Vietnam Ultrasound Systems Market is thriving as a result of increasing applications in the diagnosis of various conditions, a changing healthcare sector, and increased investment in the pharmaceutical and diagnostic industries.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Vietnam Ultrasound Systems Market is predicted to grow at a CAGR of 8.4%, by the end of 2028. The Vietnam Ultrasound Systems Market is booming because of the rise in prevalence of chronic disorders such as cancer tumors, gallstones, and fatty liver disease. Moreover, rising awareness about early disease detection and technological advancements in ultrasound imaging devices are expected to drive market demand during the forecast period. Furthermore, Vietnam Ultrasound Systems Market is one of the most emerging markets that grow continuously owing to the fast integration of new technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), cloud computing, and others. However, the high cost of ultrasound devices, on the other hand, is expected to limit their use and slow the growth of the ultrasound imaging devices market during the forecast period (2022-2028).
Vietnam Healthcare Industry Development
The medical equipment industry has been significantly impacted by the expansion of the Vietnamese healthcare sector. In the next five years, the industry is expected to develop due to significant government investment and rising private participation from overseas entities. The entire healthcare costs incurred by the Vietnamese government in 2019 were estimated to be USD 17 billion, or 6.6 percent of the GDP. It is projected that manufacture of medical devices would see increased investment, which is expected to fuel market expansion. Moreover, the majority of the medical equipment suppliers in Vietnam come from imports from international corporations outside the nation. Because local businesses lack resources and cutting-edge technologies, there are better opportunities for global juggernauts to enter the market and meet the rising customer demands for accurate and timely diagnosis.
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Expanding Cutting-Edge Technology
Ultrasound technology has adopted artificial intelligence (AI). According to the study, some of the leading market companies are emphasizing the development of cutting-edge devices and systems that incorporate AI. This phase is also being suggested as a way to get around several problems with the conventional equipment, like the drawn-out inspection procedure, the occasionally poor image quality, and a heavy reliance on technicians for image collecting and interpretation. Due to the introduction of AI-based technologies by major participants in the market, growth is likely to occur more quickly.
Challenge: Consumers’ Preference for Used Equipment is Growing
The high cost of cutting-edge ultrasound technology (such as focused ultrasound) and the financial constraints faced by smaller healthcare providers have increased the demand for used ultrasound equipment. As a result, the increased demand for refurbished systems is expected to stymie the growth of the Vietnam Ultrasound Systems Market.
Vietnam Ultrasound Systems Market – By Application
The market for ultrasound systems in Vietnam is divided into categories of gynecology, cardiology, orthopedics, radiology, point-of-care, urology, surgery, and others based on application. The radiology industry has the biggest market share of all of these. The radiology/general imaging segment is growing as a result of factors like rising cancer incidence in developed nations, technological advancements in the field of ultrasound-based diagnosis and treatment, growing market availability and physician preference for HIFU in cancer treatment, increasing usage of ultrasound in cancer diagnosis and tissue biopsy, and rising adoption of focused ultrasound in disease therapies. During the anticipated time, all of these elements will contribute to the Vietnam Ultrasound Systems Market’s expansion (2022-2028).
Impact of COVID-19 on Vietnam Ultrasound Systems Market
The COVID-19 pandemic’s consequences and the lockdowns it sparked are still being felt today, notably in the ultrasonography industry. Over the previous year, several sectors’ overall growth has been adversely affected. Additionally, while businesses like oil and petroleum, aviation, and mining are experiencing a dramatic fall in revenue, the healthcare, biotechnology, and pharmaceutical sectors are focusing on streamlining their processes to serve the biggest number of patients and healthcare professionals. Additionally, the pandemic has had a detrimental effect on the ultrasound industry. The development of this market was impeded by unfavorable changes in legislation and standards. The expansion of the Vietnam Ultrasound Systems Market has been hampered by supply chain disruptions, lockdown-related closures of manufacturing facilities, and difficulties in recruiting participants for clinical trials.
The leading market players in the Vietnam ultrasound systems market are Philips Vietnam Ltd, GE Healthcare, Siemens Healthineers Vietnam, Neusoft Medical Systems Vietnam, Canon Medical Systems Vietnam, FUJIFILM VIETNAM Co., Ltd., IDS Medical Systems Vietnam Ltd., and other prominent players. The Vietnam Ultrasound Systems Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Vietnam Ultrasound Systems Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Vietnam Ultrasound Systems Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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