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Vietnam Telemedicine Market Aims To Expand At Double-Digit Growth Rate | VieVie Healthcare, JioHealth, Med247, eDoctor, MyDoc

02-16-2023 12:24 PM CET | Health & Medicine

Press release from: Report Ocean

Vietnam Telemedicine Market Aims To Expand At Double-Digit

Vietnam telemedicine market is exhibiting impressive growth due to the growing geriatric population and investment from the government in the development of advanced healthcare infrastructure in the country. Additionally, Vietnams golden population structure is also pushing the market forward

A study, recently conducted by the strategic consulting and market research firm, Report Ocean, revealed that the Vietnam telemedicine market is flourishing and projected to grow at a CAGR of 16.1% during the forecast period (2022-2028). The telemedicine market in Vietnam is growing owing to the growing adoption of Artificial Intelligence, Machine Learning, and other advanced technologies. Furthermore, the growing geriatric population, and increasing internet and smartphone penetration in the country are also propelling the market forward. Additionally, increasing investment from the government to develop & reinforce the healthcare infrastructure of the country is expected to create lucrative opportunities for the growth of the telemedicine market in Vietnam.

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Vietnams Growing Geriatric Population propelling Vietnam Telemedicine Market Forward

Vietnam is the 8th most populous country in Asia and the 3rd most populous in Southeast Asia, after Indonesia and the Philippines, according to the 2019 Revision of the World Population Prospects. The World Bank reports that Vietnam is on brink of an aging population. In 2015, Vietnam became an aging society, and the World Bank estimates it will be an aged society by 2035, making it one of the fastest aging countries in the world.

As Vietnam's aging population grows more rapidly than its birth rate, Vietnam's healthcare facilities will be strained and the demand for healthcare services will rise across the country. The integration of AI, machine learning, and Big Data can help companies launch geriatric care services. Thus, new and advanced technologies, such as remote patient monitoring and remote diagnosis are expected to be in high demand during the forecast period, thereby driving the growth of the Vietnam telemedicine market.

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Golden population structure of Vietnam is expected to present opportunity for the growth of the Vietnam telemedicine market

Vietnam has undergone significant demographic changes in the last three decades, with a drop in people under the age of 15 years while an increase in people aged 15-64 years. Therefore, Viet Nam is currently experiencing a golden age of population structure, which means there is only one dependent out of every two employed people.

Vietnamese millennials have contributed significantly to the country's economic growth in recent years, and they are expected to push toward becoming a developed country in the coming years. The age group of 15-64 years represents a favorable demographic for the adoption of innovative science and technology and is expected to stimulate demand for consumer healthcare electronics throughout the forecast period, creating opportunities for growth of the Vietnam telemedicine market.

Services Segment Hold the Largest Share in the Vietnam Telemedicine Market

Based on components, the Vietnam telemedicine market is segmented into software, services, and hardware. In 2021, the services segment dominated the market and held the largest share owing to the surging demand for telemedicine services. Due to the lockdown and travel restrictions, people were unable to see doctors face-to-face, and services, such as telepathology, telecardiology, teleradiology, tele-dermatology, telepsychiatry, and others witnessed high demand, supporting the dominant share of the services segment in the Vietnam telemedicine market.

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Impact of COVID-19 on the Vietnam Telemedicine Market

The ongoing COVID-19-pandemic has created a growing demand for telemedicine in the country and has contributed to the growth of the Vietnam telemedicine market. The surging number of COVID-19 cases in the country strained the healthcare industry of the country and in the hour of need, telemedicine companies came forward. By August 2021, Vietnam was battling the fourth COVID-19 wave in the country and telemedicine startups like Docoscan offered free teleconsulting to ease the pressure on the healthcare system. Now, with the emergence of the highly transmissible Omicron variant, cases of COVID-19 are surging again and it is expected to contribute to the growth of the telemedicine market in Vietnam in the coming years.

Vietnam Telemedicine Market- Competitive Landscape

Some of the key players in the Vietnam telemedicine market include Viettel Group, Vietnam Posts and Telecommunications Group (VNPT), FPT Group, Doctor Anywhere, BuyMed, VieVie Healthcare, JioHealth, Med247, eDoctor, MyDoc, and others prominent players.

Market Segment:
By Components (Services, Software, Hardware)
By Type (Tele-Hospitals, Mhealth, Tele-Homes)
By Technology (Store & Forward, Real Time, Others)
By Application (Tele-Psychiatry, General Consultations, Tele-Radiology, Tele-Pathology, Others)
By End-User (Payer, Provider, Patients), And By Region (Central, Northern, Southern)

The increasing government investment in developing the healthcare infrastructure in the country and initiatives to implement advanced technologies, such as AI, machine learning, Big Data, and others in the healthcare industry, are driving stiff competition within the market. Furthermore, the Vietnamese government is collaborating with foreign companies to invest in the countrys healthcare sector, which has increased competition in the market.

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Recent Developments

In September 2021, Japanese trading house, Sumitomo Corporation, reported that it plans to invest tens of millions of dollars in Insmart, one of the regions' fastest-growing managed-care providers to further expand the latters services to include telemedicine, along with medication counselling and drug shipping.

In August 2021, Vietnam announced the launch of a Telehealth platform connecting district-level healthcare facilities to make access to healthcare easier, especially during COVID-19. Prime Minister Pham Minh Chinh witnessed doctors of Cho Ray Hospital make telehealth connection with Can Gio Hospital in Ho Chi Minh City, Hau Nghia General Hospital in the southern province of Long An and Thuan An Hospital in the southern province of Binh Duong.

Table of Content:

Report Overview
Global Growth Trends
Competition Landscape by Key Players
Data Segments
North America Market Analysis
Europe Market Analysis
Asia-Pacific Market Analysis
Latin America Market Analysis
Middle East & Africa Market Analysis
Key Players Profiles Market Analysis
Analysts Viewpoints/Conclusions
Appendix

Key Reasons to Buy this Report:

Access to date data compiled by means of our researchers. These grant you with historic and forecast data, which is analyzed to inform you why your market is set to change
This allows you to expect market adjustments to continue to be in advance of your competitors
You will be in a position to replica information from the Excel spreadsheet straight into your advertising plans, commercial enterprise presentations, or different strategic documents
The concise analysis, clear graph, and desk structure will allow you to pinpoint the records you require quickly
Provision of market cost (USD Billion) records for every phase and sub-segment
Indicates the area and section that is predicted to witness the quickest increase as nicely as to dominate the market
Analysis through geography highlighting the consumption of the product/service in the area as nicely as indicating the elements that are affecting the market inside every region
Competitive panorama which contains the market rating of the predominant players, alongside with new service/product launches, partnerships, commercial enterprise expansions, and acquisitions in the previous 5 years of organizations profiled
Extensive business enterprise profiles comprising of business enterprise overview, employer insights, product benchmarking, and SWOT evaluation for the primary market players
The cutting-edge as nicely as the future market outlook of the enterprise regarding current traits which contain boom possibilities and drivers as properly as challenges and restraints of each rising as nicely as developed regions
Includes in-depth evaluation of the market from quite a number views via Porter's 5 forces analysis
Provides perception into the market via Value Chain
Market dynamics scenario, alongside with boom possibilities of the market in the years to come, 6-month post-sales analyst help

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About Report Ocean:

We are the best market research reports provider in the industry. Report Ocean believes in providing quality reports to clients to meet the top line and bottom line goals which will boost your market share in today's competitive environment. Report Ocean is a 'one-stop solution' for individuals, organizations, and industries that are looking for innovative market research reports.

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Address: 500 N Michigan Ave, Suite 600, Chicago, Illinois 60611 - UNITED STATES
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