Vietnam HealthTech Market Size Expands at Significant CAGR of 5.14% to Reach Value of USD 453.56 Million by 2030
Vietnam HealthTech Market is flourishing because of an increasing demand for digital health services and the government's support for digital transformation.
Report Ocean, a leading strategic consulting and market research firm, in its recent study, estimated Vietnam HealthTech Market size at USD 261.27 million in 2023. During the forecast period between 2024 and 2030, Report Ocean expects Vietnam HealthTech Market size to expand at a CAGR of 5.14% reaching a value of USD 453.56 million by 2030. The lack of access to modern healthcare services in underdeveloped rural areas and the rising use of smartphones and other mobile platforms, which make healthtech services more accessible, are two major growth factors for Vietnam Healthtech Market. Over the forecast period, it is also projected that Vietnam Healthtech Market will be driven by the rising prevalence of chronic diseases and the rising need for remote patient monitoring.
Opportunity - Rising prevalence of non-communicable diseases
Vietnam is registering a significant rise in the prevalence of various non-communicable diseases, such as cardiology, diabetes, neurology, sleep apnea, oncology, and others. The cardiology segment accounts for the highest market share owing to the high prevalence of heart diseases in the country. According to the World Health Organization, cardiovascular diseases caused 31% of total deaths, equivalent to 170,000, in Vietnam in 2016. Through healthtech services, such as teleconsultations, the risk factors of coronary artery disease can be reduced significantly, which contributes to the growth of Vietnam healthtech market.
Vietnam HealthTech Market
Segmental Coverage
Vietnam HealthTech Market - By End User
Based on end users, Vietnam HealthTech Market is segmented into healthcare providers, healthcare payers, healthcare consumers, pharmaceutical companies, and others. The healthcare consumers segment dominates Vietnam healthtech market. The lack of accessibility to healthcare systems in the rural parts of Vietnam is boosting the growth of telehealth and mHealth facilities in the country. In terms of patient accessibility to healthcare, healthtech provides several benefits, including remote monitoring and health information access. Furthermore, increasing smartphone ownership and the launch of various healthtech devices, such as Fitbit, are further driving the growth of the market.
Competitive Landscape
Major players operating in the Vietnam HealthTech Market include Johnson Health Tech Vietnam, Saigon Technology, Thuocsi, Jio Health, Medigo, Medici, EDoctor, Med247, Docosan, Nhi ??ng 315, and AiHealth.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and Vietnam HealthTech Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Vietnam HealthTech Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
