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Vietnam Health Tech Market Outlook to 2026: Ken Research

07-21-2022 11:34 AM CET | Health & Medicine

Press release from: Ken Research

Vietnam Health Tech Market Outlook to 2026: Ken Research

The report titled "Vietnam Health Tech Market Outlook to 2026- Driven by Increase in Internet Penetration and Mobile Applications along with Technology Advancement in the country" provides an exhaustive analysis of the Health Tech market in Vietnam. The report covers overview and genesis of the industry, product wise market size; market segmentations; analysis on e-Pharmacies, Online Consultancies, Health IT Solutions; trends and developments, issues and challenges and comparative landscape including competition scenario; market shares of major companies, cross comparison and opportunities in Vietnam. The report concludes with future market projections of each product segmentation and Analyst recommendations for future investment opportunities to drive the Health Tech market and Strategies to tap the opportunities.

Vietnam Health Tech Market Overview
Vietnam Health Tech market has grown at an increasing growth rate over the period 2018-2021, supported by the increase in geriatric population in the country along with growing internet penetration and use of e-platforms. Further improvements in advanced healthcare technology will generate greater demand for Health Tech products in Vietnam. Factors such as high disease prevalence, shifting from traditional practices to digital, technological novelties, growing healthcare expenditure and improving quality of healthcare services will drive the Health Tech Market in Vietnam in the coming years.

Vietnam e-Pharmacy Market Overview and Segmentations
COVID was the biggest driver for the growth rate in Vietnam's e-Pharmacy market which led to a massive change from traditional purchasing to e-Pharmacy platforms. Due to strict lockdowns during COVID 19, people preferred to purchase medical products on e-platforms to avoid contact with the virus which led to an increase in the sales volume of e-Pharmacies.

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The competition was observed to be unorganized and moderately fragmented in e-Pharmacy with Pharmacity and Long Chau contributing the maximum market share. Key competitive parameters include price, business model, delivery options, availability of brands and retail partners. The market is majorly dominated by e-Pharmacy compared to the other two markets.
A shift of unorganized business to organized players, rapid technological advancements with increased use of internet and e-commerce platforms, is likely for e-Pharmacy Market Size to grow at CAGR 29.5% from 2021-2026F, benefiting large no of organized players and consumers at a win-win situation.

By Order Split: The market is dominated by OTC Drugs it's a common practice in Vietnam for people to buy non-prescribed medicine.

By Order Platform: The market is conquered by Web Browser. Growing internet penetration, increasing LTE infrastructure adoption, and rising subscription in social media are some of the key factors driving the growth of the market.

By Region: Market is concentrated in the Southern Region as most of the retail pharmacies and drug stores are clustered in this region.

Vietnam Online Consultation Market Overview and Segmentations
Players of Online Consulting have entered the healthcare market with the advent of the outbreak of pandemic bringing ease, convenience and to maintain better management of personal health. Online Consulting sector has been snowballing over the last two years especially in the urban due to access of good technology and infra-advancement and is to gradually tap the rural and remote areas.

The competition was observed to be unorganized and moderately fragmented with top players eDoctor, Med247 and DoctorAnywhere contributing the maximum market share. Key competitive parameters include fees, subscription, mode of consultation, cancellation and rescheduling and type of doctors and their availability.

With rapid technological spreads and e-platforms, it is prospective for Online consultation Market Size to grow at a double digit CAGR from 2021-2026F. Increased investment from the government to develop & reinforcing the healthcare infrastructure of the country is expected to create lucrative opportunities for the growth of the telemedicine market in Vietnam.

By Type of Doctor: The market is dominated by General Practitioner as most people prefer going to a general doctor first to diagnose their health issue. Most of the online consultation players maintain fee for consultation which is usually a same charge for both specialized and general practitioners.

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By Type of Specialization: Pediatric online consultations constitute majority of the total consultations in 2021 with hand-face-mouth disease being the most treated disease amongst the children of Vietnam.

By Region: The market is concentrated in the Northern Region due to its prevalence of most common diseases. Hanoi city had the highest covid cases recorded which compelled people to use online consultation to avoid overcrowded hospitals.

Vietnam Health IT Solutions Market Overview and Segmentations
The Health IT Solutions in Vietnam has grown with CAGR 4.5% from 2018 to 2021 due to integration of digital health systems in hospitals for easy administration.

The competition in Health IT Solutions was identified to be moderately concentrated with three major dominating players in the market, namely: FPT, VNPT and Viettel Solutions. Key competitive parameters include price, type of product, customization, after sale service, ease of expansion, technology advancement, service offerings, etc.

With the government regulatory decisions and frameworks focusing to digitalize the entire healthcare system, it is likely for the Health IT market to grow at CAGR 5.9% from 2022-2026F, the country's hospitals will grow smart improving their operational efficiency and medical outcomes in the near future.

By Type of Customization: The market is conquered by Customized products due to ease and convenience in accordance to the end user.

By Type of Product: Market is dominated by HIS/LIS where 100% of public hospitals in Vietnam have installed HIS/LIS .

By Region: The market is concentrated in the Northern Region as it attracted large national conglomerates to enter the market, making it a high-quality medical hub.

Key Segments Covered in the report: -
e-Pharmacy Market
By Oder Split
By Order Split
OTC Drugs
Prescribed Drugs
Non-Pharmaceutical Products and Medical Devices

By Oder Platform
Mobile Application
Web Browser

By Region
Northern Region
Central Region
Southern Region

Online Consultation Market
By Type of Doctor
General Practitioner
Specialized Doctor

By Type of Specialization
Family Doctor
Others (include ENT Specialist, Cardiologist, Optometrist, Psychiatrist and more)

By Region
Northern Region
Central Region
Southern Region

Health IT Solutions Market
By Type of Customization
Non- Customized

By Type of Product
Independent LIS

By Region
Northern Region
Central Region
Southern Region

Key Target Audience
Healthcare Industry
Pharmaceutical Industry
e-Pharmacy Companies
Online Consultation Companies
Health IT Solutions Companies
Hospitals & Clinics
Retail Pharmacy Drug Stores

Time Period Captured in the Report:
Historical Period: 2018-2021
Forecast Period: 2021-2026F

Companies Covered:
Long Chau
Phano Pharmacy
Doctor Anywhere
Viettel Solutions

Key Topics Covered in the Report
Executive Summary of Health Tech Market in Vietnam
Vietnam Country and Healthcare Sector Overview
Vietnam Health Tech Market Overview
Major Challenges in Health Tech Market
Comprehensive Analysis on e-Pharmacy, Online Consultation and Health IT Solutions Markets (Market Size, 2018-2026F; Market Shares; Future Trends)
Major Regulations for e-Pharmacy, Online Consultation and Health IT Solutions Markets in Vietnam
Emerging Technologies in Health Tech Market
Strengths and Weaknesses of Major Health Tech Players in Vietnam
Competitive Landscape in e-Pharmacy, Online Consultation and Health IT Solutions Markets
Emerging Opportunities in Health Tech Market in Vietnam
Analyst Recommendations

Related Reports by Ken Research: -

Contact Us:
Ken Research
Ankur Gupta, Head Marketing & Communications

Ken Research Pvt. Ltd.,
Unit 14, Tower B3, Spaze I Tech Business Park, Sohna Road, sector 49 Gurgaon, Haryana - 122001, India

Ken Research is a research based management consulting company. We provide strategic consultancy to aid clients on critical business perspective: strategy, marketing, organization, operations and technology transformation, advanced analytics, corporate finance, mergers & acquisitions and sustainability across all industries and geographies.

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