Vietnam Genetic Testing Market to Reap USD 92.5 Million By 2030 | Infinium Global Research

Study on Vietnam Genetic Testing Market by Infinium Global Research is comprehensive presentation of qualitative and quantitative research to identify key trends, growth prospects, drivers, restraints and opportunities in the Vietnam market. The report also deep dives into the sub-segments of genetic testing market by segments through main geographies in the Vietnam market. Browse through over 100 tables and figures to get complete view of the regional markets of genetic testing over the period of 2023 to 2030. The Vietnam genetic testing market was valued at USD 50.1 Million in 2022 and is expected to reach USD 92.5 Million by 2030 and grow at a CAGR of 8.10% over the forecast period.

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Addressing the Cancer Challenge

Cancer has emerged as a significant health concern in Vietnam. According to the GLOBOCAN 2020 database, the country registered more than 182,000 new cancer cases in 2020, resulting in over 122,000 deaths. The figures have nearly tripled over the past 30 years, emphasizing the critical importance of early diagnosis and intervention.

Genetic tests play a vital role in estimating an individual's lifetime risk of developing cancer, especially in cases where there is a family history of the disease. Early diagnosis is paramount, as it enhances the chances of successful treatment and recovery. The market for genetic testing in Vietnam is thus majorly driven by the increasing prevalence of cancer and the growing need for early diagnosis to combat this pressing health issue.

Tackling Genetic Diseases

Genetic disorders are another concern in Vietnam, with diseases such as Beta-thalassemia, citrin deficiency being more prevalent. Studies have revealed a high prevalence of these conditions, underscoring the significance of genetic tests in identifying and understanding genetic conditions. Genetic tests can confirm or rule out suspected genetic conditions and help individuals determine their likelihood of developing or passing on a genetic disorder.

A study published in 2020 identified 85 recessive diseases in the Vietnamese population, with several genetic diseases showing significantly higher carrier frequencies compared to other East Asian or global populations. This high prevalence necessitates a growing demand for genetic tests to address the needs of the Vietnamese population.

Challenges Due to Cost

Despite the benefits they offer, genetic tests are relatively expensive compared to conventional diagnostic testing. Costs can range from USD 100 to USD 2,000 or more, depending on the complexity of the test and the number of genetic variations to be analyzed. Additional factors such as consultation with a healthcare professional and the cost of sample collection kits may further increase expenses.

Given that a significant portion of the Vietnamese population faces financial constraints, the higher cost of genetic testing could deter individuals from accessing these services. Private consumption expenditure in Vietnam was modest, amounting to over USD 185.37 billion in 2020. To overcome this challenge, favorable insurance reimbursement policies may help reduce the cost of genetic testing for a wider segment of the population.

Investment Opportunities in Healthcare

Both the public and private sectors in Vietnam have significantly increased their investments in the healthcare industry, with healthcare expenditure reaching approximately USD 17 billion in 2019, accounting for 6.6% of the country's GDP. Furthermore, free trade agreements such as RECEP, CPTPP, and EVFTA have paved the way for increased private investment in Vietnam.

Various entities in the healthcare sector have been actively investing in genetics. Vingroup Big Data Institute, for instance, committed USD 4.5 million to implement one of the largest genome projects in Southeast Asia. Genetic testing service provider Gene Solutions raised USD 20 million in a funding round, which is expected to result in more accessible genetic testing services at lower prices for consumers.

These investments are poised to provide substantial growth opportunities for the players in the Vietnam genetic testing market, making genetic testing more accessible to the broader population.

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Table of Content

Chapter 1. Report Overview

1.1. Report Description

1.2. Research Methods

1.3. Research Approaches

Chapter 2. Executive Summary

Chapter 3. Market Overview

3.1. Introduction

3.2. Market Dynamics

3.2.1. Drivers

3.2.2. Restraints

3.2.3. Opportunities

3.2.4. Challenges

3.3. PEST-Analysis

3.4. Porter's Diamond Model for Vietnam Genetic Testing Market

3.5. IGR-Growth Matrix Analysis

3.6. Competitive Landscape in Vietnam Genetic Testing Market

Chapter 4. Vietnam Genetic Testing Market by Type

4.1. Diagnostic Testing

4.2. Presymptomatic and Predictive Testing

4.3. Carrier Testing

4.4. Pharmacogenomics

4.5. Prenatal Testing

4.6. New Born Screening

4.7. Preimplantation Testing

Chapter 5. Vietnam Genetic Testing Market by Technology

5.1. PCR

5.2. DNA Sequencing

5.3. Cytogenetics

5.4. Microarrays

5.5. Gene Expression Profiling

Chapter 6. Vietnam Genetic Testing Market by Application

6.1. Chronic Diseases

6.2. Neurodegenerative Diseases

6.3. Cancer

6.4. Genetic Disorders

6.5. Autoimmune Disorders

Chapter 7. Company Profiles

7.1 Gene Solutions Joint Stock Company

7.1.1 Overview

7.1.2 Company Overview

7.1.3 Service Portfolio

7.2 Genome Science, Technology and Services Co., Ltd.

7.2.1 Overview

7.2.2 Company Overview

7.2.3 Service Portfolio

7.3 Gentis Medical Testing Laboratory

7.3.1 Overview

7.3.2 Company Overview

7.3.3 Service Portfolio

7.3.4 Recent Development

7.4 Novagen Genetic Technologies Co., Ltd.

7.4.1 Overview

7.4.2 Company Overview

7.4.3 Service Portfolio

7.4.4 Recent Development

7.5 HOA HAO MEDICAL COMPANY LIMITED.

7.5.1 Overview

7.5.2 Company Overview

7.5.3 Service Portfolio

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Reasons to Buy this Report:

=> Comprehensive analysis of regional markets of Vietnam Genetic Testing.

=> Complete coverage of all the product types and application segments to analyze the trends, developments, and forecast of market size up to 2030.

=> Comprehensive analysis of the companies operating in this market. The company profile includes an analysis of the product portfolio, revenue, SWOT analysis, and the latest developments of the company.

=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus on to invest, consolidate, expand, and/or diversify.

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