being full of COVID-19 patients, the demand for telemedicine in Vietnam skyrocketed during the pandemic. Consequently, telemedicine companies in Vietnam started offering their services to help ease the strain on the healthcare system of the country. For example, Docoscan offered teleconsultation to its users, while Med247 offered one free teleconsultation to patients since the second wave started in July 2020. The country also launched a telehealth platform in August 2021 for connecting 100% of district-level health facilities. Additionally, the recent emergence of the highly transmissible Omicron variant is further expected to propel the demand and growth of the telemedicine market in Vietnam.

Vietnam Telemedicine Market: By Type

The Vietnam telemedicine market is grouped into tele-hospitals, mhealth (mobile health), and tele-homes. mHealth (mobile health) is expected to register the highest growth rate during the forecast period, i.e., 2022-2028. mHealth technology leverages mobile devices, such as mobile phones and patient monitoring systems in medicine and has a huge scope of growth in Vietnam as it is one of the top 10 countries with the highest smartphone population in the country. Moreover, the growth of the digital economy of Vietnam is further expected to support the growth of the mHealth segment during the forecast period.

Vietnam Telemedicine Market-Competitive Landscape

Some of the key players in the Vietnam telemedicine market include Viettel Group, Vietnam Posts and Telecommunications Group (VNPT), FPT Group, Doctor Anywhere, BuyMed, VieVie Healthcare, JioHealth, Med247, eDoctor, MyDoc, and others, prominent players.

The Vietnamese government is collaborating with foreign companies to invest in the country’s healthcare sector, which has led to increased competition in the market. Moreover, several new start-ups have entered the market in recent years, further driving the intensity of competition in the Vietnam telemedicine market.

Recent Developments

• In April 2021, Docoscan, a Ho Chi Minh City-based telemedicine start-up, announced that it has raised more than USD 1 million in its seed funding round. Docoscan allows patients to search and book doctors through its app and helps them avoid long waits.

• In August 2021, Doctor Anywhere, an omnichannel telemedicine startup, announced that it has raised over USD 65.7 million in its Series C funding round led by Asia Partners, with participation from Novo Holdings, Philips and OSK-SBI Partners. Existing investors like EDBI, Square Peg, IHH Healthcare, Kamet Capital and Pavilion Capital also participated in the latest funding round. Doctor Anywhere has more than 1.5 million users in Singapore, Malaysia, Thailand, Vietnam and the Philippines.

Scope of the Report:

By Component

• Services
• Software
• Hardware

By Type

• Tele-Hospitals
• mHealth
• Tele-Homes

By Technology

• Store & Forward
• Real Time
• Others

By Application

• Tele-Psychiatry
• General Consultations
• Tele-Radiology
• Tele-Pathology
• Others

By End-User

• Payer
• Provider
• Patients

By Region

• Central
• Northern
• Southern

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Research Methodology
   1. Qualitative Research
      1. Primary and Secondary Sources
   2. Quantitative Research
      1. Primary and Secondary Sources
   3. Breakdown of Primary Research Respondents
      1. Secondary Research
      2. Primary Research
   4. Breakdown of Primary Research Respondents, By Industry Participants
   5. Key Questionnaire asked during Primary Interviews
   6. Key Primary Responses
   7. Market Size Estimation
   8. Assumption for the Study
   9. Market Breakdown & Data Triangulation
3. Executive Summary
4. Vietnam Telemedicine Market – Industry Insights
   1. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunity
      4. Challenges
   2. Recent Developments / Technical Landscape
   3. Porter’s Five Forces Analysis
   4. Value Chain Analysis
   5. Strategic Outlook
   6. Regulatory Framework
   7. Key Strategic Developments
5. Vietnam Telemedicine Market Overview
   1. Market Size & Forecast
      1. By Value (USD Million)
   2. Market Share & Forecast, 2018-2028
      1. By Component
         1. Services
         2. Software
         3. Hardware
      2. By Type
         1. Tele-Hospitals
         2. mHealth
         3. Tele-Homes
      3. By Technology
         1. Store & Forward
         2. Real Time
         3. Others
      4. By Application
         1. Tele-Psychiatry
         2. General Consultations
         3. Tele-Radiology
         4. Tele-Pathology
         5. Others
      5. By End-User
         1. Payer
         2. Provider
         3. Patients
      6. By Region
         1. Central
         2. Northern
         3. Southern
6. Competitive Landscape
   1. 1. List of Key Producers and Their Offerings
      2. Market Share / Ranking Analysis (2021)
      3. Competitive Benchmarking, By Operating Parameters
7. COVID-19 Impact
8. Key Strategic Recommendations
9. Company Profiles (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *
   1. Viettel Group
   2. Vietnam Posts and Telecommunications Group (VNPT)
   3. FPT Group
   4. Doctor Anywhere
   5. BuyMed
   6. VieVie Healthcare
   7. JioHealth
   8. Med247
   9. eDoctor
   10. MyDoc
   11. Others

* Financial information of non-listed Companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth study during the final deliverable.

List of Figures

Fig 1        Vietnam Telemedicine Segmentation

Fig 2        Vietnam Telemedicine Market Value Chain Analysis

Fig 3        Vietnam Telemedicine Market Size, By Value (USD Million), 2018-2028

Fig 4        Vietnam Telemedicine Market Share, By Component, By Value, 2018-2028

Fig 5        Vietnam Telemedicine Market Share, By Type, By Value, 2018-2028

Fig 6        Vietnam Telemedicine Market Share, By Technology, By Value, 2018-2028

Fig 7        Vietnam Telemedicine Market Share, By Application, By Value, 2018-2028

Fig 8        Vietnam Telemedicine Market Share, By End-User, By Value, 2018-2028

Fig 9        Vietnam Telemedicine Market Share, By Region, By Value, 2018-2028

Fig 10      Company Market Share Analysis, 2021

List of Tables

Table 1     Vietnam Telemedicine Market Size, By Value (USD Million), 2018-2028

Table 2     Vietnam Telemedicine Market Size, By Component, By Value, 2018-2028

Table 3     Vietnam Telemedicine Market Size, By Type, By Value, 2018-2028

Table 4     Vietnam Telemedicine Market Size, By Technology, By Value, 2018-2028

Table 5     Vietnam Telemedicine Market Size, By Application, By Value, 2018-2028

Table 6     Vietnam Telemedicine Market Size, By End-User, By Value, 2018-2028

Table 7     Vietnam Telemedicine Market Size, By Region, By Value, 2018-2028

Table 8     Viettel Group Business Overview

Table 9     Viettel Group Financial Analysis

Table 10   Vietnam Posts and Telecommunications Group (VNPT) Business Overview

Table 11   Vietnam Posts and Telecommunications Group (VNPT) Financial Analysis

Table 12   FPT Group Business Overview

Table 13   FPT Group Financial Analysis

Table 14   Doctor Anywhere Business Overview

Table 15   Doctor Anywhere Financial Analysis

Table 16   BuyMed Business Overview

Table 17   BuyMed Financial Analysis

Table 18   VieVie Healthcare Business Overview

Table 19   VieVie Healthcare Financial Analysis

Table 20   JioHealth Business Overview

Table 21   JioHealth Financial Analysis

Table 22   Med247 Business Overview

Table 23   Med247 Financial Analysis

Table 24   eDoctor Business Overview

Table 25   eDoctor Financial Analysis

Table 26   MyDoc Business Overview

Table 27   MyDoc Financial Analysis