Market Insights Health Medical Technology Medical Devices

Orthopedic Devices - Vietnam

Vietnam

The Vietnam Orthopedic Devices market market is anticipated to witness a significant surge in revenue, with projections indicating a staggering figure of US$162.40m in 2024.
This robust growth is expected to continue with an impressive annual growth rate (CAGR 2024-2028) of 7.68%, ultimately leading to a substantial market volume of US$218.30m by 2028.
In comparison to other countries worldwide, it is worth noting that the United States is predicted to generate the highest revenue in the Orthopedic Devices market market, reaching a massive US$16,040.00m in 2024.
Vietnam's orthopedic devices market is experiencing significant growth due to an aging population and increasing prevalence of orthopedic conditions.

Key regions: United States, United Kingdom, France, Germany, Europe

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Analyst Opinion

The Orthopedic Devices market in Vietnam is experiencing significant growth and development due to various factors.

Customer preferences: Customers in Vietnam have shown a strong preference for orthopedic devices that are technologically advanced, durable, and cost-effective. They value products that offer superior functionality and provide long-term benefits. Additionally, customers in Vietnam are increasingly seeking customized orthopedic devices that are tailored to their specific needs and requirements.

Trends in the market: One of the key trends in the Orthopedic Devices market in Vietnam is the increasing adoption of minimally invasive surgical procedures. This trend is driven by the growing awareness among patients about the benefits of minimally invasive surgeries, such as reduced scarring, faster recovery time, and lower risk of complications. As a result, there is a growing demand for orthopedic devices that are specifically designed for use in minimally invasive procedures. Another trend in the market is the rising prevalence of orthopedic conditions, such as osteoarthritis and fractures, due to factors such as an aging population and sedentary lifestyles. This has led to an increased demand for orthopedic devices, including joint replacements, spinal implants, and orthobiologics, to address these conditions.

Local special circumstances: Vietnam has a rapidly growing middle-class population with increasing disposable income, which has led to a higher demand for healthcare services, including orthopedic devices. The government has also been investing in the healthcare sector, which has improved access to healthcare facilities and services, further driving the demand for orthopedic devices.

Underlying macroeconomic factors: Vietnam has been experiencing strong economic growth and stability in recent years, which has positively impacted the healthcare sector, including the Orthopedic Devices market. The country's favorable business environment, increasing foreign direct investment, and improving infrastructure have attracted multinational companies to invest in the market, leading to the introduction of advanced orthopedic devices in Vietnam. In conclusion, the Orthopedic Devices market in Vietnam is witnessing significant growth and development due to customer preferences for technologically advanced and cost-effective products, increasing adoption of minimally invasive surgical procedures, rising prevalence of orthopedic conditions, a growing middle-class population with higher disposable income, and favorable macroeconomic factors. This presents opportunities for orthopedic device manufacturers to expand their presence in the Vietnamese market.

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.