Vietnam Medical Device Market Size | 2019-2033

Vietnam Medical Device Market Growth and Performance

• Vietnam medical device market size is expected to witness substantial growth in the coming years, expanding at a CAGR of X.71% to achieve market value of US$ XX.4 million by 2033.
• The medical device industry in Vietnam stood at US$ XX.9 million in 2024.

Vietnam Medical Device Market Outlook

The Vietnam medical device market is witnessing rapid expansion, driven by an aging population, growing healthcare awareness, and advancements in medical technology. With continuous economic growth and rising living standards, Vietnam is fostering an environment where citizens are more inclined to invest in quality healthcare. The government's commitment to modernizing the country's healthcare system, alongside foreign investment incentives, is significantly strengthening the Vietnam medical device industry. As a result, both local and international players are capitalizing on these opportunities to expand their footprint in the Vietnam medical device ecosystem.

Market Landscape and Growth Drivers

Vietnam's healthcare sector is concentrated in two major economic hubs—Hanoi in the North and Ho Chi Minh City in the South. These cities host a majority of the country's hospitals, research institutions, and healthcare facilities. With over 1,300 hospitals and medical centers serving more than 100 million people, the country faces increasing demand for modern medical technologies. The population's aging trend is a key factor fueling the demand for medical devices. By 2023, approximately 14% of the population was aged 60 and above, marking a steady rise from 12% in 2019. This shift is accompanied by an increase in non-communicable diseases (NCDs) such as cardiovascular disorders, diabetes, and cancer. According to the World Health Organization (WHO), an estimated 22 million Vietnamese suffer from chronic illnesses, driving the need for advanced diagnostic and treatment solutions.

Government Initiatives and Policies Supporting Growth

To enhance the Vietnam medical device sector, the government has implemented several key policies aimed at improving healthcare accessibility, infrastructure, and domestic production capabilities. These initiatives include:

• National Strategy for Developing Vietnam’s Pharmaceutical Industry (2030, Vision 2045): Approved in October 2023, this strategy focuses on increasing domestic pharmaceutical production, with a target of meeting 80% of national demand and contributing 70% of market value by 2030. This indirectly supports the medical device sector by fostering innovation and local manufacturing.
• Grassroots Healthcare Network Development Plan (2021-2030, Vision 2050): This policy prioritizes public investment in upgrading healthcare infrastructure, particularly in remote and underdeveloped regions.
• Public-Private Partnership (PPP) in Healthcare: The Vietnamese government encourages private investments to modernize hospitals and clinics, reducing the strain on public facilities and promoting the adoption of state-of-the-art medical equipment.

Growing Demand for Imported Medical Devices

Despite efforts to boost local manufacturing, Vietnam remains highly reliant on imported medical devices, with over 90% of equipment sourced from abroad. Key suppliers include Japan, Germany, the U.S., China, and Singapore, which collectively account for 55% of the country’s total medical device imports. High-tech medical equipment such as MRI machines, CT scanners, and robotic-assisted surgical devices remain in high demand, presenting lucrative opportunities for global manufacturers. Additionally, Vietnam’s hospitals and healthcare facilities are undergoing significant digital transformation. The adoption of electronic medical records (EMRs), AI-driven diagnostics, and telemedicine solutions is on the rise, reinforcing the Vietnam medical device landscape as an evolving sector with immense potential.

Future Prospects and Investment Opportunities

The Vietnam medical device market size is expected to expand further as healthcare expenditure rises and foreign investment increases. The country’s push toward universal healthcare, along with the increasing number of private hospitals, is creating a robust demand for advanced medical technologies. Foreign investors keen on entering the Vietnam medical device ecosystem will find a favorable regulatory landscape, attractive incentives, and a growing consumer base. Strategic partnerships, localized manufacturing, and technology transfer initiatives will be crucial for businesses looking to establish long-term success in this dynamic market.