Vietnam Artificial Intelligence (AI) in Diagnostics Market Analysis

Vietnam Artificial Intelligence (AI) in Diagnostics Market Analysis


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Vietnam's Artificial Intelligence (AI) in the diagnostics market is projected to grow from $5.0 Mn in 2022 to $xx Mn by 2030, registering a CAGR of xx% during the forecast period of 2022-30. The market will be driven by the rising incidence of chronic diseases and expanded investments in the AI Diagnostic industry. The market is segmented by component & by diagnosis. Some of the major players include IBM Watson Health, Siemens Healthineers & Genetica.

ID: IN10VNDH002 CATEGORY: Digital Health GEOGRAPHY: Vietnam AUTHOR: Vidhi Upadhyay

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Vietnam Artificial Intelligence (AI) in Diagnostics Market Executive Summary

The Vietnam Artificial Intelligence (AI) in the diagnostics market is projected to grow from $5.0 Mn in 2022 to $xx Mn by 2030, registering a CAGR of xx% during the forecast period of 2022-2030. According to the International Monetary Fund's (IMF) Global Economic Outlook, Vietnam's GDP in 2021 was around US$368 billion, ranking it sixth in Southeast Asia and 41st in the world. According to the EvoHealth White Report on ASCVD in Vietnam, there were 2.4 Mn patients with cardiovascular illnesses in 2019, with atherosclerosis accounting for 65% of the cases. It is also the primary cause of mortality, with a significant prevalence of ischemic heart disease and stroke.

The use of Artificial Intelligence (AI) in diagnostics is still in its early stages in Vietnam, although there is significant interest and investment in this field. The Vietnamese government has identified the potential benefits of AI in healthcare and has set a target of being a regional leader in AI applications by 2030. Numerous local and foreign firms are now developing AI-based diagnostic solutions in Vietnam, with the goal of enhancing disease detection and diagnosis quickly and accurately. Radiology, pathology, and cardiology are some of the fields where AI is being used in diagnoses.  Genetica, a Vietnamese company, is developing an AI-powered platform that can analyze genetic data and assist in the diagnosis of rare diseases.

vietnam artificial intelligence in diagnostics market analysis

Market Dynamics

Market Growth Drivers

Vietnam's aging population and non-communicable diseases such as diabetes, cardiovascular disease, and cancer are becoming more prevalent. The Vietnamese government recognizes healthcare as a critical source of economic development and has expanded its investment in the industry. Advances in technology, a shortage of medical experts, and initiatives to digitize healthcare data and enhance the availability of healthcare through telemedicine are projected to accelerate the expansion and acceptance of AI-based diagnostic tools in Vietnam in the future years.

Market Restraints

One of the barriers to the use of AI in diagnostics in Vietnam is the scarcity of data, as electronic health records (EHRs) are not yet commonly used. As a result, the development of AI systems and algorithms that rely on enormous volumes of data to be taught has been hampered. Another challenge that may hinder the deployment of AI technology in Vietnam is the lack of regulatory frameworks to oversee the development and use of AI in diagnostics.

Competitive Landscape

Key Players

  • GE Healthcare
  • IBM Watson Health
  • Siemens Healthineers
  • Philips Healthcare
  • Google Health
  • AliveCor, Inc.
  • Genetica (VNM)
  • VinBrain (VNM)
  • FPT Corporation (VNM)

Notable Deals

January 2023, VinBrain, an AI healthcare software startup, engaged in a legal agreement with Microsoft to use its suite of AI-powered pathology solutions capable of detecting 21 disease signs of the heart, lungs, and bone.

Healthcare Policies and Regulatory Landscape

The MOH establishes the criteria for all healthcare systems' medical device purchasing. The Department of Medical Equipment and Construction (DMEC) of the Ministry of Health (MOH) is responsible for overseeing medical devices, granting import licenses, issuing registration numbers for medical equipment (Class C and D), providing Certificates of Free Sales, and validating advertisement material. The Ministry of Science and Technology (MOST) regulates medical devices manufactured in the country. Regulations on the administration and utilization of fees and taxes linked to medical equipment are issued by the Ministry of Finance. The Ministry of Industry and Trade (MOIT) is in charge of issuing import/export rules.

1. Executive Summary
1.1 Digital Health Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Digital Health Policy 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 Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Artificial Intelligence (AI) in Diagnostics Market Segmentation

  • By Component Outlook Type (Revenue, USD Billion):
    • Software
    • Hardware
    • Services
  • By Diagnosis Outlook Type (Revenue, USD Billion):
    • Cardiology
    • Oncology
    • Pathology 
    • Radiology
    • Chest and Lung
    • Neurology
    • Others

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

 

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Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

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Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases, and company-level averages, etc.

We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.

 

 

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
  • ​Analyzing current needs and determining penetration to estimate the market

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Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current, and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumption.

The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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Last updated on: 30 May 2023
Updated by: Riya Doshi

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