Vietnam Digital Therapeutics Market Analysis Report 2022 to 2030

Vietnam Digital Therapeutics Market Analysis

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Vietnam Digital Therapeutics Market is at around $31 Mn in 2023 and is projected to reach $169.15 Mn in 2030, exhibiting a CAGR of 27.43 % during the forecast period. The growing prevalence of chronic diseases, government initiatives, and technological developments are fuelling the growth of the market. The market is dominated by key players like Pharmacy, Vinmec Health System, DarioHealth Corp., Omada Health Inc., 2Morrow Inc., Livongo Health Inc., WellDoc, Propeller Health, Canary Health, and Noom Inc.

ID: IN10VNDH006 CATEGORY: Digital Health GEOGRAPHY: Vietnam AUTHOR: Aneri Parekh

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Vietnam Digital Therapeutics Market Executive Summary

Vietnam Digital Therapeutics Market is at around $31 Mn in 2023 and is projected to reach $169.15 Mn in 2030, exhibiting a CAGR of 27.43 % during the forecast period.

The emerging field of digital therapeutics in Vietnam uses digital technology, like software and mobile apps, to provide evidence-based treatments for managing and treating a range of medical issues. By offering patients individualized and easily available digital solutions, this cutting-edge strategy seeks to improve healthcare outcomes and eventually improve healthcare delivery in Vietnam.

The market for digital therapeutics in Vietnam is expanding quickly, propelled by rising smartphone usage and rising consumer awareness of digital health options. The increasing frequency of chronic diseases and government measures to improve healthcare accessibility are driving up demand for digital treatments. Important companies are proactively joining the market, creating a dynamic environment that may see more growth.

With $6.2 Bn in revenue worldwide in 2023, the digital therapy industry has grown at a remarkable pace. This organization has experienced extraordinary growth due to the significant transformation brought about by modern technology and economical manufacturing techniques. This demonstrates the increasing usage of digital drugs in the healthcare sector. Further changes may be in store, according to the market trend, which calls for new advances to sustain the industry's continued prosperity.

With over 1,000 pharmacies throughout Vietnam, Pharmacity is a major player in the country's digital therapeutics business, enabling them to incorporate digital solutions into its current infrastructure. With the Pharmacity mobile app, customers may acquire prescription drugs online, make appointments, get reminders for their medications, and get health information. In addition, it provides easy access to medical guidance by offering virtual consultations with physicians and pharmacists. Pharmacity uses digital technologies for patient interaction and monitoring in its partnerships with healthcare professionals to create chronic illness management solutions.

Vietnam digital therapeutics market

Market Dynamics

Market Growth Drivers:

Growing Prevalence of Chronic Diseases: The need for digital therapeutics to manage and treat chronic illnesses including diabetes, cardiovascular disease, and respiratory problems is frequently fueled by these maladies' increasing prevalence. Roughly 22 Mn Vietnamese are afflicted with non-communicable diseases including 15 Mn hypertension cases and 4.5 Mn cases of diabetes.

Government Initiatives: The adoption of digital health technology can be greatly aided by supportive government policies, frameworks for regulations, and initiatives.

Technological Developments: As a result of ongoing technological developments, digital therapeutic solutions are more effective and draw in a larger user base. Examples of these developments include wearables, smartphone applications, and remote monitoring devices.

Market Restraints:

Regulatory Obstacles: Tight laws or a dearth of precise regulations for digital therapies could be problematic. Understanding the law is essential for entering and being accepted in the market.

Resistance to Technological Change: Patients and healthcare professionals may be reluctant to adopt digital solutions because they are unfamiliar with them or prefer conventional treatment techniques.

Education and Awareness: Patients' and healthcare providers' ignorance of the advantages and applications of digital therapies may impede their uptake. It could be essential to launch educational initiatives to foster acceptance and understanding.

Healthcare Policies and Regulatory Landscape

All pharmaceutical imports into the region require approval from the Ministry of Health (MOH) and the Drug Administration of Vietnam (DAV). To obtain approval from the Drug Administration of Vietnam, the manufacturer (applicant) must submit an application dossier containing all the details and supporting evidence required by the Regulation on Registration of Therapeutics. Clinical study conduct can be difficult in Vietnam due to a lack of appropriate facilities and trained investigators, which could delay the clearance procedure.

Competitive Landscape

Key Players:

Pharmacity
Vinmec Health System
DarioHealth Corp.
Omada Health Inc.
2Morrow Inc.
Livongo Health Inc.
WellDoc
Propeller Health
Canary Health
Noom Inc.

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

Vietnam Digital Therapeutics Market Segmentation

By Solution

Software
Services

By Deployment

Cloud-based
On-premises

By Application

Therapy
Diabetes
Obesity
CNS
Respiratory
CVD

By End-use

Diagnostic Centres
Healthcare Players
Healthcare Research Centres
Hospitals & Clinics
Nursing Care Centres
Others

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.