Vietnam Cardiac Surgery Instruments Market Report 2022 to 2030

Vietnam Cardiac Surgery Instruments Market Analysis

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Vietnam's Cardiac Surgery Instruments Market is expected to witness growth from $10 Mn in 2022 to $18 Mn in 2030 with a CAGR of 6.83% for the forecasted year 2022-2030. Ischemic Heart Disease is becoming more common in Vietnam as the country's populace ages. The demand for cardiac surgery equipment to treat different heart conditions is rising as the population ages. The market is segmented by type, application and by the end user. Some key players in this market include CPT Sutures, HCMC Medical Technical Service, LivaNova, B. Braun, Medline Industries, KLS Martin, and STILLE.

ID: IN10VNMD004 CATEGORY: Medical Devices GEOGRAPHY: Vietnam AUTHOR: Jigyasu Bhandari

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Vietnam Cardiac Surgery Instruments Healthcare Market Executive Analysis

Vietnam's Cardiac Surgery Instruments Market size is at around $10 Mn in 2022 and is projected to reach $18 Mn in 2030, exhibiting a CAGR of 6.83% during the forecast period. Vietnam spent $20 billion on healthcare in 2021, up from $16.1 billion in 2017. $23.3 billion in 2025 and $33.8 billion in 2030 are projected. Vietnam's projected health expenditures in 2022 are $185 per individual. The nation's ongoing healthcare costs made for 5.37% of its GDP in 2022. In Vietnam, the average expense of healthcare has increased from $165 in 2020 to $180.72 presently.

Ischemic Heart Disease (IHD) is the most prevalent form of cardiovascular disease in Vietnam and answerable for more than 45% of CVD-related fatalities. IHD has been on the rise in Vietnam over the past few years, with a frequency of 14.4% among adults over 25. Rheumatic Heart Disease (RHD) is a foremost cause of morbidity and mortality in Vietnam, particularly in infants and children. For every 1000 individuals, there are 7.2 cases of RHD in Vietnam. Congenital Heart Disease (CHD), a major contributor to infant mortality in Vietnam, appears at a rate of 6.5 per 1000 live births. Instruments used in cardiac surgery are those that are used during processes to address various heart-related conditions. Surgeons use these tools to reach the heart, carry out surgery, and close wounds. A diversity of heart surgeries, including coronary artery bypass grafting, valve replacement, and heart transplantation, are carried out in Vietnam's clinics and medical facilities using cardiac surgery instruments. Instruments used in cardiac surgery are made with accuracy and precision, which can help surgeons perform operations with improved results. These tools enable quicker recovery periods, less time spent in the hospital, and more effective surgeries. The extremely precise instruments used in cardiac surgery enable surgeons to carry out intricate procedures with greater accuracy. By doing so, the possibility of complications is decreased, and patient results are enhanced. More patients can now receive life-saving heart surgeries in Vietnam because of the use of cardiac surgery instruments. Patients in remote or underserved regions may have easier access to care thanks to these instruments' improved surgical safety, speed, and efficiency.

Vietnam Cardiac Surgery Instruments Market Analysis

Market Dynamics

Market Growth Drivers

Ischemic Heart Disease is becoming more common in Vietnam as the country's populace ages. The demand for cardiac surgery equipment to treat different heart conditions is rising as the population ages. Cardiac surgery instruments are in high demand in Vietnam due to the country's rising heart disease incidence. Advanced surgical instruments are increasingly required to carry out complicated surgeries as more patients seek treatment for heart illness. Vietnam is investing heavily in its healthcare infrastructure, which is supporting the development of the cardiac surgery instruments market. To keep up with the rising demand for cardiac surgery, hospitals and medical facilities are modernizing their infrastructure and purchasing cutting-edge technology. Technology developments have resulted in the creation of more advanced heart surgery tools that are more accurate and effective. This has resulted in improved patient outcomes and increased demand for these instruments in Vietnam.

Market Restraints

Many Vietnamese hospitals and healthcare centres may not be able to pay for the costly instruments needed for cardiac surgery. This could restrict the use of cutting-edge tools and technology, which could have an effect on the speed at which manufacturers may grow their market share. Vietnam may be prevented from implementing cutting-edge cardiac surgery technology by cultural obstacles and a dearth of understanding of coronary artery disease and its treatment. Patients who might be refusing to endure complicated procedures or who might favour conventional treatments over surgical intervention limit manufacturers' ability to increase their market share in the Vietnamese healthcare sector.

Competitive Landscape

Key Players

CPT Sutures (VT)
HCMC Medical Technical Service (VT)
LivaNova
B. Braun
KLS Martin
Medline Industries
STILLE

Recent Notable Deals

2021: Vietnam's Tam Duc Heart Hospital and the Japanese medical device firm Terumo Corporation have joined forces to launch a cardiac surgery training facility. The centre's mission is to advance the expertise of Vietnamese cardiac surgeons and other medical specialists in the area of cardiovascular disease.

2022: In order to grow its cardiovascular business in Vietnam, LivaNova, a multinational provider of medical technology, unveiled a partnership with VinaCapital, a Vietnamese investment management company. The partnership seeks to give Vietnamese patients with cardiovascular disease access to cutting-edge medical technology.

Healthcare Policies and Regulatory Landscape

The Ministry of Health (MOH) and the National Medical Device Management Authority (NMDMA) are responsible for Vietnam's cardiac surgery instruments regulation framework. The MOH is in charge of delivering rules and regulations pertaining to the importation, manufacture, and sale of medical devices, and the NMDMA is in charge of putting these rules into practice as well as giving device licenses and certifications. Manufacturers must obtain a license from the NMDMA in order to sell cardiac surgery instruments in Vietnam. The process of getting a license can be complex and time-consuming, and manufacturers must comply with strict regulatory requirements related to quality control, safety, and efficacy. Regulations for medical devices The Vietnamese government put new limitations on medical equipment, including tools used in cardiac surgery, into effect in 2021. Through the implementation of these laws, the safety and effectiveness of medical devices will be enhanced in Vietnam.

1. Executive Summary
1.1 Device Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Regulatory Landscape for Medical Device
1.6 Health Insurance Coverage in Country
1.7 Type of Medical Device
1.8 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Cardiac Surgery Instruments Market Segmentation

By Type (Revenue, USD Billion):

The market is divided into segments in this study based on the goods, applications, end users, and geographical areas. The market is divided into forceps, scissors, needle holders, clamps, and other cardiac surgery instruments based on the product. In 2017 the forceps category led the market, and it is anticipated that it will increase at the fastest rate going forward. The rise in heart surgeries and the frequent usage of forceps in most cardiac procedures are credited with the segment's strong growth.

Forceps
Vascular Forceps
Grasping Forceps
Other Forceps
Needle Holders
Scissors
Clamps
Other Cardiac Surgical Instruments

By Application (Revenue, USD Billion):

The market is further segmented by application into paediatric cardiac surgery, heart valve surgery, coronary artery bypass graft (CABG), and other applications. The Vietnam market's largest and fastest-growing application segment is CABG. This is mostly explained by the increased prevalence of heart illnesses and the consequent rise in surgical treatments. The second-largest category is heart valve surgery.

Coronary Artery Bypass Graft (CABG)
Heart Valve Surgery
Pediatric Cardiac Surgery
Other Applications

By End User (Revenue, USD Billion):

Based on the end user, the market is segmented into hospitals and cardiac centers, and ambulatory surgery centers. The hospitals and cardiac centers segment is expected to dominate the market for cardiac surgery instruments. Growth in this end-user segment can be attributed to the increasing incidence of cardiac and heart valve diseases and the subsequent increase in the number of cardiac surgery procedures.

Hospitals and Cardiac Centers
Ambulatory Surgery Centers

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.