Vietnam PET Scan Market Analysis

Vietnam PET Scan Market Executive Summary

The Vietnam PET Scan market is at around $9.7 Mn in 2023 and is projected to reach $14.2 Mn in 2030, exhibiting a CAGR of 5.63% during the forecast period.

PET Scan is an advanced diagnostic and imaging technique which effectively identifies a variety of health issues such as cancer, heart disease, and brain disorders. It aids in the initial diagnosis and also in monitoring of the conditions for planning the treatment course. There are various types of PET scan including whole body PET scan. In whole body PET scan, the images of the entire body from head to toe are detected. A radiotracer is injected into the body which gets absorbed by all the tissues in the body. The scanner then detects the emitted radiation and creates detailed images of the organs and tissues. A whole-body PET scan is typically used to detect cancer, determine the stage of cancer, and monitor the treatment effectiveness. This type of scan is particularly useful for metastasis detection as it can identify even small tumors which might not be identified through other imaging tests. Another type of PET scan, called DOTATATA PET scan is used which is highly sensitive and specific for diagnosing neuroendocrine tumors (NETs). It utilizes a radiotracer called Gallium-68 DOTATATE, which combines somatostatin analog (DOTATATE) with a radioactive isotope (Gallium-68). The radiotracer targets somatostatin receptors which are often over expressed on the neuroendocrine tumors, allowing for the detection of both primary and metastatic NETs. A PSMA PET Scan is another type of PET scan used to detect, stage, and monitor prostate cancer. PSMA is the short for Prostate-Specific Membrane Antigen, which is overexpressed on the prostate cancer cells.

In Vietnam, there is an increased prevalence of chronic diseases leading to morbidity and mortality, and reduced quality of life. The Vietnam PET Scan Market is thus driven significant factors such as the rise in elderly population, increasing prevalence of chronic diseases, and increasing healthcare expenditure. However, the affordability, varied reimbursement, and, competition from other imaging techniques restrict the growth and potential of the market.

The leading players of the Vietnam PET Scan Market are GE Healthcare, Siemens Healthineers, Toshiba, Schiller, and Hitachi, among others.

Market Dynamics

Market Growth Drivers

Rise in Elderly Population: The share of population of individuals aged 65 and above in Vietnam was 8.5% in 2022. The prevalence of age-related illnesses, including cancer, heart disease, and neurological disorders, rises with an aging population. PET scans are crucial diagnostic tools for these diseases, offering early detection that can enhance the quality of life for patients. The growing number of elderly individuals requiring diagnosis and treatment for these conditions drives up the demand for PET scan procedures, positively impacting market growth.

Increasing Prevalence of Chronic Diseases: According to WHO, the top causes of death in the country are attributed to stroke, ischaemic heart disease, chronic obstructive pulmonary disease, and diabetes with 165, 95, 37, 35 deaths respectively per a population of 1,00,000. Effective treatment of chronic diseases like cancer, cardiovascular issues, and neurological disorders is often based on early detection. PET scans facilitate this by identifying metabolic changes associated with these conditions early on, allowing for prompt diagnosis and treatment. This early detection streamlines patient management, minimizes unnecessary procedures, and enhances healthcare efficiency, thereby boosting the demand for PET scans and driving market growth.

Increasing Healthcare Expenditure: Increased healthcare expenditure is instrumental in propelling the PET scan market growth as it enables medical facilities to invest in sophisticated imaging equipment such as PET scanners. Despite the significant financial outlay required for acquiring and maintaining these scanners, hospitals and clinics can afford them due to the rising healthcare spending. Moreover, higher healthcare expenditure leads to greater patient demand for accurate and timely diagnoses, which PET scans are renowned for delivering. This heightened demand drives the widespread adoption of PET scan technology, creating a conducive environment for market expansion.

Market Restraints

Affordability: PET scans are expensive which poses a significant barrier to access for many low- and middle-income patients. Additionally, those lacking sufficient insurance coverage face challenges in affording these scans, thereby limiting accessibility. In contrast, MRI and CT scans offer affordability and greater accessibility, providing a favourable benefit-to-cost ratio, leading patients to prefer these alternatives. Consequently, the restricted number of patients able to afford PET scans restricts market growth for this imaging technology.

Varied Reimbursement: Vietnam’s universal health coverage system is managed by the Vietnam Social Security (VSS) system which provides coverage for PET scans. However, the extend of coverage varies and depends on eligibility and referral requirements. Also, PET scans are usually only covered at government approved centres or hospitals. Out-of-pocket expenses are usually covered by patients and include co-payments, deductibles, and coverage limits. The private health insurance also varies widely in terms of coverage. Some plans cover PET scans, while others may not include coverage for diagnostic imaging. Reimbursement as it is not straight forward, requires comprehensive understanding with certain drawbacks, which leads to slow PET scan market growth.

Competition from other Imaging Techniques: Established imaging technologies such as SPECT, CT, and MRI scans compete directly with PET scans. These conventional methods are generally more cost-effective, making them a preferred option for patients. Furthermore, their widespread availability and accessibility contribute to their popularity among healthcare providers. Therefore, the PET scan market faces challenges due to the prevalence and established status of these older imaging technologies.

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 PET Scan Market:

• GE Healthcare
• Siemens Healthineers
• Toshiba
• Schiller
• Hitachi
• Canon Medical Systems
• Philips
• Fujifilm
• Neusoft Medical
• United Imaging Healthcare