The Vietnam Neurology Device Market is expected to witness growth from $63 Mn in 2022 to $xx Bn in 2030 with a CAGR of xx% for the forecasted year 2022-2030. The Neurology devices market in Vietnam is being driven by the increase in neurological disorders like epilepsy, Parkinson's disease, and Alzheimer's disease. The market is segmented by product type and by the end user. Some key players in this market include Medtronic, Johnson and Johnson, GE Healthcare, Stryker, Abbott laboratories and Philips Healthcare.
The Vietnam Neurology Devices Market size is at around $63 Mn in 2022 and is projected to reach $xx Mn in 2030, exhibiting a CAGR of xx% during the forecast period. From $16.1 Bn in 2017 to $20 Bn in 2021, healthcare expenditure in Vietnam increased steadily. It is expected to reach $23.3 Bn in 2025 and $33.8 Bn in 2030. Vietnam's per-capita current health spending in 2022 was roughly $185. In 2022, continuing healthcare expenses accounted for 5.37% of the country's GDP.
In Vietnam, stroke is the main source of death and disability, responsible for 14% of all fatalities and 7% of all diseases. In Vietnam, the frequency of strokes rose from 1.6% in 2017 to 2.8% in 2021. Vietnam has an epilepsy incidence of 5.1 per 1,000 people. 3.1% of the population in Vietnam had dementia, which is less than the stated prevalence rates in developed nations. In Vietnam, 20% of the population suffers from migraines. Neurology devices used for the rehabilitation of neurological illnesses include neuroprosthetic devices for people with paralysis or amputations. Among the neurology devices used in the study are Magnetic Resonance Imaging (MRI) devices. These devices examine the anatomy and function of the brain. The majority of patients who use sacral nerve stimulation devices are those who are not responding to pharmaceutical treatment or other types of medication. The treatment is performed using a tiny device that can deliver electrical impulses to the targeted sacral nerves in the lower back.
Market Growth Drivers
The Neurology devices market in Vietnam is being driven by the increase in neurological disorders like epilepsy, Parkinson's disease, and Alzheimer's disease. The prevalence of these disorders is predicted to rise as the population ages, providing chances for manufacturers to create new products and increase their market share. The Vietnam government is making investments in the country's healthcare facilities, such as the construction of hospitals and clinics, which is anticipated to increase demand for neurology devices. In addition, the government is providing incentives to draw in foreign investment, which might make it simpler for manufacturers to join the market. Innovation in the field of neurology devices is being sparked by technological advancements, leading to the production of brand-new and improved products. The need for neurology equipment in Vietnam is anticipated to increase as a result of healthcare professionals' wish to provide patients with the most advanced and effective treatments.
Market Restraints
The governing environment in Vietnam can be difficult for businesses that manufacture neurology devices. The launch of new devices can be slowed down by lengthy approval procedures and stringent quality control standards. Patients may be required to pay out of pocket for neurology therapies and devices in Vietnam due to the country's restrictive reimbursement policies. This may make it difficult for some people to get the care they need, particularly those who are financially strapped.
Key Players
February 2022: The Vietnam National Hospital of Neurology & Pediatrics and the Korean business Healcerion entered into a collaboration deal in 2022 to create neurology devices for neurological examinations.
The Vietnam government has strict regulations governing the healthcare industry, especially the neurology device industry. Particularly, imported neurology devices must adhere to rules and authorization specifications managed by the Ministry of Health (MOH). To be qualified to sell neurology devices in the Vietnamese market, foreign businesses must register as a legitimate business entities in Vietnam and acquire an import licence, in accordance with the MOH's policies. Foreign businesses typically distribute their goods through local distributors or agents to satisfy this requirement. Decree 36, released by the Vietnamese government, mandates that all neurology devices imported into the country apply for Marketing Authorization (MA) licences. An application for a marketing authorization licence is made by a foreign manufacturer looking for the host nation's consent to sell a neurology device.
1. Report Description of the Vietnam Neurology Device Market
1.1 Research Scope and Assumption
1.2 Objective of the study
1.3 Research Methodology
1.4 Reason to buy the report
2. Vietnam Neurology Device Market Executive Summary
2.1 Vietnam Neurology Device Market – Industry Snapshot & key buying criteria, 2021-2030
2.2 Market Size, Growth Prospects, and Key findings
3. Market Dynamics of Vietnam Neurology Device Market
3.1 Market Growth Drivers Analysis
3.2 Market Restrains Analysis
4. Vietnam Neurology Device Market Segmentation
4.1 By Device Type
4.1.1 Neurostimulation
4.1.2 Interventional Neurology
4.1.3 CSF Management
4.1.4 Neurosurgery Devices
4.2 By End User
4.2.1 Hospitals and Clinics
4.2.2 Speciality Centres
4.2.3 Others
5. Vietnam Neurology Device Market Share
5.1 Market Analysis, Insights, and Forecast – By Revenue
6. Competitive Landscape
6.1 Major Top Market Players
7. Key Company Profiles
7.1 Company 1
7.1.1 Overview
7.1.2 Financial Performance
7.1.3 Product & Services
7.1.4 Strategic initiatives
7.2 Company 2
7.2.1 Overview
7.2.2 Financial Performance
7.2.3 Product & Services
7.2.4 Strategic initiatives
7.3 Company 3
7.3.1 Overview
7.3.2 Financial Performance
7.3.3 Product & Services
7.3.4 Strategic initiatives
7.4 Company 4
7.4.1 Overview
7.4.2 Financial Performance
7.4.3 Product & Services
7.4.4 Strategic initiatives
7.5 Company 5
7.5.1 Overview
7.5.2 Financial Performance
7.5.3 Product & Services
7.5.4 Strategic initiatives
8. Healthcare Policies and Regulatory Landscape
8.1 Healthcare Policies in Vietnam
8.2 Regulatory Framework in Vietnam
8.3 Pricing & Reimbursement Scenario in Vietnam Neurology Device Market
9. Factors Driving Future Growth
9.1 New Trends and Development Vietnam Neurology Device Market
9.2 Future Opportunities
10. Strategic Recommendations
The Neurology Device Market is segmented as mentioned below:
By Product Type (Revenue, USD Billion):
By End User (Revenue, USD Billion):
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