GURUGRAM, India, March 15, 2018 /PRNewswire/ --
Vietnam healthcare market has shown healthy growth during 2012-2017 at a CAGR of 10.8% driven by rise in healthcare expenditure and incline in Universal Health Coverage (UHC) in the country. The UHC brought over 81.7% of the Vietnamese population under Health Insurance by 2017. Furthermore, rise in number of health care facilities and consumption of generic drugs aided in market growth during the last five years.
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Vietnam Hospital market recorded growth at a CAGR of 7.8% during 2012-2017, driven by government's investment in private health care sector and liberal foreign investment policies. Private clinics are known to be operating at only 50 to 60% of their capacity, or even as low as 20% in certain areas in Vietnam as compared to almost 120-160% bed occupancy rate in public hospitals. Major Private Hospitals in Vietnam included Vietnam France general Hospital, Hoan My Private General Hospital, Phu Tho Private General Hospital, Trien An Private General Hospital and Hong Ngoc Private General Hospital.
Clinical laboratories market was driven by rise in incidence and prevalence of communicable and non-communicable disease in the country. The market witnessed a decline in growth during 2016 due to low hospital budget allocated towards laboratories and slow economic growth of the country; however, bounced back in 2017. During the period 2012-2017, clinical laboratory market grew at a CAGR of 12.2%. Public hospital labs are the largest segment in terms of volume of tests conducted as well as revenue. They are preferred due to high quality standards and cheaper associated cost. Medic Lab, VietLife and Hoan My were some of the largest independent clinic chains to be operating in Vietnam.
The pharmaceutical market recorded growth at a CAGR of 14.4% during 2012-2017, driven by rise in self-medicating culture and OTC drug sales. About 90% of the active pharmaceutical ingredients (APIs) are imported by domestic companies. The country is increasingly turning towards use of locally produced generics. Sanofi, Hua Giang Pharmaceutical, GlaxoSmithKline, Traphaco, AstraZeneca, Pyempharco Novatis are some of the leading players in Vietnam Pharmaceutical Market. Number of domestic drug manufacturers is expected to rise to 230 by 2022. Nutritional and metabolism health supplements especially for skin care, anti-aging, eye health and digestive health was the largest selling therapeutic drug segment. The number of health supplement products recorded in the market was over 7,000, doubling from 2011. Foreign players are more active in non-herbal segment whereas domestic companies are better positioned in herbal supplement segment.
About 90% of all medical devices sold in Vietnam were imported. Local producers are limited in number and have only been able to supply basic medical supplies such as consumables, hospital beds and rubber health products. The medical devices market recorded growth at a CAGR of 7.8% during the period 2012-2017 driven by liberal imports and surge in Orthopedic and Prosthetic medical equipments. Public hospitals, clinics and health centers were the largest purchasers of medical equipments and preferred advanced medical devices.
According to the report by Ken Research titled "Vietnam Healthcare Market Outlook to 2022 - by Hospitals & Clinics, Clinical Laboratories, Pharmaceutical and Medical Device Segment", rising public and private expenditure on healthcare facilities and increased emphasis on domestic production of generic drugs and medical devices will the overall market.
Key Topics Covered in the Report:
For more information on the market research report, please refer to below link:
Related Reports by Ken Research
Vietnam Clinical Laboratory Market Outlook to 2022 - by Labs (Hospital Labs, Independent Labs and Physician Office Labs) and Type of Tests (Lab Test, X-Ray, Ultrasound and CT Scan)
Vietnam Pharmaceutical Market Outlook To 2022 - by Generic and Patented drugs, by Prescribed Drugs and OTC Drugs and Therapeutic Drugs (Metabolism and Nutritional Medicine, Cardiovascular, Central Nervous System, System Infection, Oncology, Musculoskeletal, Respiratory)
Vietnam Medical Devices Market Outlook to 2022 - By Equipments (Consumables, Diagnostic Imaging, Dental Products, Orthopedics and Prosthetics, Patient Aids and Other Medical Devices)
Contact Us: Ken Research Ankur Gupta, Head Marketing Ankur@kenresearch.com +91-1244230204 ext. 26
SOURCE Ken Research
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