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Ophthalmic Devices - Vietnam

Vietnam

The projected revenue in the Ophthalmic Devices market market in Vietnam is estimated to reach US$140.60m by 2024.
It is expected to exhibit an annual growth rate (CAGR 2024-2029) of 8.88%, leading to a market volume of US$215.10m by 2029.
When compared globally, the United States is anticipated to generate the highest revenue, amounting to US$14,000.00m in 2024.
Vietnam's ophthalmic devices market is experiencing significant growth, driven by increasing healthcare investments and a rising aging population.

Key regions: Germany, Italy, France, Japan, United Kingdom

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Analyst Opinion

The Ophthalmic Devices market in Vietnam is experiencing significant growth due to several factors.

Customer preferences: Customers in Vietnam are increasingly seeking advanced ophthalmic devices to address their eye health needs. This includes a growing demand for diagnostic and surgical equipment such as optical coherence tomography (OCT) machines, phacoemulsification systems, and refractive surgery devices. Additionally, there is a rising preference for contact lenses and eyeglasses with innovative features such as blue light protection and UV filters.

Trends in the market: One of the key trends in the Ophthalmic Devices market in Vietnam is the increasing prevalence of eye diseases and disorders. With the aging population and changing lifestyle patterns, the incidence of conditions like cataracts, glaucoma, and refractive errors is on the rise. This has led to a higher demand for ophthalmic devices that can diagnose and treat these conditions effectively. Another trend in the market is the growing adoption of telemedicine and digital health solutions in the ophthalmology sector. This allows patients in remote areas to access eye care services without the need to travel long distances. The use of telemedicine platforms and mobile apps for remote consultations, diagnosis, and monitoring is gaining traction in Vietnam, driving the demand for ophthalmic devices that can integrate with these technologies.

Local special circumstances: Vietnam has a rapidly expanding middle class population with increasing disposable income. This has led to a greater willingness among consumers to spend on healthcare, including eye care. Furthermore, the government of Vietnam has been actively promoting the development of the healthcare sector, including ophthalmology, through various initiatives and policies. This has created a conducive environment for the growth of the Ophthalmic Devices market in the country.

Underlying macroeconomic factors: Vietnam's economic growth and rising per capita income are contributing to the expansion of the Ophthalmic Devices market. As the standard of living improves, individuals are becoming more aware of the importance of eye health and are willing to invest in advanced ophthalmic devices. Additionally, the government's focus on healthcare infrastructure development and increasing healthcare expenditure are supporting the growth of the market. In conclusion, the Ophthalmic Devices market in Vietnam is witnessing growth driven by customer preferences for advanced ophthalmic devices, increasing prevalence of eye diseases, adoption of telemedicine solutions, the expanding middle class population, and favorable macroeconomic factors.

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.