The Vietnam Radiology Service Market was valued at $20 Mn in 2023 and is predicted to grow at a CAGR of 14.93% from 2023 to 2030, to $53 Mn by 2030. The key drivers of the market include increasing burden of chronic diseases, aging population, and healthcare infrastructure development. The prominent players of the Vietnam Radiology Service Market are Vinmec International General Hospital, Cuc International General Hospital, Saint Paul Hospital, Hue Central Hospital (HCH), Hoan My Da Nang Hospital, and Franco-Vietnamese (FV) Hospital, among others.
The Vietnam Radiology Service market is at around $20 Mn in 2023 and is projected to reach $53 Mn in 2030, exhibiting a CAGR of 14.93% during the forecast period.
There are many techniques used in radiology. MRI (Magnetic Resonance Imaging) scan is a powerful imaging technique that uses magnets instead of radiation to create images of the body. It is excellent for visualizing soft tissues like the brain, muscles, and organs. Areas investigated through MRI scanning include spinal cord and brain abnormalities, cysts and tumors, joint injuries, breast tissue anomalies, and abdominal and liver irregularities. Radiography is a type of radiological imaging technique which applies X-ray radiation. X-ray mammograph is also a type of radiological imaging technique which is used specifically to identify abnormalities or lesions in the human breast. MRA (Magnetic Resonance Angiogram) scan is an examination that produces detailed versions of the blood vessels in the body. Compared to X-rays, CT (Computed Tomography) uses a low dose of radiation and also provides a better overview of the interior of the body. An ultrasound or sonography is a technique that uses high frequency ways to produce images. As it does not involve the use of radiation it is the most widely used technique for monitoring pregnancy. A Positron Emission Tomography (PET) scan is an advanced technique used to reveal the metabolic or biochemical functions of tissues and organs. Lastly, a Single-Photo Emission Computerized Tomography (SPECT) uses a radioactive substance and a special camera to create 3-D images.
In Vietnam, there is an increased prevalence of chronic diseases leading to morbidity and mortality, and reduced quality of life. The Vietnam Radiology Service Market is thus driven by significant factors such as the increasing burden of chronic diseases, aging population, and healthcare infrastructure development. However, high cost, radiation exposure concerns, and shortage of radiologists restrict the growth and potential of the market.
The major players of the Vietnam Radiology Service Market are Vinmec International General Hospital, Cuc International General Hospital, Saint Paul Hospital, Hue Central Hospital (HCH), Hoan My Da Nang Hospital, and Franco-Vietnamese (FV) Hospital, among others.
Market Growth Drivers
Increasing Burden 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. In order to diagnose and monitor various medical disorders and improve chronic care, radiology services are essential. Radiology Services also contributes to long-term health results by preventing any complications in the treatment. The Radiology Service Market is expanding to its full potential because of the important role that radiology services play in the treatment of chronic diseases.
Aging Population: As of 2022, Vietnam’s population aged 65 and above comprised of 8.5% of the total population share. Compared to the younger population and adults, this geriatric group is more vulnerable to chronic health issues including diabetes, heart disease, and chronic kidney disease. Services in radiology aid in the efficient management of patients' illnesses. The need for radiology services is often increased by the aging population, which supports the expansion of the radiology service market.
Healthcare Infrastructure Development: Vietnam, regarded as an emerging or developing nation, is investing in modernizing its infrastructure and facilities for providing medical services in order to fulfil the growing demand for these services, particularly diagnostic imaging. From the diagnosis of a condition to the assessment of a treatment plan, diagnostic imaging services support patients' requirements at every step. Because radiology plays such a vital part in the healthcare industry, the market is expanding.
High Cost: Since radiology requires complex equipment, some of which may cost millions of dollars apiece, such CT, MRI, and PET scanners, it is an expensive specialty. To operate and maintain these devices, a significant financial outlay is also needed for regular maintenance, software updates, and the hire of specialized technical personnel. Owing to these factors, radiology services are among the costliest in the medical industry, which finally prevents the market from expanding.
Radiation Exposure Concerns: Although radiology services offer more benefits than drawbacks, there remain concerns about potential radiation exposure from scans. Exposure raises worries about skin burns, hair loss, and an increased risk of cancer. Despite a lack of conclusive evidence linking radiation exposure to higher cancer risk, people often harbor strong aversions to radiography. Consequently, this patient resistance negatively affects market growth.
Shortage of Radiologists: The Radiology Service market faces a significant challenge in the form of a growing shortage of radiologists. As the demand for radiology services increases due to factors like an aging population and technological advancements, the limited supply of qualified radiologists creates a bottleneck. This shortage leads to longer wait times for patients, potential diagnostic delays, and increased workload for existing radiologists, hindering the market's growth potential.
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.
Key Players
Here are some of the major key players in the Vietnam Radiology Service Market:
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
By Type
By Services
By Service Provider
Methodology for Database Creation
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Combining Secondary and Primary Research
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