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The Medical Device Market: Vietnam
Espicom Business Intelligence Ltd, Sep 2009, Pages: 90
This in-depth medical device market report is ideal for executives wanting to understand the key drivers in medical markets and have access to a wealth of statistical data. Each report opens with an outlook section that provides analysis of the market, 5-year market forecasts, national data projections, market outlook and key developments such as regulation, health facilities and government policy. The report also provides extensive background information, population trends, health status, health expenditure, organisation & administration, hospital services, medical personnel, healthcare development, market access information, trade data and essential industry contacts. Included with the report are 3 free quarterly updated outlook reports, enabling you to keep up to date with market developments for a year.
Executive Summary
A new law was passed in November 2008, to take effect in July 2009, which will make health insurance compulsory for all citizens by 2014. Under the new law, there are three levels of benefits under health insurance schemes, some will cover all or 100% of expenses at nominated medical facilities, while others will cover 95% and 80% of the expenses with the patient making up the rest.
The private healthcare sector in Vietnam has expanded since the lifting of the ban on private practice in 1989. People often choose to use private facilities, if they can afford to do so, as the quality of state healthcare provision is very poor. According to latest data, an estimated 67.6% of healthcare expenditure is private.
An estimated 81.4% of the medical device market is supplied by imports, and the sector is growing rapidly. Singapore and Japan are the leading suppliers, accounting for 35.6% of imports in 2007. Local production is limited to basic items such as syringes and hospital beds. The value of exports is low, at US$81.8 million in 2007, with 46.4% of medical products exported to Japan.
Vietnam receives a large amount of international aid in the form of loans and donated medical equipment. A number of small projects are currently taking place in Vietnam, including those funded by the World Bank and the EU. The country became a WTO member in 2007.
In 2009, the Vietnamese market for medical equipment and supplies is estimated at US$289 million, or US$3 per capita. It is expected that the device market will continue to expand healthily at 5.9% per annum. This will take the Vietnamese market to US$385 million in 2014, although the per capita rate will remain largely unchanged.
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