Vietnam Coronary Stents Market Analysis

Vietnam Coronary Stents Market Analysis

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Vietnam Coronary Stents Market is expected to witness growth from $57 Mn in 2022 to $83 Mn in 2030 with a CAGR of 4.98% for the forecasted year 2022-30. A growing number of foreign patients seeking reasonably priced medical treatments, such as coronary stenting, are choosing Vietnam as their destination of choice for medical tourism. The market for coronary stents is anticipated to rise as a result of more medical institutions increasing their product offerings to meet the needs of this market. The market is segmented by type, mode of delivery, materials, and end user. Some key players in this market include Vinamed, VietMedical, B. Braun, Abbott Laboratories, Biotronik, Medtronic, GE Healthcare, Boston Scientific, and Philips Healthcare.

ID: IN10VNMD006 CATEGORY: Medical Devices GEOGRAPHY: Vietnam AUTHOR: Jigyasu Bhandari

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Vietnam Coronary Stents Healthcare Market Executive Analysis

Vietnam Coronary Stents Market is expected to witness growth from $57 Mn in 2022 to $83 Mn in 2030 with a CAGR of 4.98% for the forecasted year 2022-30. In 2023, Vietnam is going to spend $23.2 billion more on healthcare than it did in 2019, an increase of $16.98 billion. The estimated output for 2025 is $23.3 billion, and for 2036 is $38 billion. In 2022, ongoing healthcare expenses in the country accounted for 5.37% of its GDP. From $165 in 2020 to $180.72 as of today, the average cost of healthcare in Vietnam has climbed.

Vietnam has a comparatively low prevalence of Coronary Artery Disease (CAD) in 2020—around 5.8%—in comparison to other nations in the region. The prevalence of CAD is expected to reach 9.8% by 2030, although it is rising quickly. Patients with coronary artery disease can utilize coronary stents as a medical device to treat blocked or restricted coronary arteries. Coronary stents are used to unblock a blocked or narrowed artery and expand it so that blood may flow again to the heart. This enhances general heart health and relieves chest pain. Compared to typical coronary artery bypass surgery, which entails building a new blood vessel to circumvent the blocked artery, coronary stents are less intrusive. Stenting is frequently performed as an outpatient operation, allowing patients to go home the same day or a short while later. Coronary stents can lower the risk of subsequent heart attacks and other CAD problems by unblocking clogged arteries.

Vietnam Coronary Stents Market Analysis

Market Dynamics

Market Growth Drivers

A growing number of foreign patients seeking reasonably priced medical treatments, such as coronary stenting, are choosing Vietnam as their destination of choice for medical tourism. The market for coronary stents is anticipated to rise as a result of more medical institutions increasing their product offerings to meet the needs of this market. Demand in the market is anticipated to be driven by developments in coronary stent technology, such as the creation of bioresorbable stents and drug-eluting stents, as patients and healthcare professionals look for more effective and efficient treatment alternatives. As the government makes investments to upgrade the healthcare system and widen access to medical services, Vietnam's healthcare expenditure is rising. Medical equipment, such as coronary stents, will see a rise in demand as a result.

Market Restraints

In Vietnam, the price of coronary stents can be a deterrent for certain patients and medical professionals, especially in remote areas where access to healthcare services may be constrained. As a result, some patients might not be able to afford coronary stent therapy or might decide to pursue alternate forms of care. Despite the fact that CAD is becoming more prevalent in Vietnam, the general public is still unaware of the advantages of coronary stents and their function in the treatment of the condition. Manufacturers may find it challenging to properly promote their goods as a result.

Competitive Landscape

Key Players

  • Vinamed (VN)
  • VietMedical (VN)
  • Biotronik
  • Boston Scientific
  • B. Braun
  • Abbott Laboratories
  • GE Healthcare
  • Medtronic
  • Philipps Healthcare

Healthcare Policies and Regulatory Landscape

The Ministry of Health (MOH) of Vietnam oversees the regulation of medical equipment, including coronary stents. Medical devices must adhere to specific safety and efficacy requirements in order to be registered and approved by the MOH and commercialised in the nation. To make healthcare more accessible for patients, the Vietnamese government has put price limitations on medical devices, including coronary stents. The MOH must approve all medical equipment prices, and these prices are periodically reviewed and modified. Coronary stents and other medical devices are very sometimes reimbursed by the Vietnamese government. The Vietnam Social Security Fund oversees the reimbursement procedure and establishes the eligibility requirements as well as reimbursement rates.

1. Executive Summary
1.1 Device Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Regulatory Landscape for Medical Device
1.6 Health Insurance Coverage in Country
1.7 Type of Medical Device
1.8 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 Overview Product Applications and Services Recent Developments Partnerships Ecosystem 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

Coronary Stents Market Segmentation

By Type (Revenue, USD Billion):

The three main categories of coronary stents are bare-metal, drug-eluting, and bioabsorbable, depending on their nature. The segment for bioabsorbable stents is anticipated to increase at the fastest rate over the forecast period. The benefits that are encouraging the use of bioabsorbable stents include a decrease in problems including thrombosis and inflammation, the cVietnamity to restore normal vasomotion, and an improvement in aberrant endothelial function. However, in the upcoming years, the expansion of this market segment is anticipated to be constrained by the high cost of bioabsorbable stents.

  • Bare-metal Stents
  • Drug-eluting Stents
  • Bioabsorbable Stents

By Mode of Delivery (Revenue, USD Billion):

The market is divided into self-expanding and balloon-expandable stents according to delivery method. Because of the high use of these stents, rising research initiatives to advance the technology, and rising regulatory approvals for balloon-expandable stents, the balloon expandable stents segment is anticipated to increase at the greatest CAGR over the projection period.

  • Balloon-expandable Stents
  • Self-expanding Stents

By Materials (Revenue, USD Billion):

The coronary stent market is divided into metallic (cobalt chromium, platinum chromium, nickel-titanium, and stainless steel) and other stents according to the material. The market for other stents is anticipated to experience the largest CAGR growth during the projection period. The rapid expansion of this market can be ascribed to the increased use of polymers and copolymers in the production of bioabsorbable stents.

  • Metallic Stents
  • Cobalt-Chromium
  • Platinum Chromium
  • Nickel Titanium
  • Stainless Steel
  • Other Stents

By End User (Revenue, USD Billion):

The coronary stent market is divided into hospitals, cardiac centres, and ambulatory surgical centres based on the end user. According to predictions, the hospital sector will control the market in 2016. This is primarily caused by hospitals using a lot of coronary stents.

  • Hospitals
  • Cardiac Centers
  • Ambulatory Surgical Centers

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

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Last updated on: 23 February 2024
Updated by: Riya Doshi

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