Vietnam Hospital Market [2028]: Navigating Opportunities and Challenges
Market Overview
According to the TechSci Research report, "Vietnam Hospital Market – Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F," the Vietnam hospital market is poised for significant growth. The market is expected to grow at a compound annual growth rate (CAGR) of 6.20%, reaching an estimated USD 11,228.11 million by 2028. This growth can be attributed to substantial investments in healthcare infrastructure across Vietnam, along with the rising number of hospital facilities and diagnostic laboratories nationwide.
Investment in Healthcare Infrastructure
Vietnam's government is actively upgrading the infrastructure of existing hospitals and encouraging the development of new healthcare facilities. This includes a focus on enhancing both the physical infrastructure and the quality of healthcare services provided. The steady rise in healthcare costs, which accounted for approximately 6.6% of the nation's GDP in 2019, is expected to continue, further driving the market expansion.
Public-Private Partnerships
The Vietnamese government is also promoting public-private partnerships (PPPs) in the healthcare sector. These partnerships are essential for bringing in new technology, improving healthcare service quality, and expanding access to healthcare in underserved areas. The expansion of health insurance coverage by the government has increased access to healthcare services for low-income individuals, leading to higher demand and necessitating further development in healthcare infrastructure.
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Recent Trends in the Vietnam Hospital Market
Technological Advancements
The adoption of advanced medical technologies is a significant trend in the Vietnamese hospital market. Innovations such as telemedicine, electronic health records (EHRs), and minimally invasive surgical techniques are being increasingly implemented. These technologies enhance patient care, improve diagnostic accuracy, and reduce recovery times.
Increasing Healthcare Expenditure
Healthcare expenditure in Vietnam is on the rise, reflecting a growing awareness of healthcare needs among the population and the government's commitment to improving healthcare services. This trend is expected to continue, with increased funding directed towards both public and private healthcare sectors.
Growth of Private Healthcare Sector
The private healthcare sector in Vietnam is experiencing rapid growth. This expansion is driven by the increasing demand for higher quality and specialized healthcare services. The growing middle class, with higher disposable incomes, prefers private healthcare services for their superior quality and shorter waiting times.
Market Drivers
Growing Elderly Population
Vietnam has a rapidly aging population, with approximately 11% of its population being over the age of 65. This demographic shift increases the demand for in-patient healthcare services, including hospitalization, surgery, and long-term care facilities.
Prevalence of Chronic Diseases
The rising prevalence of chronic diseases such as diabetes, cardiovascular diseases, and cancer is another significant driver of the hospital market. These conditions require ongoing medical treatment and frequent hospital visits, thus boosting the demand for both in-patient and out-patient services.
Government Initiatives
The Vietnamese government is playing a crucial role in driving the hospital market. Initiatives such as expanding health insurance coverage, increasing healthcare funding, and promoting PPPs are instrumental in improving healthcare access and quality.
Challenges in the Vietnam Hospital Market
Shortage of Healthcare Professionals
Despite the growth in healthcare infrastructure, Vietnam faces a significant shortage of healthcare professionals, particularly in rural areas. This shortage leads to overworked staff and reduced access to quality healthcare services for patients.
Insufficient Funding
While the government has increased investment in healthcare, funding remains insufficient to meet the growing demand for services. More financial resources are needed to expand and maintain healthcare facilities and to ensure the availability of necessary medical equipment and supplies.
Corruption and Bureaucracy
Corruption and bureaucratic inefficiencies within the healthcare sector pose significant challenges. These issues can limit access to quality healthcare services and hinder the overall growth of the hospital market.
Market Segmentation
By Ownership
The Vietnam hospital market can be segmented by ownership into public and private hospitals.
Public Hospitals
Public hospitals dominate the market, holding an 80.51% share in 2022. They are more affordable and widely available, especially in rural areas, making them the preferred choice for many Vietnamese citizens.
Private Hospitals
The private hospital segment, although smaller, is growing rapidly. This growth is driven by increasing demand for high-quality, specialized healthcare services and the rising middle class that can afford private healthcare.
By Type of Services
The market is also segmented based on the type of services provided, into in-patient and out-patient services.
In-Patient Services
In-patient services accounted for 59.52% of the market share in 2022. The growing elderly population and the prevalence of chronic diseases drive the demand for these services.
Out-Patient Services
Out-patient services, including clinics and diagnostic centers, play a crucial role in meeting the healthcare needs of the Vietnamese population. They provide essential services such as preventive care, diagnostics, and follow-up treatments.
Competitive Analysis
The Vietnam hospital market is characterized by the presence of several major companies, both domestic and international. Key players in the market include:
- Hoan My da Nang Hospital
- Vinmec International Hospital (Vingroup Corporation) Limited
- Franco-Vietnamese Hospital
- Medlatec Hospital
- Tam Duc Cardiology Hospital JSC (TTD)
- Thu Cuc International General Hospital
- Family Medical Practice da Nang
- HONG NGOC HOSPITAL
- Phuong Dong General Hospital
- COLUMBIA ASIA (Hong Leong Group)
- Hanoi French Hospital
- Bệnh viện Chợ Rẫy (Cho Ray Hospital)
- Hoan My Medical Corporation (Hoan My Health System)
- Danang Family Hospital
- Tam Anh Hospital System
These companies are engaged in various strategic initiatives such as mergers and acquisitions, partnerships, and technological advancements to strengthen their market position and expand their service offerings.
Benefits of the Research Report
- Comprehensive Market Analysis: Provides detailed insights into the Vietnam hospital market, including market size, growth rates, and key trends.
- In-Depth Segmentation: Offers a thorough analysis of market segments based on ownership, type of services, bed capacity, and region.
- Market Forecasts: Presents accurate market forecasts up to 2028, aiding strategic planning and investment decisions.
- Competitive Landscape: Detailed competitive analysis, including profiles of major market players and their strategies.
- Investment Opportunities: Identifies potential investment opportunities in the Vietnamese healthcare sector.
- Government Policies: Analysis of government policies and their impact on the market.
- Technological Trends: Insights into the latest technological advancements and their adoption in the healthcare sector.
- Market Drivers and Challenges: Comprehensive examination of market drivers, challenges, and their implications.
- Healthcare Infrastructure Development: Analysis of ongoing and planned healthcare infrastructure projects.
- Consumer Behavior: Understanding of consumer preferences and behavior in relation to healthcare services.
The Vietnam hospital market is on a robust growth trajectory, driven by increased government investment, public-private partnerships, and rising healthcare expenditure. While the market faces challenges such as a shortage of healthcare professionals and insufficient funding, the ongoing efforts to improve healthcare infrastructure and services are expected to propel the market forward. Technological advancements and the growing private healthcare sector will play a crucial role in meeting the healthcare needs of the Vietnamese population. As the market evolves, strategic initiatives by key players and supportive government policies will be essential in shaping the future of healthcare in Vietnam.
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“Vietnam's healthcare sector has been growing rapidly over the past few years, and the country is now poised to become one of the fastest-growing healthcare markets in the world. The hospital market, in particular, is expected to experience significant growth in the coming years, with new trends emerging that will shape the future of the industry. Digital healthcare technologies are also becoming increasingly important in Vietnam's healthcare sector, as they can improve patient outcomes and reduce healthcare costs. Many hospitals are now adopting electronic health records (EHRs), telemedicine, and other digital technologies to improve the efficiency of their operations and provide better care to patients. Moreover, hospitals are now offering more preventive health services, such as health screenings, vaccinations, and wellness programs.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Vietnam Hospital Market By Ownership (Public v/s Private), By Type (General, Multispecialty, Specialty), By Type of Services (In-Patient Services v/s Out-Patient Services), By Bed Capacity (Above 500 beds, 100-500 beds, Up to 100 beds), By Region, Competition, Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Vietnam Hospital market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Vietnam Hospital market.
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