Vietnam Cardiac Resynchronization Therapy Market

Vietnam Cardiac Resynchronization Therapy Market Executive Summary

Vietnam Cardiac Resynchronization Therapy Market valued at $24 Mn in 2022, projected to reach $36 Mn by 2030 with a 5.23% CAGR.

Cardiac resynchronization therapy (CRT) is a medical procedure that employs a pacemaker to correct the heart's rhythm through a minimally invasive surgical approach. Positioned beneath the skin, the CRT pacemaker synchronizes the timing between the upper and lower heart chambers, ensuring coordination between the left and right sides of the heart. This treatment is particularly beneficial for individuals with heart failure, addressing inadequate pumping and fluid retention in the lungs and legs caused by the asynchronous beating of the heart's lower chambers. In cases of severe heart rhythm irregularities, CRT therapy may be supplemented by the inclusion of an implantable cardioverter-defibrillator (ICD). The CRT device connects wires from the pacemaker to both sides of the heart, utilizing biventricular pacing to ensure synchronized contractions and optimize overall heart function.

Cardiovascular diseases (CVDs) cause 31% of deaths in Vietnam annually, totaling over 170,000 fatalities, with heart attacks as a major contributor. High-risk factors include hypertension, affecting 18.9% of adults aged 18-69, but only 13.6% receive proper management. Lifestyle choices like a 53% smoking prevalence among men, unhealthy diets leading to rising obesity rates, and increasing stress levels significantly contribute to CVD prevalence. Growing medical conditions like diabetes and moderately prevalent high blood cholesterol, along with family history, compound the cardiovascular health challenge. A comprehensive approach addressing lifestyle factors, improving healthcare management, and raising awareness of risk factors is crucial to mitigating the impact of CVDs in Vietnam and enhancing the overall population's cardiovascular health.

Recent advancements in cardiac healthcare include Abbott's Encora II pacemaker with Bluetooth connectivity, Affectis developing a surgical-free pacemaker with a $100 Mn investment from Temasek Life Sciences, and Boston Scientific's leadless pacemaker and defibrillator focusing on reduced bulk and improved comfort. Additionally, Pfizer and AstraZeneca are partnering to explore innovative pharmacological options for heart rhythm abnormalities. These advancements aim to improve patient care and offer new treatment options in cardiac healthcare.

Market Dynamics

Market Growth Drivers

Aging Population and Increased Awareness: The demographic shift towards an aging population contributes to a higher prevalence of cardiac issues. Additionally, heightened awareness among the population about heart-related disorders encourages individuals to seek timely and advanced treatments, including CRT.

Advancements in Medical Technology: Ongoing advancements in medical technology globally have a positive impact on the accessibility and effectiveness of CRT devices in Vietnam. The integration of cutting-edge technologies in cardiac care enhances treatment options and outcomes for patients.

Rising Prevalence of Cardiovascular Diseases and Heart Failure: Vietnam is witnessing a rise in the prevalence of cardiovascular diseases and heart failure, resulting in an expanding demographic of patients requiring advanced cardiac treatments such as Cardiac Resynchronization Therapy (CRT).

Market Restraints

Cost Constraints: The substantial expenses linked to Cardiac Resynchronization Therapy (CRT) devices and procedures could pose a considerable obstacle in Vietnam. The issue of affordability emerges as a prominent concern for a segment of the population, leading to restricted access to state-of-the-art cardiac care.

Regulatory Hurdles: Obstacles arise in the form of regulatory hurdles and bureaucratic procedures, posing barriers to the swift approval and entry of new CRT devices into the market. The demanding regulatory standards have the potential to impede the timely introduction of innovative technologies within the market.

Infrastructure Challenges in Rural Areas: Vietnam faces infrastructure challenges, particularly in rural areas, which can hinder the effective delivery of cardiac care, including CRT. Limited access to modern medical facilities and specialized healthcare professionals may impede market growth in these regions.

Healthcare Policies and Regulatory Landscape

In Vietnam, the Ministry of Health (MOH) and its affiliated body, the Drug Administration of Vietnam (DAV), play a central role in overseeing healthcare policies and regulatory measures related to treatment drugs. The MOH, as the principal authority, is responsible for crafting and enforcing policies that govern the approval, importation, manufacturing, and distribution of pharmaceuticals, encompassing treatment drugs. The DAV, operating under the MOH, assumes a pivotal role in managing various aspects of drug-related affairs, including registration, licensing, quality control, and product inspections. The National Pharmaceutical Control Bureau (NPCB) is tasked with conducting tests and ensuring quality assurance. The comprehensive framework is further bolstered by regulations governing clinical trials, adherence to Good Manufacturing Practice (GMP), and compliance with import and export guidelines. It is imperative to consider health insurance policies and their coverage concerning treatment drugs, underscoring Vietnam's ongoing commitment to fostering a well-regulated healthcare system that prioritizes the safety, efficacy, and accessibility of pharmaceutical treatments.

Competitive Landscape

Key Players

• Abbott
• Biotronik
• Boston Scientific
• Medtronic
• St. Jude Medical
• Sorin Group
• Siemens Healthineers
• Philips Healthcare
• GE Healthcare
• Esaote