Vietnam Health Tech Market Outlook to 2026: Ken Research

New Delhi, July 21, 2022: 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.

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. 

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Corporate Comm India (CCI Newswire)