The Vietnamese healthcare sector is undergoing a significant transformation, driven by a rising burden of chronic diseases and a growing need for advanced medical technologies. Among these, cardiovascular disease (CVD) stands out as a leading public health concern, creating a substantial market opportunity for foreign manufacturers of cardiac surgery instruments. This article explores the alarming rise of CVD in Vietnam, analyzes its impact on the medical device market, and highlights the lucrative prospects for international players in this burgeoning sector.
The Growing Burden of Non-Communicable Diseases (NCDs) in Vietnam
Non-communicable diseases (NCDs) have become a major threat to public health in Vietnam. According to the World Heart Federation, NCDs account for a staggering 73% of all deaths in the country, translating to over 379,000 fatalities annually. These chronic conditions, unlike infectious diseases, are not easily transmitted from person to person but are often the result of lifestyle choices and genetic predisposition. The four key NCD types plaguing Vietnam include:
- Cardiovascular diseases (stroke and ischemic heart disease)
- Cancer
- Chronic respiratory disease
- Diabetes
The Alarming Rise of Cardiovascular Disease and its Market Impact
Among NCDs, cardiovascular disease reigns supreme as the leading cause of mortality. Ministry of Health's statistics reveal that roughly 200,000 Vietnamese people suffering from heart disease each year, representing a staggering 33% of total NCD deaths. This alarming prevalence of CVD translates into a significant demand for advanced cardiac surgery instruments. The market for these instruments was estimated at a value of approximately $10 million in 2022.
Looking ahead, the market for cardiac surgery instruments is projected for robust growth. Experts predict the market to reach a staggering $18 million by 2030, reflecting a Compound Annual Growth Rate (CAGR) of 6.83% for the forecast period (2022-2030). Furthermore, BlueWeave Consulting posits that cardiology devices, encompassing cardiac surgery instruments, are poised to generate the highest revenue within the booming Vietnamese medical device market, further underlining the immense potential for foreign manufacturers.
Opportunities for Foreign Medical Device Manufacturers
The confluence of factors driving the rise of CVD in Vietnam presents a compelling opportunity for foreign medical device manufacturers of cardiac surgery instruments. This growth can be attributed to several key trends:
- Rising Awareness and Diagnosis Rates of Heart Disease: Public health initiatives aimed at raising awareness of CVD risk factors coupled with advancements in diagnostic technologies are leading to earlier detection of heart disease. This, in turn, necessitates a greater number of surgical interventions, fueling demand for advanced cardiac surgery instruments.
- Aging Population: It is forecast that by 2030, the proportion of elderly people will increase to 18% and by 2050, it will reach over 30%. Vietnam's demographic shift towards an aging population is another significant factor contributing to the rise in CVD. As the population ages, the susceptibility to cardiovascular diseases increases, further pushing demand for sophisticated cardiac surgery tools.
- Government Initiatives: The Vietnamese Government issued Resolution No. 31/NQ-CP requires focus on procurement of medicines and medical equipment. The Government recognizes the critical role of the healthcare sector in national development. As a result, they are actively promoting investments in healthcare infrastructure and fostering market growth for medical devices. This creates a favorable environment for foreign manufacturers to enter the Vietnamese market.
The Bottomline
Vietnam's booming cardiovascular market, driven by rising CVD rates and government investment, presents a lucrative opportunity for foreign medical device manufacturers of cardiac surgery instruments.
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Reference
- 200,000 people die from cardiovascular diseases per year in Viet Nam
- Vietnam Cardiac Surgery Instruments Market Analysis
- Vietnam Medical Device Market
- Vietnam's Medical Devices Industry: Key Market Entry Considerations
- Vietnam's aging 100-million population a demographic time bomb
- Population aging trend in Vietnam and issues for financial policy
- Medical Devices - Vietnam