Vietnam Healthcare Insurance Market Report 2022 2030

Vietnam Healthcare Insurance Market Analysis

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The Vietnam healthcare insurance market is projected to grow from $10.13 Bn in 2022 to $18.52 Bn by 2030, registering a CAGR of 7.83% during the forecast period of 2022 - 2030. The main factors driving the growth would be economic growth, rising middle class, urbanization and government investment. The market is segmented by component, the provider, coverage, by health insurance plans and end-user. Some of the major players include Bao Viet, PetroVietnam Insurance, Dai-ichi Life, AIA and Manulife.

ID: IN10VNHS008 CATEGORY: Healthcare Services GEOGRAPHY: Vietnam AUTHOR: Neha Davda

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Vietnam Healthcare Insurance Market Executive Summary

The Vietnam healthcare insurance market is projected to grow from $10.13 Bn in 2022 to $18.52 Bn by 2030, registering a CAGR of 7.83% during the forecast period of 2022 - 2030. Vietnam's GDP's share of healthcare spending increased from 5.03% to 5.25% in 2019. Given the country's current economic and demographic trends, the healthcare sector has a lot of potential.

Vietnam is now working to implement a social health insurance program that is funded by the government. As of 2018, social health insurance was available to 87% of the Vietnamese population. The government offers full premium subsidies to the underprivileged, members of ethnic minorities, children under the age of six, those over the age of 80, and socially vulnerable groups. Homes that are almost impoverished receive partial subsidies. Almost 70% of the health insurance fund is used for secondary and tertiary levels.

Private healthcare organisations have contributed significantly to the expansion of the Vietnamese health insurance industry in addition to the government's initiatives. In order to draw in more customers and insurance companies, private hospitals and clinics have been increasing their services and facilities.

Vietnam Healthcare Insurance Market

Market Dynamics

Market Growth Drivers

The Vietnam healthcare Insurance market is expected to be driven by factors such as:

Economic growth- In recent years, Vietnam's economy has grown quickly. More people can now afford health insurance thanks to the growth in wealth and disposable income that has resulted from this
Rising middle-class- The middle class in Vietnam is expanding, which has raised the demand for insurance and healthcare services. This group can afford health insurance because they have more spare income and a higher level of living
Urbanization- Vietnam is rapidly urbanising, with around 38% of the people living in cities in 2021. The availability of healthcare services and insurance is greater in urban areas, which has raised the demand for healthcare insurance
Government investment- In recent years, the Vietnamese government has made significant investments in healthcare facilities and services. As a result, healthcare services have improved in terms of both quality and accessibility, which has raised interest in health insurance

Market Restraints

The following factors are expected to limit the growth of the healthcare insurance market in Vietnam:

Low awareness- The Vietnamese people, particularly in rural regions, lack knowledge and awareness of the advantages of healthcare insurance. As a result, fewer people purchase health insurance since they do not see the benefit in paying the premiums
Limited coverage- There are certain healthcare insurance plans in Vietnam with restricted coverage and limitations on the kinds of surgeries or treatments that are covered. For some people, particularly those who already have chronic problems or pre-existing conditions, this may reduce the appeal of healthcare insurance
Limited healthcare infrastructure- Although the Vietnamese government has made significant recent investments in healthcare infrastructure, certain rural communities still have limited access to healthcare services. For some people, especially those who reside in regions with few healthcare providers, this may reduce the appeal of health insurance

Competitive Landscape

Key Players

Bao Viet (VNM)- The largest financial-insurance group in Vietnam, Baoviet was founded in January 1965. The State Government has recognised it as one of the top 25 businesses in the nation. The business offers a wide range of financial services, including banking, fund management, securities, and investments in addition to insurance
PetroVietnam Insurance (VNM)- An range of healthcare insurance solutions, including individual and group health insurance policies, are available from PVI, a top insurance provider in Vietnam
Dai-ichi Life- Leading provider of insurance services is Dai-ichi Life Insurance. The business offers a wide range of services, such as pension insurance, life insurance, health insurance, and property insurance
AIA- One of the top life insurers in the nation, AIA Vietnam has been offering services to its clients for over 22 years. a top-five market-share life insurer that performs well overall and collects premiums from all business lines. Life insurance, accident and health insurance, and group insurance are just a few of the many insurance products that AIA Vietnam provides
Manulife- One of the key companies in the Vietnamese healthcare insurance market is Manulife Vietnam, which provides a variety of health insurance options to individuals, families, and corporations

Recent News

November 2022- To increase public knowledge of insurance protection, Manulife Vietnam has launched the "Bridge the Gap" campaign. It reiterates Manulife's dedication to providing complete protection options to aid consumers in Vietnam and their loved ones in constructing a better future. Only 11% of Vietnamese citizens had life insurance as of 2021. Moreover, just roughly 2.47% of the GDP in 2021 was accounted for by life insurance, which is a low penetration rate by GDP. In addition, household out-of-pocket medical expenses made up nearly 43% of overall health costs, which is twice the amount advised by the World Health Organization. With this significant protection gap, the Vietnamese now have started to place a high priority on insurance and financial protection strategies.

1. Executive Summary
1.1 Service Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Healthcare Services Market in Country
1.6 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 Services
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Healthcare Insurance Market Segmentation

By Provider (Revenue, USD Billion):

It mainly includes healthcare insurance that provides safety against the increasing cost of medical treatments and in case of health emergencies such as critical illnesses. Hence, it is the best way to safeguard medical expenses.

Public
Private

By Coverage Type (Revenue, USD Billion):

In terms of sales and market share, it is anticipated to rule the market over the projection period. This is explained by a number of benefits provided by life insurance, including guaranteed death payout and permanent coverage. Additionally, investing in these kinds of plans enables working professionals to save taxes

Life Insurance
Term Insurance

By Health Insurance Plans (Revenue, USD Billion):

Health Maintenance Organization (HMO)
Preferred Provider Organization (PPO)
Exclusive Provider Organization (EPO)
Point of Service (POS)
High Deductible Health Plan (HDHP)

By Demographics (Revenue, USD Billion):

Minors
Adults
Seniors

There is a high prevalence of lifestyle disease in the adult population that can increase health risks in the future. The population is more prone to cardiac and other diseases that require hospitalization. Healthcare insurance plans for seniors are more of a necessity, especially in the case of retirement. Also, it carries various advantages such as no medical screening before buying plans, includes coverage of the outpatient department, and provides the benefit of fee annual checkups along with lifetime renewability.

By End-user (Revenue, USD Billion):

Individuals
?Corporates

A large number of people buy individual health plans as they are also customizable. Also, it gives more control over deductibles, co-pays, and benefits limits and is not dependent on employment status.

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.