Vietnam Diabetes Devices Market Report 2022 to 2030

Vietnam Diabetes Devices Market Analysis

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The Vietnam Diabetes Devices Market is expected to grow from $114 Mn in 2022 to $202 Mn in 2030 with a CAGR of 7.43% for the forecasted year 2022-2030. Diabetes has been identified in over 5.2 million people in Vietnam, making it one of the most widespread diseases worldwide. As diabetes prevalence increases in Vietnam, there is a growing need for diabetes devices to control the condition. The market is segmented by type and by the end user. Some key players in this market include USM Healthcare, Vinamed, CPT Sutures, Johnson & Johnson, Medtronic, Roche, Ascensia Diabetes Care and Dexcom.

ID: IN10VNMD007 CATEGORY: Medical Devices GEOGRAPHY: Vietnam AUTHOR: Jigyasu Bhandari

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Vietnam Diabetes Devices Healthcare Market Executive Analysis

The Vietnam Diabetes Devices Market size is around $114 Mn in 2022 and is projected to reach $202 Mn in 2030, exhibiting a CAGR of 7.43% during the forecast period. Vietnam will spend $22 billion on healthcare by 2022, up from $16.1 billion in 2017. $23.3 billion is anticipated in 2025 and $38 billion in 2036. The nation's ongoing healthcare costs comprised 5.37% of its GDP in 2022. Healthcare in Vietnam now costs $180.72 on average, up from $165 in 2020.

In Vietnam, the prevalence of diabetes among individuals aged 20 to 79 was 6.8% in 2021 or roughly 5.2 million people. The prevalence of diabetes in Vietnam is projected to reach 7.7% by 2045, affecting an estimated 7.4 million individuals. 13,600 diabetics in Vietnam were identified as having diabetic retinopathy in 2021; this complication, if ignored, can result in blindness. 3,000 diabetics in Vietnam had their lower extremities amputated in 2021 as a result of the consequences of their condition. Due to the high incidence of diabetes in Vietnam, diabetes devices have become more and more crucial. With an estimated 5.3 million sufferers, Vietnam has one of Southeast Asia's highest incidences of the disease.

In Vietnam, blood sugar levels are measured using glucose meters. They are crucial for helping diabetics track their blood sugar levels and modify their treatment regimen as needed. In Vietnam, glucose meters are generally accessible and reasonably priced, making them affordable for a large number of diabetics. Insulin injections are given using insulin syringes. They are a common option for diabetics because they are practical and simple to use. People with diabetes who need insulin therapy frequently use insulin pens, which are also accessible in Vietnam. To constantly administer insulin, insulin pumps are used. Individuals with type 1 diabetes who need insulin therapy, are especially helpful. Although less popular than insulin pens, insulin pumps are still accessible in Vietnam. Devices that constantly monitor glucose levels are known as continuous glucose monitors. They can notify the wearer of any highs or lows in blood sugar levels and provide real-time information on those levels. People with type 1 diabetes and those with type 2 diabetes who need insulin treatment benefit most from continuous glucose monitor devices. They can be costly, but they are growing in popularity in Vietnam.

Vietnam Diabetes Devices Market Analysis

Market Dynamics

Market Growth Drivers

Diabetes has been identified in over 5.2 million people in Vietnam, making it one of the most widespread diseases worldwide. As diabetes prevalence increases in Vietnam, there is a growing need for diabetes devices to control the condition. The ageing population in Vietnam is expected to result in a rise in diabetes cases and a consequent rise in the demand for diabetes devices. The Philippine government has implemented a number of measures to enhance diabetes management, including the establishment of diabetes centres, the supply of free or significantly reduced diabetes medications, and the promotion of healthy lifestyle habits. As a consequence of these initiatives, the market for diabetes devices is anticipated to grow.

Market Restraints

In Vietnam, information about diabetes and its management is insufficient for both patients and healthcare workers. Diabetes devices might not be used as frequently as they could be if patients were not aware of their benefits or how to use them correctly. Due to their expensive cost, many patients in Vietnam are unable to buy diabetes equipment like glucose meters, insulin pumps, and continuous glucose monitoring systems. The market size and demand for these devices may decline as a result.

Competitive Landscape

Key Players

USM Healthcare (VT)
Vinamed (VT)
CPT Sutures (VT)
Johnson & Johnson
Medtronic
Roche
Dexcom
Ascensia Diabetes Care

Recent Notable Deals

June 2022: Abbott Laboratories, a manufacturer of medical devices, declared in June 2022 that the Vietnamese Ministry of Health had given the go-ahead for the sale of its FreeStyle Libre glucose tracking system there. With the help of the FreeStyle Libre system, individuals with diabetes can continuously monitor their blood sugar levels without having to perform fingerstick tests.

Healthcare Policies and Regulatory Landscape

The Vietnamese Ministry of Health (MOH) and the National Medical Products Administration (NMPA) influence healthcare regulations and the market for diabetes devices in Vietnam. (NMPA). Before being sold in Vietnam, all medical devices, including diabetes devices, must be registered with the NMPA. Technical submissions and product testing are required during the registration procedure. Medical device safety and quality requirements in Vietnam must be met, according to the NMPA. A system of Good Production Practices (GMP) for medical devices has also been put in place by the MOH, which mandates that manufacturers follow strict quality control guidelines all the way through the production process. In Vietnam, there are rules regarding the purchase and export of medical devices, including diabetes devices. Exporters must obtain export licenses from the Ministry of Industry and Trade, whereas importers must obtain import permits from the NMPA.

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

Diabetes Devices Market Segmentation

By Type (Revenue, USD Billion):

The market is divided into blood glucose monitoring systems, insulin delivery systems, and mobile applications for managing diabetes within the type segment. Due to its convenience, ease of use, and usefulness in providing patients and healthcare professionals with real-time insights regarding diabetic conditions for integrated diabetes management, the segment for diabetes management mobile applications is anticipated to grow at the highest rate during the forecast period. Bare-metal Stents

Blood glucose monitoring systems
Self-monitoring blood glucose monitoring systems
Continuous glucose monitoring systems
Test strips/Test papers
Lancets/Lancing Devices
Insulin delivery Devices
Insulin pumps
Insulin pens
Insulin syringes and needles
Diabetes management mobile applications

By End User (Revenue, USD Billion):

The diabetes market is divided into hospitals & specialty clinics and self & home care, based on the end user.

Hospitals & Specialty Clinics
Self & Home Care

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.