Vietnam Neurology Devices Market Report 2022 to 2030

Vietnam Neurology Devices Market Analysis

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Vietnam Neurology Device Market is expected to witness growth from $63 Mn in 2022 to $xx Bn in 2030 with a CAGR of xx% for the forecasted year 2022-30. The Neurology devices market in Vietnam is being driven by the increase in neurological disorders like epilepsy, Parkinson's disease, and Alzheimer's disease. The market is segmented by product type and by the end user. Some key players in this market include Medtronic, Johnson and Johnson, GE Healthcare, Stryker, Abbott laboratories and Philips Healthcare.

ID: IN10VNMD012 CATEGORY: Medical Devices GEOGRAPHY: Vietnam AUTHOR: Jigyasu Bhandari

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Vietnam Neurology Devices Market Executive Analysis

Vietnam Neurology Device Market is expected to witness growth from $63 Mn in 2022 to $xx Bn in 2030 with a CAGR of xx% for the forecasted year 2022-30. From $16.1 Bn in 2017 to $20 Bn in 2021, healthcare expenditure in Vietnam increased steadily. It is expected to reach $23.3 Bn in 2025 and $33.8 Bn in 2030. Vietnam's per-capita current health spending in 2022 was roughly $185. In 2022, continuing healthcare expenses accounted for 5.37% of the country's GDP.

In Vietnam, stroke is the main source of death and disability, responsible for 14% of all fatalities and 7% of all diseases. In Vietnam, the frequency of strokes rose from 1.6% in 2017 to 2.8% in 2021. Vietnam has an epilepsy incidence of 5.1 per 1,000 people. 3.1% of the population in Vietnam had dementia, which is less than the stated prevalence rates in developed nations. In Vietnam, 20% of the population suffers from migraines. Neurology devices used for the rehabilitation of neurological illnesses include neuroprosthetic devices for people with paralysis or amputations. Among the neurology devices used in the study are Magnetic Resonance Imaging (MRI) devices. These devices examine the anatomy and function of the brain. The majority of patients who use sacral nerve stimulation devices are those who are not responding to pharmaceutical treatment or other types of medication. The treatment is performed using a tiny device that can deliver electrical impulses to the targeted sacral nerves in the lower back.

Vietnam Neurology Device Market Analysis

Market Dynamics

Market Growth Drivers

The Neurology devices market in Vietnam is being driven by the increase in neurological disorders like epilepsy, Parkinson's disease, and Alzheimer's disease. The prevalence of these disorders is predicted to rise as the population ages, providing chances for manufacturers to create new products and increase their market share. The Vietnam government is making investments in the country's healthcare facilities, such as the construction of hospitals and clinics, which is anticipated to increase demand for neurology devices. In addition, the government is providing incentives to draw in foreign investment, which might make it simpler for manufacturers to join the market. Innovation in the field of neurology devices is being sparked by technological advancements, leading to the production of brand-new and improved products. The need for neurology equipment in Vietnam is anticipated to increase as a result of healthcare professionals' wish to provide patients with the most advanced and effective treatments.

Market Restraints

The governing environment in Vietnam can be difficult for businesses that manufacture neurology devices. The launch of new devices can be slowed down by lengthy approval procedures and stringent quality control standards. Patients may be required to pay out of pocket for neurology therapies and devices in Vietnam due to the country's restrictive reimbursement policies. This may make it difficult for some people to get the care they need, particularly those who are financially strapped.

Competitive Landscape

Key Players

Medtronic
Abbott Laboratories
Johnson & Johnson
Boston Scientific
Nihon Kohden
GE Healthcare
Stryker

Notable Recent Deals

February 2022: The Vietnam National Hospital of Neurology & Pediatrics and the Korean business Healcerion entered into a collaboration deal in 2022 to create neurology devices for neurological examinations.

Healthcare Policies and Regulatory Landscape

The Vietnam government has strict regulations governing the healthcare industry, especially the neurology device industry. Particularly, imported neurology devices must adhere to rules and authorization specifications managed by the Ministry of Health (MOH). To be qualified to sell neurology devices in the Vietnamese market, foreign businesses must register as a legitimate business entities in Vietnam and acquire an import licence, in accordance with the MOH's policies. Foreign businesses typically distribute their goods through local distributors or agents to satisfy this requirement. Decree 36, released by the Vietnamese government, mandates that all neurology devices imported into the country apply for Marketing Authorization (MA) licences. An application for a marketing authorization licence is made by a foreign manufacturer looking for the host nation's consent to sell a neurology device.

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

Neurology Device Market Segmentation

The Neurology Device Market is segmented as mentioned below:

By Product Type (Revenue, USD Billion):

Neurostimulation
?Spinal Cord Stimulation Devices
Deep Brain Stimulation Devices
Sacral Nerve Stimulation
Vagus Nerve Stimulation
Gastric Electric Stimulation
Interventional Neurology
- Aneurysm Coiling & Embolization
- Embolic Coils
- Flow Diversion Devices
- Liquid Embolic Agents
- Cerebral Balloon Angioplasty & Stenting
- Carotid Artery Stents
- Filter Devices
- Balloon Occlusion Devices
- Neurothrombectomy
- Clot Retriever
- Suction Aspiration Devices
- Snares
CSF Management
- CSF Shunts
- CSF Drainage
Neurosurgery Devices
- Ultrasonic Aspirators
- Stereotactic Systems
- Neuroendoscopes
- Aneurysm Clips

By End User (Revenue, USD Billion):

??Hospitals and Clinics
Specialty Centres
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.