Vietnam Medical Devices Market is Expected to Reach around USD 1.8 Billion by 2022
Vietnam Medical Devices market by Application (Orthopedic and Prosthetic Applications, Diagnostic Imaging Equipment, Paraclinical Equipment, Emergency Medical Equipment, Operation Room Equipment and Others) by Material (Textile Products, Electronic Products, Plastic Products, Rubber Products and Other Products) by Equipments (Consumables, Diagnostic Imaging, Dental Products, Orthopaedics and Prosthetics, Patient Aids and Other Medical Devices) and by End Users (Government Funded Hospitals, Local Private Hospitals, Foreign Owned Hospitals and Medical Education, Research Institution and Others) along with company profiles of Japan Vietnam Medical, Danameco, Armephaco, B Braun, Shimadzu, General Electric, Terumo BCT and Phillips. Increased public health expenditure in Vietnam will foster the growth of medical devices industry in Vietnam. Emphasis on local production of medical devices in Vietnam will impact the market positively.
Analysts at Ken Research in their latest publication “Vietnam Medical Devices Market Outlook to 2022 – By Equipments (Consumables, Diagnostic Imaging, Dental Products, Orthopedics and Prosthetics, Patient Aids and Other Medical Devices)” believe that interoperable technology, focus on emerging segments and end to end solutions in medical devices market will have positive impact on market. Vietnam Medical Devices market is expected to register positive CAGR of around 9.6% during the period 2017-2022. Government initiatives and low barriers to entry for domestic production are expected to have positive impact on the demand for medical devices. Increasing activities of telemedicine in consultation, surgery, imaging and cardiology have boosted the demand for advanced technological medical devices.
Given the government’s push towards encouraging local production of medical devices and Vietnam’s advantage over other nations on manufacturing costs, many foreign suppliers are planning to start production of medical devices in Vietnam. Countries such as Singapore, Malaysia and Thailand are categorized as those markets where high end medical devices are demanded. With the advantage of low manufacturing cost in Vietnam, it is imperative for international players to use this factor at their advantage and build manufacturing hubs in Vietnam to meet the need for medical devices in the country and sell to neighboring countries to reduce logistics costs. Many domestic manufacturers are planning to expand their technical capability to higher end medical devices by venturing with international players. Rise in private investments and government initiatives have also acted as a boon for these manufactures in terms of financial assistance and product innovation. Increased public health expenditure will lead to expansion of existing public hospitals and will also lead to increased demand for medical equipments. New technology that is inter-operable with old, obsolete systems will aid in expanding the existing healthcare infrastructure.
For more information on the research report, refer to below link:
Related Reports By Ken Research:
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com | +91-9015378249