Vietnam Genomics Market Analysis

Vietnam Genomics Market Executive Summary

The Vietnam Genomics market is at around $163.2 Mn in 2023 and is projected to reach $482.1 Mn in 2030, exhibiting a CAGR of 16.73% during the forecast period.

Genomics is the study of an organism’s entire genome, including all its genes and how these genes interact with each other and their environment. Genomics incorporates elements of genetics but is concerned with the characterization of all genes of an organism, rather than individual genes. Genomics attempts to understand all the DNA and genetic material and advance the practical application of that knowledge by relying on a powerful arena of tools such as bioinformatics, microarrays, and Next-generation sequencing (NGS). Genomics has a wide range of applications across various fields. Most importantly, genomics has paved the era for personalized medicine which is transforming the healthcare. Doctors can determine the optimal course of treatment, anticipate a patient’s likelihood of developing certain diseases, and even develop personalized therapies by studying the patient’s genome. Genomics also plays a vital role in disease diagnosis, epidemiology, and treatment. This knowledge helps develop targeted therapies and improve treatment outcomes. Another promising application of genomics lies in the field of pharmacogenomics. By understanding how an individual’s genes influence their response to medications, doctors can prescribe the most effective and safest drugs for them. Lastly, genomics is also beneficial in the biotechnology sector as it is essential for creating new bioproducts, such as biofuels and enzymes. Scientists can modify genes to create organisms that can produce these products more efficiently.

The Vietnam Genomics Markets is driven by significant factors such as increasing public awareness, the need for advancements in cancer treatments, and increasing trend of personalized medicines. However, the generation and storage of big data, ethical considerations of genomics, high cost associated with genomics, and shortage of skilled workforce restrict the growth and potential of the genomics market.

The leading players of the Vietnam Genomics Market are Gene Solutions, Medics Genetics, Vinmec Research Institute of Stem Cell and Gene Technology (VRISG), and Medical Genetics Institute (MGI), among others. Gene Solutions is a leader in Vietnam for genetics testing market. It offers a wide range of tests including carrier screening for genetic diseases, prenatal testing, pharmacogenomics testing for personalized medicine, nutritional genomics testing, and ancestry testing. In fact, Gene Solutions claims to have built the largest Vietnamese genomic database through their testing services.

Market Dynamics

Market Growth Drivers

Increasing public awareness: Vietnam is experiencing a surge in awareness of genomics and its potential impact on healthcare. The government plays a significant role in raising public awareness. Initiatives like the National Genome Project and focusing genomics research on prevalent diseases like tuberculosis and dengue fever place genomics in the spotlight. Also, the increased media coverage discusses applications of genomics in disease diagnosis, personalized medicine, and even ancestral tracing. This exposure gains public interest and builds understanding. Lastly, the public health campaigns aimed at raising awareness about genetic diseases and the potential of genomics for early detection and prevention can further increase understanding. The increased awareness leads to rise in demand for genetic testing which is beneficial for early disease detection and personalized therapies. Also, the public awareness can lead to greater support for government funding of genomics R&D initiatives, which will ultimately lead to a growth in the overall genomics market.

Needs for advancements in cancer treatment: Due to cancer’s complexity and constant emergence of new mutations, a multifaceted treatment approach is necessary. Genomics provides powerful tools for deeper understanding of cancer paving the way for personalized medicine, early detection techniques, and the development of more effective and potent treatments. Genomics is immensely beneficial as it helps understand the cancer drivers and specific cancer mutations and helps find new therapeutic targets inside cancer cells. Conventional chemotherapy frequently has wide-ranging effects that damage both malignant and healthy cells. However, genomic-based personalized medication presents a more accurate method with possibly fewer negative effects. Pharmaceutical companies can create medications that particularly target the molecular processes involved in the development of cancer by having a thorough understanding of these pathways. This can result in the creation of effective and innovative cancer treatments. Thus, the continuous push for advancements in cancer treatment are significant factors propelling the Vietnam Genomics Market forward.

Increasing trend of personalized medicine: Using genomics, medical professionals can examine a patient’s genome to identify the specific genetic variants associated with the illness. This allows for targeted therapies, which target only the specific mutations or biological mechanisms causing the illness. Personalized medicine provides a more targeted approach with fewer side effects and better therapeutic outcomes than traditional “one-size-fits-all” therapies. Another benefit of genomics is optimized treatment selection. Physicians can forecast a patient’s potential response to various treatment options by knowing their genetic profile. Choosing the best therapy is made possible by this individualized approach, which improves clinical results and leads to faster recovery. Hence, increasing trend of personalized medicine drives the growth of the Vietnam Genomics Market further.

Market Restraints

Generation and storage of big data: Genomic sequencing generates massive amounts of data. Storing, managing, and analysing this data effectively requires robust infrastructure and expertise, which can be expensive for many players. A robust storage infrastructure is necessary for storing genomic data. The massive outputs from DNA sequencing necessitate high-capacity storage systems and thus medical facilities, research institutes, and other organizations required high-capacity storage solutions to house this data. The cost of implementing and maintaining these solutions may be high. Moreover, this volume of data will continue to increase exponentially as the field develops and more genomes are sequenced. It’s possible that the current wave of data growth will outgrow the scalability of existing storage systems, requiring investments in new or upgraded storage technologies. Thus, the massive amount of data that is generated by genomics poses a significant challenge and this can ultimately stifle the growth of the genomics market.

Ethical considerations of Genomics: Preserving people’s genetic privacy is a major concern of genomics. Genetic information is extremely private and can include sensitive details about a person’s origin, health risks, and even characteristics like a predisposition to specific diseases. Misuse or breaches of this data can result in serious consequences Because of this, stringent laws governing data protection and informed permission are essential, but they can also make genetic testing and research more difficult and expensive. Thus, the ethical issues regarding genomics can prevent the genomics market from growing.

High Cost of Genomics: The cost associated with DNA sequencing can be substantial, especially for whole genome sequencing which can limit the accessibility of genomic testing for some patients and research institutions. Also, storing and analysing the vast amounts of data generated by genomics requires powerful bioinformatics tools and software which can be challenging and expensive to purchase and maintain for small-scale companies. Data management systems (DMS), if used, to organize, annotate, and secure genomic data, further adds to the overall cost. Hence, the high cost associated with various aspects of genomics acts as a significant hurdle, hindering the overall growth of the genomics market.

Shortage of skilled workforce: Genomics generates massive amounts of data which requires extensive analysis and thus it demands a skilled workforce with knowledge, expertise, and experience in genetics, bioinformatics, and data processing. The lack of readily available and specialized workforce leads to a bottleneck, hindering the ability to analyse the data effectively into actionable information. Furthermore, the high expense of acquiring and educating these specialists may prevent the industries from recruiting the unskilled individuals. Fewer qualified researchers result in slower progress in developing new genomic technologies, analysing complex genomic data, and unlocking the full potential of this field. Without a skilled workforce to bridge the gap between genomic research and real-world applications, the market growth stagnates and can eventually lead to a decline in the Genomics Market.

Regulatory Landscape and Reimbursement Scenario

The Drug Administration of Vietnam (DAV) is the regulatory agency for pharmaceuticals in the Vietnam. It operates under the Ministry of Health (MoH) and plays a critical role in ensuring the safety, efficacy, and quality of pharmaceutical products available in the country.

Before new pharmaceuticals are allowed to be sold in Vietnam, the DAV meticulously examines applications and authorizes their marketing. It also registers distributors, wholesalers, and producers of pharmaceuticals. Moreover, strict quality control procedures are implemented to guarantee the security and effectiveness of medications. This includes examinations of production sites, implementing quality control measures, and maintaining labs for product testing. The rigorous review and oversight by DAV procedures help guarantee that only safe and effective medications are available to Vietnamese consumers.

Vietnam’s healthcare system offers a mix of public and private financing option. The Social Health Insurance (SHI) is a program that is required for all employees in the formal sector, as well as their dependents. SHI offers discounted medical care at specific public and private establishments. Pregnancy care, some outpatient services, hospital stays, and prescription drugs are partially paid for by SHI. Private Health Insurance is an optional add-on offering wider coverage and potentially higher reimbursement rates compared to SHI. Compared to SHI, private health insurance plans cover a broader range of services including advanced diagnostics and procedures, private hospitals and specialists, shorter waiting times, and outpatient care.

Competitive Landscape

Key Players

Here are some of the major key players in the Vietnam Genomics Market:

• Gene Solutions
• Medics Genetics
• Vinmec Research Institute of Stem Cell and Gene Technology (VRISG)
• Medical Genetics Institute (MGI)
• Thermo Fisher Scientific
• Agilent Technologies
• Danaher Corporation
• Qiagen N.V.
• Eppendorf A.G.
• Myriad Genetic
• Perkin Elmer