Vietnam Hospital Market Report 2023 to 2030

Vietnam Hospital Market Analysis

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The Vietnam Hospital Market was valued at $27.50 Bn in 2023 and is predicted to grow at a CAGR of 7.83% from 2023 to 2030, to $46.61 Bn by 2030. The key drivers of this industry are rise in chronic diseases, government policies, and medical tourism. The key players in the industry are Vinmec Hospital System, Medlatec Group, Hong Ngoc Hospital System, and City International Hospital among others.

ID: IN10VNHS052 CATEGORY: Healthcare Services GEOGRAPHY: Vietnam AUTHOR: Avantika Gupta

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Vietnam Hospital Market Executive Summary

The Vietnam Hospital Market is at around $27.50 Bn in 2023 and is projected to reach $46.61 Bn in 2030, exhibiting a CAGR of 7.83% during the forecast period.

Hospitals are essential pillars of our healthcare system. They provide a wide range of services to keep us healthy and cared for in times of illness or injury. Hospital services are delivered by a multidisciplinary team of healthcare professionals, including doctors, nurses, technicians, and support staff, all working together to diagnose, treat, and support patients on their journey to recovery. Hospitals invest in advanced medical technologies and equipment to meet the healthcare requirements of an aging population. This includes state-of-the-art diagnostic tools, surgical equipment, and telemedicine solutions, which contribute to hospital revenue growth. Overall, hospital services are pivotal in maintaining and promoting the health and well-being of individuals and communities by delivering comprehensive medical care and addressing a variety of healthcare needs.

The private sector hospitals, driven by competition and innovation, offer the latest medical technologies and personalized care. Patients often choose these institutions for their shorter wait times, luxurious amenities, and access to renowned specialists. While it comes with a price tag. On the other hand, public sector hospitals uphold the principle of healthcare as a fundamental right. They serve as safety nets for vulnerable and underserved populations, offering comprehensive healthcare services and research regardless of a patient’s financial means.

There are 1.33 hospitals per 100,000 inhabitants in Vietnam. The rate of hospitalization is increasing gradually. The market therefore is driven by significant factors like the rise in chronic diseases, government policies, and medical tourism. However, limited insurance coverage, accessibility challenges in rural areas, and shortage of skilled professionals restrict the market's growth.

Hospitals known for their comprehensive medical services include Vinmec Hospital System and City International Hospital. Victoria Healthcare, Hanoi French Hospital, and FV Hospital are also significant contributors.

Vietnam Hospital Market Report 2023 to 2030

Market Dynamics

Market Growth Drivers

Rise in Chronic Diseases: Vietnam is facing a growing burden of chronic diseases, driven by factors like rapid economic development, population aging, urbanization, and changing lifestyles. The prevalence of diabetes has increased significantly with an estimate of 25-30% adults. It has led to increasing demand for higher-quality hospital services.

Government Policies: The Vietnamese government is actively supporting private investment in the healthcare sector and allowing foreign doctors to practice in the country to improve access to quality medical services. Vietnam is allowing foreign doctors to practice in the country to help improve access to quality healthcare services

Medical Tourism: Vietnam offers high-quality medical treatments, particularly in specialties like dentistry, cosmetic surgery, and cardiology, attracting patients from neighboring countries. This has led to increasing demand for hospital capacity.

Market Restraints

Limited Health Insurance Coverage: Many health insurance plans in Vietnam do not cover a wide range of services, particularly for non-communicable diseases (NCDs) and chronic conditions. This limitation can restrict access to necessary treatments and discourage patients from utilizing hospital services.

Accessibility Challenges in Rural Areas: In some rural and remote areas of Vietnam, access to hospital services may be limited due to a shortage of healthcare infrastructure and professionals. This can act as a restraint to the growth of the hospital services market in these regions.

Shortage of Skilled Professionals: There is a significant shortage of qualified healthcare workers, including doctors and nurses, which can hinder the capacity of hospitals to provide quality care. The existing healthcare workforce is often overburdened, with nurses frequently required to work long shifts and the ability to provide adequate attention to patients diminishes, leading to longer wait times and potentially poorer health outcomes.

Regulatory Landscape and Reimbursement Scenario

The Ministry of Health (MoH) is responsible for healthcare regulation, pharmaceutical oversight, disease control, food safety/nutrition, and health policy development. It works to improve public health, formulate health policies, and promote health education initiatives. The law on Medical Examination and Treatment sets the foundation for medical practices, including hospitals. It emphasizes patient safety, quality standards, and telemedicine integration. Hospitals need licenses based on their size, specialty, and ownership structure. MOH is the primary licensing authority.

Vietnam's hospital reimbursement scheme is primarily driven by Social Health Insurance (SHI), it includes costs for medical examinations, hospital stays, technical services, tests, and medications used for patients covered by health insurance. Reimbursement is based on the actual volume of services utilized and their associated costs, as stipulated by applicable regulations.

Competitive Landscape

Key Players

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

Vinmec Hospital System
Hoan My Medical Corporation
Medlatec Group
Victoria Healthcare
Hong Ngoc Hospital System
City International Hospital
Hanoi French Hospital
Hanh Phuc International Hospital
FV Hospital
American International Hospital

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

Vietnam Hospital Market Segmentation

By Service Type

Inpatient Services
Outpatient Services

By Hospital Type

Private Hospital
Public Hospital

By Service Areas

Acute Care
Cardiovascular
Cancer Care
Neurorehabilitation & Psychiatry Services
Pathology Lab, Diagnostics, and Imaging
Obstetrics & Gynecology
Others

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.