Vietnam Medical Device Market Share, Demand, Growth Drivers, CAGR Status, Revenue, Challenges, Opportunities and Future Strategies Till 2033


Vietnam Medical Device Market Share, Demand, Growth Drivers, CAGR Status, Revenue, Challenges, Opportunities and Future Strategies Till 2033: SPER Market Research

 Category : Medical Devices

 Published: Oct-2023
 Author: SPER Analyst

Vietnam Medical Device Market is projected to be worth USD 4.22 billion by 2033 and is anticipated to surge at a CAGR of 8.11%.

A medical device can be any machine, instrument, apparatus, or implement. equipment that has been prescribed by medical professionals for use alone or in combination with other equipment for medical treatments like the treatment of respiratory diseases, the treatment of lung diseases, the treatment of heart conditions, etc. Medical devices are used in a variety of medical operations, depending on the medical requirements of the patients or expert guidance. Class I medical devices are classified into three categories due to their low risk.

Vietnam Medical Device Market Driving Factors and Challenges

One of the most potential sectors for technical advancement in Vietnam's healthcare sector is the medical device sector. Healthcare professionals in Vietnam are focusing on embracing cutting-edge technology medical gadgets in order to aid in the early detection of diseases and accelerate the pace of diagnosis and recuperation timelines. The need for medical equipment is expected to rise as healthcare resources improve in both public and private establishments. These features present a plethora of new potential for medical device market companies in Vietnam.

However, many hospitals are outdated and frequently overcrowded. In large cities like Ho Chi Minh City and Hanoi, hospitals frequently don't have the resources to care for both regional and local patients. In addition, most of the medical equipment in Vietnam's public hospitals is out-of-date and has to be replaced. Equipment for surgery and intensive care may be deficient in many hospitals. Furthermore, many hospitals are suffering from a dearth of qualified medical workers. Doctors and nurses work under demanding conditions for low remuneration. These obstacles are expected to hinder the growth of the Vietnam medical devices market throughout the forecast period.

Impact of COVID-19 on Vietnam Medical Device Market 
The COVID-19 epidemic has affected almost every sector of the world economy. The medical device business is not immune to the fallout. Rising demand for medical equipment as a result of the COVID-19 pandemic has shifted the pharmaceutical industry's outlook to positive in 2021. DHG Pharmaceutical Joint Stock Company, the country's largest pharmaceutical corporation, made a fortune during COVID-19. Profits at other significant firms grew as compared to the same period the previous year. While the epidemic obviously helped the medical device business in a short period of time, firms may need to consider diversifying and getting raw materials from areas other than China and India if a comparable pandemic arises again.

Vietnam Medical Device Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Stryker Corporation Vietnam, USM Healthcare Medical Devices Factory Omron Healthcare Vietnam, B. Braun Vietnam Co., Ltd., Hoya Lens Vietnam Ltd., Japan Vietnam Medical Instrument JSC, Armephaco Joint Stock, JSC, Medical Devices and Biomaterial Plant Joint Stock Company, Getz Healthcare (Vietnam).

Vietnam Medical Device Market Segmentation:

By Device Type: Based on the Device Type, Vietnam Medical Device Market is segmented as; Respiratory Devices, Cardiology Devices, Orthopedic Devices, Diagnostic Imaging Devices, Endoscopy Devices, Ophthalmology Devices.

By End Users: Based on the End Users, Vietnam Medical Device Market is segmented as; Hospitals, Clinics, Homecare Settings.

By Region: This research also includes data for Eastern Region, Western Region, Southern Region, Northern Region.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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