Vietnam Physiotherapy Market Analysis Report [2022-30] I Insights10

Vietnam Physiotherapy Market Analysis

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The Vietnam physiotherapy market size was valued at $266 Mn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 5.85% from 2022 to 2030 and will reach $419 Mn in 2030. Vietnam's physiotherapy market is expected to grow due to the increasing geriatric population, and increasing chronic disease prevalence. The market is segmented by Product Type, Application Type, and End User. The major players in the Vietnam physiotherapy market are T&T Medical Equipment, Nhat Nam Medical Equipment, EMS Physio Ltd., and others.

ID: IN10VNHS016 CATEGORY: Healthcare Services GEOGRAPHY: Vietnam AUTHOR: Chandani Patel

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Vietnam Physiotherapy Market Executive Summary

The Vietnam physiotherapy market size was valued at $266 Mn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 5.85% from 2022 to 2030 and will reach $419 Mn in 2030. Vietnam's healthcare expenditure has been increasing in recent years. According to World Bank data, in 2019, healthcare expenditure as a percentage of GDP was 6.2%, and per capita healthcare expenditure was $276. In 2020, the government committed to increasing healthcare expenditure to 7.5% of GDP by 2025.

Physical therapy and other rehabilitation therapies focus on improving strength and mobility as well as finding answers to any problems. If a patient has fallen, a physical therapist may suggest utilizing walking aids and performing exercises to strengthen the body and enhance balance. Rehabilitation can also help with fatigue brought on by asthma, chronic fatigue syndrome, or after major surgery. Rehabilitation therapy is an essential part of patient care for those who have or are at risk of having a short- or long-term disability as a result of their illnesses or accidents. The addition of rehabilitative services to the healthcare continuum has had significant positive effects on patients as well as carers. As a result, many healthcare facilities now consider rehabilitation therapy to be an essential part of their overall care strategy. As a result, there is now a higher requirement for both physiotherapy and rehabilitation equipment.

Physical therapy is being used more frequently in Vietnam as a result of increased public awareness of its benefits. Physiotherapy treatments are provided in a variety of settings, including hospitals, clinics, and private practices. Many physiotherapists offer home-based care to patients who are unable to travel to a clinic.

vietnam physiotherapy market analysis

Market Dynamics

Market Growth Drivers

Growing awareness of the benefits of physiotherapy: As more people become aware of the benefits of physiotherapy in treating a wide range of conditions, including musculoskeletal disorders, neurological disorders, and chronic pain, the demand for physiotherapy services is likely to increase.
Increase in the elderly population: As the population of Vietnam ages, there is likely to be an increase in the number of people who require physiotherapy services to manage age-related conditions, such as osteoarthritis and stroke.
Increase in the number of people with chronic conditions: With the increasing prevalence of chronic conditions such as diabetes and heart disease, the demand for physiotherapy services to manage the symptoms and complications of these conditions is also likely to increase.

Market Restraints

However, the physiotherapy market in Vietnam is also facing some challenges, including:

Low reimbursement rates: Reimbursement rates for physiotherapy services are relatively low, which can be a barrier to access for many citizens.
The limited number of qualified physiotherapists: There is a shortage of qualified physiotherapists in Vietnam, which can limit the availability of physiotherapy services.
Limited resources: Physiotherapy equipment and facilities are limited, which can affect the quality of physiotherapy services provided.

Competitive Landscape

Key Players

Nhat Nam Medical Equipment (VNM)
Viet Phat Medical Equipment VNM)
T&T Medical Equipment (VNM)
BTL Industries
DJO Global
EMS Physio
Kinetec
Thera-Band
Mettler Electronics
Chattanooga Group
Isokinetics
Algeo Limited
Dynatronics Corporation

Healthcare Policies and Regulatory Landscape

Policy changes and Reimbursement scenario of the Vietnam Physiotherapy Market

In Vietnam, physiotherapy devices are regulated by the Ministry of Health (MOH) under the Medical Equipment Management Department (MEMD). These devices must be registered with the MEMD and must comply with the safety and performance requirements set forth by the organization before they can be imported, distributed, or used in the country. Additionally, only licensed healthcare professionals are allowed to purchase and use these devices.

The MOH is responsible for issuing regulations, standards and guidelines for the registration, import, distribution and use of medical devices in the country. Medical devices are classified into three main classes according to their risk level: Class A, B and C, which implies a different level of control and regulations.

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

Physiotherapy Market Segmentation

By Product: (Revenue, USD Billion):

Based on product, the physiotherapy equipment market is divided into two major segments: equipment and accessories. The equipment segment accounted for the largest share of the physiotherapy equipment market in 2021. The equipment segment is further segmented into electrotherapy equipment, ultrasound equipment, exercise therapy equipment, heat therapy equipment, cryotherapy equipment, combination therapy equipment, continuous passive motion therapy equipment, shockwave therapy equipment, laser therapy equipment, magnetic pressure therapy equipment, traction therapy, and other physiotherapy equipment (hydrotherapy and vacuum therapy). Due to the increasing use of electrotherapy equipment in the treatment of musculoskeletal disorders and increasing concerns for patients’ safety and minimal/no side-effects during the physiotherapy treatments.

Equipment

Electrotherapy equipment
Ultrasound equipment
Exercise therapy equipment
Heat therapy equipment
Cryotherapy equipment
Combination therapy equipment
Continuous passive motion therapy equipment
Shockwave therapy equipment
Laser therapy equipment
Magnetic pressure therapy equipment
Traction therapy
Other physiotherapy equipment

Accessories
Manual Therapy
Specialized treatment
Joint Mobilization Techniques
Suspension Therapy

By Application (Revenue, USD Billion):

Based on application, the physiotherapy equipment market is segmented into musculoskeletal applications, neurological applications, cardiovascular and pulmonary applications, pediatric applications, gynecological applications, and other applications (including sports and palliative care). The musculoskeletal applications segment holds a dominating share attributed to the increasing adoption of physiotherapies to accelerate recovery of accidental injuries, rising incidence of musculoskeletal disorders, and growth in the geriatric population.

By Applications

Musculoskeletal applications
Neurological applications
Cardiovascular and pulmonary applications
Pediatric applications
Gynecological applications
Other applications

By End-user (Revenue, USD Billion):

Based on end users, the physiotherapy equipment market is segmented into physiotherapy & rehabilitation centers, hospitals, home care settings, physician offices, and other end users (community health centers and elderly care facilities). In 2021, the physiotherapy & rehabilitation centers segment accounted for the largest share of the physiotherapy equipment market due to increasing demand for advanced physiotherapy equipment and their wide usage across the care continuum across these centers.

Physiotherapy & Rehabilitation centers
Hospitals
Home care settings
Physician offices

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.