Vietnam ENT Devices Market Analysis

Vietnam ENT Devices Market Analysis

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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.

ID: IN10VNMD009 CATEGORY: Medical Devices GEOGRAPHY: Vietnam AUTHOR: Dr. Vishwa Modhia

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Vietnam ENT Devices Market Analysis Summary

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.

Vietnam ENT Devices Market

Market Dynamics

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.

Competitive Landscape

Key Players

  • Nam Quang Medical Equipment Company - Based in Hanoi, Nam Quang Medical Equipment Company produces a range of medical devices, including ENT devices such as ear curettes, nasal speculums, and tonsil instruments
  • Anova Corporation - Based in Ho Chi Minh City, Anova Corporation produces a range of medical devices, including ENT devices such as ear syringes, nasal aspirators, and tonsil suction tubes
  • Medtek Corporation - Based in Hanoi, Medtek Corporation produces a range of medical devices, including ENT devices such as ear speculums, nasal splints, and throat mirrors
  • AdvaMed Vietnam - Based in Ho Chi Minh City, AdvaMed Vietnam produces a range of medical devices, including ENT devices such as ear irrigators, nasal forceps, and tonsillectomy instruments
  • Tien Thanh Medical Equipment Company - Based in Hanoi, Tien Thanh Medical Equipment Company produces a range of medical devices, including ENT devices such as ear forceps, nasal cannulas, and tonsil punch forceps
  • Foryou Medical Vietnam: Foryou Medical Vietnam is a subsidiary of China-based Foryou Medical Electronics Co., Ltd. The company produces a range of medical devices, including ENT devices such as endoscopes and surgical instruments
  • VietMedical: VietMedical is a Vietnamese medical device company that produces a range of medical devices, including ENT devices such as surgical instruments and endoscopes

Recent Notable Updates

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.

Healthcare Policies and Reimbursement Scenarios

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 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

ENT Device Market Segmentation

The ENT Device Market is segmented as mentioned below:

By Product Type (Revenue, USD Billion):

  • Diagnostic Devices
  • Surgical Devices
  • Hearing Aids
  • Hearing Implants
  • Co2 Lasers
  • Image-Guided Surgery Systems

By Diagnostic Devices (Revenue, USD Billion):

  • Endocsopes
  • Hearing Screening Devices

By Surgical Device (Revenue, USD Billion):

  • Powered Surgical Instruments
  • Radiofrequency (RF) Handpieces
  • Handheld Instruments
  • Balloon Sinus Dilation Devices
  • ENT Supplies
  • Ear Tubes
  • Voice Prosthesis Devices

By End Users (Revenue, USD Billion):

  • Hospitals and Ambulatory Settings
  • Home Use
  • ENT Clinics

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: 27 February 2024
Updated by: Shivam Zalke

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