Report Description of the Vietnam Telemedicine Market Analysis
Research Scope and Assumption
- The report provides the market value for the base year 2020 and a yearly forecast up to 2028 in terms of revenue (USD billion)
- The key industry dynamics, regulatory scenario, reimbursement scenario, major market trends, and drug markets are evaluated to understand their impacts on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis
- We have used the combination of top-down and bottom-up approach for market sizing, analyzing key regional markets, dynamics, and trends for various solutions, services, and end uses
- All market estimates and forecasts have been validated through primary interviews with the Key Industry Players (KIPs) and secondary analysis
- Inflation has not been accounted for in order to estimate and forecast the market
- Numbers may not add up due to rounding off
Reason to buy the report:
- Facilitate decision-making based on strong current and forecast data for Vietnam Telemedicine Market Analysis
- Develop strategies based on the latest regulatory framework
- Strategically analyze micro-markets with respect to individual growth trends, future prospects, and their contribution to the market
- Analyze competitive developments such as expansions, investments, mergers & acquisitions, new product developments, and research & developments in the Vietnam Telemedicine Market Analysis
- Analyze the opportunities in the market for stakeholders and draw a competitive landscape for market leaders
- To strategically profile key players and comprehensively analyze their market shares and core competencies
- We have technically sound team which do a deep dive research and also provide strategy based consulting analysis
Vietnam Telemedicine Market Analysis Executive Summary
Vietnam telemedicine market has shown promising growth in historical years until 2019 and is expected to continue its growth in upcoming forecast years 2021 to 2028. Vietnam telemedicine market owes its growth to the factors like extensive research and technological advancements in the telemedicine services.
Market Size and Key Findings
The Vietnam Telemedicine Market Analysis size stood at around USD 16.1% billion in 2020 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of xx% during the forecast period.
The Vietnam telemedicine market is flourishing and projected to grow at a CAGR of 16.1% during the forecast period (2021-2028).
Market Growth Drivers Analysis
Lack of access to care and rising provider adoption of telemedicine, and surging consumer demand and patient acceptance is further driving the growth of the Vietnam telemedicine market in the upcoming five years. Additionally, rising population and their demand for the accessible healthcare services is further anticipated to drive the growth of the Vietnam telemedicine market in the next five years. Also, growing prevalence of chronic diseases and demand for efficient and effective treatment for the prevailing chronic diseases is further supporting the growth of the Vietnam telemedicine market in the future five years. Healthcare industry demands huge amount of investment through governmental and private investments, rising healthcare costs and technological innovations is also substantiating the growth of the Vietnam telemedicine market.
Due to ill-equipment, insufficient numbers of doctors and health care professionals, and poor healthcare infrastructure, most rural people are required to travel long distance to access modern healthcare facilities mostly located in urban areas. To overcome this disparity in healthcare access, Telemedicine market can play a critical role. To introduce a new program, resource limitation is one of the major problems in developing countries. Although Telemedicine is started with high desire, it cannot reach its destination due to high costs, underdevelopment infrastructure, and lack of technical expertise.
Covid-19 Market Impact Analysis
The ongoing COVID-19-pandemic has created a growing demand for telemedicine in the country and has contributed to the growth of the Vietnam telemedicine market. The surging number of COVID-19 cases in the country strained the healthcare industry of the country and in the hour of need, telemedicine companies came forward. By August 2021, Vietnam was battling the fourth COVID-19 wave in the country and telemedicine startups like Docoscan offered free teleconsulting to ease the pressure on the healthcare system. Now, with the emergence of the highly transmissible Omicron variant, cases of COVID-19 are surging again and it is expected to contribute to the growth of the telemedicine market in Vietnam in the coming years.
Jio Health, eDoctor, Nhi Đồng 315, Med247, DOCOSAN, among others are some of the market shareholders that drive the future growth of the Vietnam telemedicine market. These market players hold larger shares of the market than the new market players. With the evolving technology, it is appropriate to say that the effective research and development of the technologically advanced instruments and methods to satisfy consumer demands would support the market growth and benefit the market players as well as the consumers.
Products in Pipeline
- In August 2021, Vietnam announced the launch of a Telehealth platform connecting district-level healthcare facilities to make access to healthcare easier, especially during COVID-19. Prime Minister Pham Minh Chinh witnessed doctors of Cho Ray Hospital make telehealth connection with Can Gio Hospital in Ho Chi Minh City, Hau Nghia General Hospital in the southern province of Long An and Thuan An Hospital in the southern province of Binh Duong.
Notable Recent Deals
- In late 2015, state-owned telecom operator Viettel introduced its telehealth solution to some Metropolitan hospitals in the northern part of Vietnam, offering critical diagnosis consultation and medical education research, but not including treatment.
Healthcare Policies and Regulatory Landscape
Policy changes and Reimbursement scenario
In late 2016, the Quang Ninh Department of Health had a great initiative to create a telehealth network that combined access to 24 hospitals and community healthcare centres to provide medical care to remote communities. Just a few months ago, National Hospital of Paediatrics in Hanoi has also rolled out its telehealth system. This Viettel solution is actually quite widely adopted in Vietnam and services have been extended to include remote patient monitoring.
It is a good initiative and good timing for the Vietnamese government to promote this digital transformation in the healthcare sector.