Vietnam ENT Devices Market is projected to grow from $120 Mn in 2022 to $180 Mn by 2030, registering a CAGR of 6% during the forecast period of 2022-30. The rising prevalence of ENT disorders, such as hearing loss, sinusitis, and tonsillitis, is a major driver of the ENT device market. The market is highly competitive, with a large number of players operating in the space, ranging from small, specialized companies to large multinational corporations. The domestic key players in the Vietnam ENT devices market include Medtek Corporation, Anova Corporation, and Nam Quang Medical.
Vietnam ENT Devices Market is projected to grow from $120 Mn in 2022 to $180 Mn by 2030, registering a CAGR of 6% during the forecast period of 2022-30.
Vietnam, a low–middle-income Southeast Asian country with a population of 96.5 Mn, is the 15th most populous country in the world. In Vietnam, the prevalence of ENT problems such as hearing loss, sinusitis, and tonsillitis is rising. The number of hospitals and clinics in Vietnam is growing, particularly in urban areas, and they are treating ENT issues using cutting-edge technology and medical technologies. Vietnam's government spends 4.7% of its GDP on healthcare in 2020.
Market Growth Drivers Analysis
In Vietnam, there is a growing demand for more advanced and creative ENT equipment. Over the next five years, the medical device sector is expected to grow at a rate of more than 10% per year on average. The technology utilised in ENT devices is continually improving, which is propelling the country's creation of new and improved ENT devices. The Vietnam Medical Device (MD) market was estimated at $1.4 Bn in 2019, ranking Vietnam tenth in the Asia-Pacific region. These aspects could boost Vietnam ENT Devices Market.
Market restrains.
Over 90% of medical equipment and supplies in the country are imported. The Vietnamese government's reimbursement policies for medical devices, especially ENT devices, are limited. Patients may find it difficult to afford these gadgets as a result, limiting demand and market growth. While healthcare spending in Vietnam is rising, it remains low in comparison to other countries in the region. This may limit the amount of funds available for medical device development and marketing. These factors may deter new entrants into the Vietnam ENT Devices Market.
Key Players
August 2022: The 20th International Medical, Hospital, and Pharmaceutical Exhibition, which opened in August in HCM City, provided a venue for foreign companies to seek collaborations and investments in Vietnam. The expo featured 260 exhibitors from 20 countries and territories, with pharmaceutical and functional food companies accounting for half of them.
The Ministry of Health in Vietnam is in charge of putting legislative papers, strategies, programmes, and plans for medical devices into action. The Medical Device Management Department (MDMD) of the Ministry of Health (MOH) in Vietnam oversees the regulatory framework for medical devices, particularly ENT equipment. Medical devices sold in Vietnam must be registered with the MDMD and meet the country's regulatory criteria, including safety and quality standards. The Vietnam Social Security (VSS) Administration provides health insurance coverage to its inhabitants.
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
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
The ENT Device Market is segmented as mentioned below:
By Product Type (Revenue, USD Billion):
By Diagnostic Devices (Revenue, USD Billion):
By Surgical Device (Revenue, USD Billion):
By End Users (Revenue, USD Billion):
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