Vietnam MRI Market Analysis

Vietnam MRI Market Executive Summary

The Vietnam MRI Market is at around $33.20 Mn in 2023 and is projected to reach $52.38 Mn in 2030, exhibiting a CAGR of 6.73% during the forecast period.

Magnetic resonance imaging (MRI) is a type of diagnostic test that can create detailed images of nearly every structure and organ inside the body. It uses strong magnetic fields and radio waves to produce detailed images of the inside of the body. The MRI machine is a large, cylindrical (tube-shaped) device that generates a powerful magnetic field around the patient and emits pulses of radio waves from a scanner. Some MRI machines resemble narrow tunnels, while others are more spacious. The intense magnetic field produced by the MRI scanner causes the atoms in your body to align in the same direction. Subsequently, radio waves are emitted from the MRI machine, which disrupt this alignment, causing the atoms to return to their original positions. As the radio waves cease, the atoms revert to their initial alignment and emit radio signals. These signals are then picked up by a computer, which transforms them into an image of the area being examined. This image is displayed on a viewing monitor.

Road accidents are a major public health concern in Vietnam accounting for about 6,700 fatalities and 10,804 injuries, this leads to extensive use of MRI. The market therefore is driven by significant factors like increasing prevalence of chronic diseases, increase healthcare expenditure, and focus on early detection. However, high cost, infrastructure constraints, and shortage of skilled professionals restrict the growth of the market.

The leading pharmaceutical companies include GE Healthcare and Vinmed for MRI machines. Siemens Healthineers, Fujifilm Medical Systems, and Neusoft Medical Systems Vietnam are also significant contributors to the MRI market, with continuous research and development activities.

Market Dynamics

Market Growth Drivers

Increase Healthcare Expenditure: Vietnam has experienced robust economic growth, with an average annual GDP growth rate of around 6.5% over the last decade. This economic expansion has led to a significant increase in the country's GDP. Private healthcare expenditure in Vietnam is expected to grow largely due to increasing insurance coverage for citizens.

Growing Prevalence of Chronic Diseases: The increasing incidence of diseases like cancer, heart conditions, and bone and muscle disorders in Vietnam is driving up the demand for MRI scans for identification and monitoring purposes. Cancer ranks as the second leading cause of mortality in the country, following cardiovascular diseases. The substantial impact of these health challenges necessitates the use of MRI scans for early detection, diagnosis, and evaluation of treatment

Focus on Early Detection: In Vietnam, the MRI market is thriving due to a growing awareness of early diagnosis benefits. This means people understand that catching diseases early with MRI scans leads to better treatment outcomes. This fuels demand for MRI technology as accurate diagnoses improve patient care and potentially save lives.

Market Restraints

High Cost: The significant capital and operational expenses associated with MRI equipment can significantly affect market growth due to budgetary constraints, affordability issues, and accessibility challenges faced by both healthcare providers and patients. These increased costs hinder the adoption and utilization of these advanced imaging technologies.

Infrastructure Constraint: The distribution and accessibility of MRI services are hindered by infrastructure constraints, particularly in rural and remote areas of Vietnam. This leads to disparities in healthcare provision and limits the reach of advanced diagnostic imaging technologies.

Shortage of Skilled Professionals: The shortage of qualified radiologists and MRI technicians in Vietnam is a critical factor impeding the growth of the MRI market. The lack of skilled personnel to operate and maintain these advanced imaging systems is limiting the adoption and utilization of MRI services, especially in rural and underserved areas of the country. This deficiency in trained professionals is obstructing access to MRI scans and hindering the expansion of MRI services nationwide.

Regulatory Landscape and Reimbursement Scenario

Department of Medical Equipment and Health Works (DMEHW) under the Ministry of Health oversees the regulation of MRI in Vietnam. The MRI industry in Vietnam must adhere to strict compliance requirements and safety standards set by regulatory authorities. These regulations cover the installation, operation, and maintenance of MRI systems to ensure patient safety and quality of care. The Vietnamese government has established quality standards and guidelines for MRI systems and imaging services. The use of MRI technology in Vietnam is subject to strict radiation safety regulations, which aim to protect patients, healthcare workers, and the general public from potential radiation exposure.

The most common reimbursement mechanism in Vietnam for both outpatient and inpatient care, including MRI services, is the fee-for-service (FFS) model. Under FFS, healthcare providers are reimbursed based on the specific services and procedures performed, which can incentivize the provision of more care than is clinically necessary.

Competitive Landscape

Key Players

Here are some of the major key players in the Vietnam MRI Market:

• GE Healthcare
• Philips Healthcare Vietnam
• Canon Medical Systems Vietnam
• Siemens Healthineers
• Japan Vietnam Medical Instrument
• Hitachi Medical Systems
• Vinmed
• Fujifilm Medical Systems
• Neusoft Medical Systems Vietnam
• IBM Watson Health