Vietnam’s medical device market to value $2.5b by 2028

Photo from Envato

Thanks to a strong domestic demand and increased healthcare spending

Vietnam’s medical device market is projected to grow at a compound annual growth rate (CAGR) of 10.3% in local currency terms and 9.9% in USD terms to reach a value of $2.5b (VND64.1t), according to BMI.

A key driver to this expansion is the country’s strong domestic demand and increased healthcare spending amidst favorable economic conditions and government initiatives.

A rapidly ageing population is also expected to further strengthen the medical device market.

However, increasing political risks in the first half of the year may impede the sector’s growth.

“The increased risk will disrupt policy-making and implementation, having an impact on the success of Vietnam’s long-term healthcare strategies,” the report said.