Vietnam Surgical Equipment Market, By Product Type (Handheld Surgical Devices, Sutures & Staplers, Electrosurgical Devices); By Category (Reusable Surgical Equipment, Disposable Surgical Equipment); By Application (Neurosurgery, Plastic & Reconstructive S

Vietnam Surgical Equipment Market Size Set to Touch USD 239 Million by 2030

Vietnam Surgical Equipment Market is flourishing because of increasing prevalence of chronic diseases and the government’s supportive initiatives to promote the development of medical devices industry.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Vietnam Surgical Equipment Market size at USD 153.34 million in 2023. During the forecast period between 2024 and 2030, BlueWeave expects Vietnam Surgical Equipment Market size to expand at a CAGR of 6.60% reaching a value of USD 238.88 million by 2030. The rising incidence of several chronic and lifestyle disorders as well as the rising demand for surgical operations are significant driving factors for Vietnam Surgical Equipment Market. Growing government measures to upgrade the nation's healthcare infrastructure and increasing healthcare expenditures are also expected to drive Vietnam Surgical Equipment Market in the coming years.

Opportunity - Expanding Medical Tourism in Vietnam

The expanding healthcare sector in Vietnam and increasing government investment in boosting the healthcare infrastructure are significantly attracting medical tourism in the country. According to a report by the Ho Chi Minh City Department of Tourism (DoT), around 300,000 foreigners visit Vietnam each year for medical examination and treatment. The expanding medical tourism in the country is mainly attributed to the availability of low-cost treatment, advanced medical technologies, and high quality medical services. As a result, with expanding medical tourism, the demand for surgical equipment is projected to rise, boosting the growth of Vietnam Surgical Equipment Market during the period in analysis.

Impact of Escalating Geopolitical Tensions on Vietnam Surgical Equipment Market

Escalating geopolitical tensions could negatively impact the growth of Vietnam Surgical Equipment Market. Vietnam imports a substantial volume of surgical equipment from other nations, such as China, Japan, the United States, and the European Union. However, supply chain disruption caused by geopolitical tensions and wars affects the availability of this equipment and drives up its cost. Local manufacturers are also impacted by the scarcity of raw materials needed to produce surgical equipment. Governments may also enact new rules to protect national security, which would have an effect on the medical devices industry. Manufacturers and distributors may incur additional costs and complexity in adhering to these rules.

Hospitals Segment Holds Largest Share of Market by End User

The hospitals segment dominates Vietnam Surgical Equipment Market by end user. The high number surgeries performed in hospitals and high financial resources available with them contributes to the segment growth. Hospitals in Vietnam significantly invest in high-quality and advanced surgical equipment which acts as a major catalyst for its market growth in the country. However, ambulatory surgical centers (ASCs) are expected to register high growth rate over the forecast period. The other major end user segments of Vietnam Surgical Equipment Market include clinics, diagnostic centers, and specialty clinics.

Competitive Landscape

Vietnam Surgical Equipment Market is intensely competitive, as a number of companies are competing to gain a significant market share. Key players in the market include Medtronic, Johnson & Johnson (J&J), B. Braun SE, BD (Becton, Dickinson and Company), KLS Martin, Dien Long Med Equipments Co. Ltd, VTH Vietnam Medical Equipment Company Ltd, Smith & Nephew, Trang Thi Medical, and Terumo Vietnam Medical Equipment Co., Ltd.

To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and Vietnam Surgical Equipment Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Vietnam Surgical Equipment Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.