The Medical Device Market: Vietnam - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-03-21 18:32:05
Evaluate the status, opportunities and threats for medical device companies in Brazil, Russia, India and China now and in the future. Includes market forecasts to 2014, plus free quarterly-updated market outlook reports on each country, keeping you up to date with developments for a full year.
A new law was passed in November 2008, which took effect in October 2009, making health insurance compulsory for all citizens. The government hopes to achieve total coverage by 2014. Under the new law, there are three levels of benefits under health insurance schemes, the first level covers all or 100% of expenses at nominated medical facilities, while the other two levels will cover 95% and 80% of the expenses respectively with the patient making up the rest.
The government has pledged 45.2 trillion Dong (US$2.5 billion) to build or upgrade specialty hospitals and some provincial-level general hospitals in mountainous and other disadvantaged areas in the 2009-2013 period.
The private healthcare sector in Vietnam has expanded since the lifting of the ban on private practice in 1989. People often choose to use private facilities, if they can afford to do so, as the quality of state healthcare provision is very poor. According to latest data, an estimated 61.3% of healthcare expenditure is private.
An estimated 90.7% of the medical device market is supplied by imports, and the sector is growing rapidly. Singapore, Japan and China are the leading suppliers, accounting for 45.6% of imports in 2009. Local production is limited to basic items such as syringes and hospital beds. The value of exports reached US$255.3 million in 2009, with 31.8% of medical products exported to Japan. The value of exports has been growing fast, as overseas companies, mainly Japanese, use the country as a manufacturing base.
Vietnam receives a large amount of international aid in the form of loans and donated medical equipment. A number of small projects are currently taking place in Vietnam, including those funded by the World Bank and the EU. The country became a WTO member in 2007.
In 2011, the Vietnamese market for medical equipment and supplies is estimated at US$599 million, or US$7 per capita. It is expected that the device market will continue to expand strongly at 15.2% per annum. This will take the Vietnamese market to around US$1.2 billion in 2016, although the per capita rate will remain low.
Includes 3 quarterly updated outlook reports!
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