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Endoscope Products for the Gastrointestinal (GI) and General Surgery (GS) Procedures in the Vietnam Market
Frost & Sullivan, Nov 2010, Pages: 99
This market engineering research service has been developed to address the dynamics of endoscopes market in Vietnam. It covers the General surgery - Laparoscopes and Gastrointestine markets. This research service presents the key findings of Vietnam GS and GI endoscopes market. It provides insight and forecast of market size, unit shipments and price trends. This research service also discusses market trends, market drivers, market restraints, technology trends and market share of key participants.
Research Overview
This Frost & Sullivan research service titled Endoscope Products for the Gastrointestinal (GI) and General Surgery (GS) Procedures in the Vietnam Market analyzes key market drivers and restraints and provides an insight into the prevailing trends in this domain. The study provides market intelligence on the dynamics of sales and consumption of endoscopy and surgical products in Vietnam. In this research, Frost & Sullivan’s expert analysts examine the gastro-intestine (GI) and general surgery (GS) markets.
Market Overview
Enhanced Awareness of the Advantages of Endoscopy Ramps up Prospects for the Vietnamese Surgical Products Market
Growing awareness of the benefits of endoscopy among gastrointestinal (GI) specialists and patients has enabled growth in the endoscopy and surgical products markets in Vietnam. Trends point to a rise in the number of public hospitals that are prepared to take bank loans to invest in endoscopic equipment. The Ministry of Health has granted increased autonomy to public hospitals in Vietnam for purchasing medical equipment, including endoscopy products. Public hospitals are allowed to apply for bank loans to procure the required equipment. In Vietnam, middle class patients are willing to pay more for better healthcare services. Subsidized healthcare services by the government are unlikely to be their primary choice. A degree of imbalance is evident in healthcare services between cities and mountainous areas. In large cities such as Hanoi and Ho Chi Minh City, it will take a considerable amount of time for patients to consult doctors due to long patient lists. “Recent years have seen the mushrooming of private clinics and hospitals in Vietnam,” notes the analyst of this research service. “Although the demands of all patients are not met, they provide improved healthcare services and reduce the load on state hospitals.” Flexiblescopes are contributing the majority of the revenue for the GI market in 2010, and the market is expected to maintain the pace of growth until 2017. Estimates reveal that by 2017, 2.3 units of flexiblescope would accompany every light source sold.
The Vietnamese endoscopy and surgical products market is making steady progress; however, there are some challenges restraining the pace of growth. The record high inflation in 2008 had caused the Vietnamese Government to hold back thousands of development projects worth trillions of Viet Nam Dong (VND). This has directly affected healthcare expenditure and the medical equipment market. Apart from this, less than 10 percent of the total number of doctors in Vietnam perform endoscopy procedures. The number of endoscopic specialists has not increased at a rapid pace due to the limited availability of training centers in Vietnam and the hesitancy in acquiring new skills. Vietnamese endoscopic specialists are slow in adapting to new technologies. Though endoscopy procedures have been adopted for over ten years, some specialists prefer conventional open surgery to endoscopy. Limited practical experience is another factor restraining market progression. “Although graduating specialists have the opportunity to practice endoscopy in their medical schools, practicing specialists will have to rely on seminars, conferences, and training sessions organized by manufacturers or hospitals to learn about the procedure,” says the analyst. “In this case, their practical experience is extremely limited.”
Despite these impediments, the market will pick up steam as the gross domestic product (GDP) of Vietnam is on the rise. With the hike in GDP, an increasing number of citizens will be able to afford the cost of private healthcare services. Moreover, the rise in the number of practicing GI endoscopists bodes well for the market.
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