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.
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.
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.
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.
Key Players:
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
By Solution
By Deployment
By Application
By End-use
Insights10 will provide you with the reports within 10 key parameters which are:
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”.
Stage I: Market Data Collection
Primary Interviews: We have developed a network of experts, freelancers, and researchers across countries through which we engage with local experts to gather key data points and assumptions about each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.
Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain a high level of accuracy and consistency. The market data is analyzed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, and market share as well as a segment-level analysis of the specific market. Our report includes precise, to-the-point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.
Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:
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.
Data Triangulation & Validation:
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)
Insights: Our reports deliver actionable insights backed with supporting facts and figures to assist you in achieving exemplary growth. Our in-depth analyses are interspersed with relevant insights and statistics to offer an executive-level view of a given market. The description helps in correlating many minor factors affecting the market and their impact on the different segments within the market.
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.
We value your inquiry and offer free customization with every report to fulfil your exact research needs.
This report addresses
Need more?