Vietnam ENT Devices Market Report 2022 to 2030

Vietnam ENT Devices Market Analysis

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Vietnam ENT Devices Market is projected to grow from $120 Mn in 2022 to $180 Mn by 2030, registering a CAGR of 6% during the forecast period of 2022-30. The rising prevalence of ENT disorders, such as hearing loss, sinusitis, and tonsillitis, is a major driver of the ENT device market. The market is highly competitive, with a large number of players operating in the space, ranging from small, specialized companies to large multinational corporations. The domestic key players in the Vietnam ENT devices market include Medtek Corporation, Anova Corporation, and Nam Quang Medical.

ID: IN10VNMD009 CATEGORY: Medical Devices GEOGRAPHY: Vietnam AUTHOR: Dr. Vishwa Modhia

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Vietnam ENT Devices Market Analysis Summary

Vietnam ENT Devices Market is projected to grow from $120 Mn in 2022 to $180 Mn by 2030, registering a CAGR of 6% during the forecast period of 2022-30.

Vietnam, a low–middle-income Southeast Asian country with a population of 96.5 Mn, is the 15th most populous country in the world. In Vietnam, the prevalence of ENT problems such as hearing loss, sinusitis, and tonsillitis is rising. The number of hospitals and clinics in Vietnam is growing, particularly in urban areas, and they are treating ENT issues using cutting-edge technology and medical technologies. Vietnam's government spends 4.7% of its GDP on healthcare in 2020.

Vietnam ENT Devices Market

Market Dynamics

Market Growth Drivers Analysis

In Vietnam, there is a growing demand for more advanced and creative ENT equipment. Over the next five years, the medical device sector is expected to grow at a rate of more than 10% per year on average. The technology utilised in ENT devices is continually improving, which is propelling the country's creation of new and improved ENT devices. The Vietnam Medical Device (MD) market was estimated at $1.4 Bn in 2019, ranking Vietnam tenth in the Asia-Pacific region. These aspects could boost Vietnam ENT Devices Market.

Market restrains.

Over 90% of medical equipment and supplies in the country are imported. The Vietnamese government's reimbursement policies for medical devices, especially ENT devices, are limited. Patients may find it difficult to afford these gadgets as a result, limiting demand and market growth. While healthcare spending in Vietnam is rising, it remains low in comparison to other countries in the region. This may limit the amount of funds available for medical device development and marketing. These factors may deter new entrants into the Vietnam ENT Devices Market.

Competitive Landscape

Key Players

Nam Quang Medical Equipment Company - Based in Hanoi, Nam Quang Medical Equipment Company produces a range of medical devices, including ENT devices such as ear curettes, nasal speculums, and tonsil instruments
Anova Corporation - Based in Ho Chi Minh City, Anova Corporation produces a range of medical devices, including ENT devices such as ear syringes, nasal aspirators, and tonsil suction tubes
Medtek Corporation - Based in Hanoi, Medtek Corporation produces a range of medical devices, including ENT devices such as ear speculums, nasal splints, and throat mirrors
AdvaMed Vietnam - Based in Ho Chi Minh City, AdvaMed Vietnam produces a range of medical devices, including ENT devices such as ear irrigators, nasal forceps, and tonsillectomy instruments
Tien Thanh Medical Equipment Company - Based in Hanoi, Tien Thanh Medical Equipment Company produces a range of medical devices, including ENT devices such as ear forceps, nasal cannulas, and tonsil punch forceps
Foryou Medical Vietnam: Foryou Medical Vietnam is a subsidiary of China-based Foryou Medical Electronics Co., Ltd. The company produces a range of medical devices, including ENT devices such as endoscopes and surgical instruments
VietMedical: VietMedical is a Vietnamese medical device company that produces a range of medical devices, including ENT devices such as surgical instruments and endoscopes

Recent Notable Updates

August 2022: The 20th International Medical, Hospital, and Pharmaceutical Exhibition, which opened in August in HCM City, provided a venue for foreign companies to seek collaborations and investments in Vietnam. The expo featured 260 exhibitors from 20 countries and territories, with pharmaceutical and functional food companies accounting for half of them.

Healthcare Policies and Reimbursement Scenarios

The Ministry of Health in Vietnam is in charge of putting legislative papers, strategies, programmes, and plans for medical devices into action. The Medical Device Management Department (MDMD) of the Ministry of Health (MOH) in Vietnam oversees the regulatory framework for medical devices, particularly ENT equipment. Medical devices sold in Vietnam must be registered with the MDMD and meet the country's regulatory criteria, including safety and quality standards. The Vietnam Social Security (VSS) Administration provides health insurance coverage to its inhabitants.

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

ENT Device Market Segmentation

The ENT Device Market is segmented as mentioned below:

By Product Type (Revenue, USD Billion):

Diagnostic Devices
Surgical Devices
Hearing Aids
Hearing Implants
Co2 Lasers
Image-Guided Surgery Systems

By Diagnostic Devices (Revenue, USD Billion):

Endocsopes
Hearing Screening Devices

By Surgical Device (Revenue, USD Billion):

Powered Surgical Instruments
Radiofrequency (RF) Handpieces
Handheld Instruments
Balloon Sinus Dilation Devices
ENT Supplies
Ear Tubes
Voice Prosthesis Devices

By End Users (Revenue, USD Billion):

Hospitals and Ambulatory Settings
Home Use
ENT Clinics

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.

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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.