Market Insights Health Medical Technology Medical Devices

General & Plastic Surgery Devices - Vietnam

Vietnam

The projected revenue of the General & Plastic Surgery Devices market market in Vietnam is estimated to reach US$96.43m by 2024.
It is expected to exhibit an annual growth rate (CAGR 2024-2028) of 8.43%, leading to a market volume of US$133.30m by 2028.
When compared globally, the United States is anticipated to generate the highest revenue, amounting to US$10,150.00m in 2024.
Vietnam has seen a significant increase in demand for general and plastic surgery devices, driven by the country's growing middle class and increasing focus on aesthetic enhancements.

Key regions: China, Japan, Italy, United States, Netherlands

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Analyst Opinion

The General & Plastic Surgery Devices market in Vietnam is experiencing significant growth due to several factors.

Customer preferences: Customers in Vietnam are increasingly seeking out plastic surgery procedures to enhance their appearance and boost their self-confidence. The demand for cosmetic surgeries such as breast augmentation, rhinoplasty, and liposuction is on the rise. This is driven by a combination of factors, including the influence of social media and the desire to conform to Western beauty standards. Additionally, the growing middle class in Vietnam has more disposable income to spend on aesthetic procedures.

Trends in the market: One of the key trends in the General & Plastic Surgery Devices market in Vietnam is the adoption of minimally invasive procedures. Customers are increasingly opting for non-surgical treatments such as Botox injections and dermal fillers, which require less downtime and have fewer risks compared to traditional surgical procedures. This trend is driven by the desire for quick results and the convenience of these procedures. Another trend in the market is the increasing popularity of medical tourism in Vietnam. The country has become a destination for individuals seeking affordable and high-quality plastic surgery procedures. Many international patients are attracted to Vietnam due to the lower cost of surgeries compared to their home countries. This trend has led to the establishment of specialized clinics and hospitals catering to international patients.

Local special circumstances: Vietnam has a large and growing young population, which contributes to the demand for plastic surgery procedures. Young individuals are more likely to seek out aesthetic enhancements to improve their appearance and boost their confidence. Additionally, the influence of Korean beauty trends has also played a role in shaping customer preferences in Vietnam.

Underlying macroeconomic factors: The growing economy and rising disposable income in Vietnam have contributed to the growth of the General & Plastic Surgery Devices market. As individuals have more money to spend, they are willing to invest in aesthetic procedures to improve their physical appearance. Furthermore, the increasing urbanization in Vietnam has also contributed to the growth of the market, as individuals in urban areas are more exposed to Western beauty standards and have easier access to plastic surgery clinics and hospitals. In conclusion, the General & Plastic Surgery Devices market in Vietnam is experiencing significant growth due to the increasing demand for cosmetic procedures, the adoption of minimally invasive techniques, the rise of medical tourism, the influence of social media and Korean beauty trends, and the growing economy and disposable income in the country.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.