Vietnam Genomic Diagnostics Market Analysis

Vietnam Genomic Diagnostics Market Executive Summary

Vietnam Genomic Diagnostics Market was valued at $163.25 Mn in 2023 and is predicted to grow at a CAGR of 16.73% from 2023 to 2030, to $482.09 Mn by 2030. 

Genomic diagnostics is a rapidly evolving field that uses an individual's genetic information to diagnose diseases, assess predisposition to future health problems, and guide treatment plans by analyzing DNA or RNA for disease-linked variations. This includes karyotyping to examine chromosome abnormalities, targeted mutation analysis for specific disease-related genes, and next-generation sequencing (NGS) for a comprehensive genetic analysis. Applications encompass disease diagnosis, carrier testing for informed family planning, predictive testing for disease risk assessment, and pharmacogenomics for personalized medication treatments. The benefits of genomic diagnostics include early disease detection, personalized medicine, and improved disease management and prognosis.

Vietnam is experiencing a significant burden from chronic diseases, particularly among the elderly in rural areas. In 2020, among the population aged 25–64 years, 28.3% had raised blood pressure, 20.57% were overweight/obese, 6.96% had increased blood glucose, and 15.63% had elevated blood lipids. The rapid ageing of the population, with those over 60 growing from 8.68% in 2009 to 25% by 2050.

Market is therefore driven by significant factors like technological advancements, government initiatives, and growing demand for early detection and prevention. However, limited access to advanced technologies, economic and socioeconomic factors, and a lack of trained professionals restrict the growth and potential of the market.

A prominent player in this field is Illumina, which has partnered with AstraZeneca to leverage genomics and AI for faster drug development by identifying new therapeutic targets and biomarkers, 23andMe acquired Lemonaid Health to enhance its personalized healthcare offerings through telehealth and prescription drug delivery services based on genetic information. Other contributors include Myriad Genetics, and Amgen among others.

Market Dynamics

Market Growth Drivers

Technological Advancements: The rise of personalized medicine, driven by genomics and proteomics, is transforming the Vietnam diagnostic labs market. Advances in molecular diagnostics allow for treatment tailored to individual genetic profiles, lifestyle factors, and disease susceptibilities. This trend enhances the precision and effectiveness of medical interventions.

Government Initiatives: Vietnamese government efforts include establishing dedicated laboratories for diseases like Ebola Virus Disease and adopting new technologies for TB testing. These initiatives improve diagnostic accuracy and efficiency, significantly benefiting disease management and control.

Growing Demand for Early Detection and Prevention: Increasing health awareness in Vietnam is fueling the In Vitro Diagnostics (IVD) market, as more people prioritize early disease detection. The emphasis on regular health check-ups and early diagnosis is driving market growth, reflecting the population's proactive approach to health management.

Market Restraints

Limited Access to Advanced Technologies: Vietnam faces challenges in accessing advanced technologies like whole genome and whole exome sequencing, which are not widely available for clinical care. This limitation hampers the broader implementation of precision and genomic medicine across the country.

Economic and Socioeconomic Factors: High healthcare costs, especially for the elderly in rural areas, lead to substantial financial burdens. When out-of-pocket health payments exceed 40% of household income, it can result in catastrophic health expenditures, restricting access to necessary care.

Lack of Trained Professionals: Vietnam faces a significant shortage of trained professionals in the field of medical genetics, with only about 13 trained medical geneticists available for a population of over 90 Mn as of 2018. Although genetic counseling services exist, their availability is extremely limited, impeding the widespread implementation and accessibility of advanced genomic diagnostics and personalized medicines.Bottom of Form

Regulatory Landscape and Reimbursement Scenario

Vietnam's healthcare system is rapidly transforming, with the Ministry of Health (MOH) playing a pivotal role as the central health authority. The MOH oversees the regulation of medical devices and pharmaceuticals, including the approval of new genomic tests. Although the regulatory framework for genomics is still developing, the MOH is instrumental in ensuring that medical technologies meet necessary safety and efficacy standards.

Reimbursement for genomic diagnostics in Vietnam remains in its early stages, reflecting the mixed public and private healthcare system. The public healthcare system, despite recent investments in infrastructure, offers limited coverage for advanced diagnostics like genomics, focusing mainly on high-impact conditions. In contrast, private health insurance plans, which are gaining popularity, provide varying levels of coverage depending on the specific policy. However, a significant portion of the population still depends on out-of-pocket payments for healthcare services, including genomic diagnostics, posing a considerable financial barrier for many patients.

Competitive Landscape

Key Players

Here are some of the major key players in the Vietnam Genomic Diagnostics

• Illumina, Inc.
• Myriad Genetics, Inc.
• Amgen, Inc.
• 23andMe
• Genome Institute of Singapore
• Gene Solutions
• Lab Group International Vietnam Co. Ltd.
• Medic Medical Diagnostic Center
• Medical Laboratory and Technology Co. Ltd.
• Hi-Medic Laboratory Co., Ltd.
• Danaher Corporation