Vietnam Hospital Market Assessment, By Type of Hospital [General, Multi-specialty, Specialty], By Type of Services [In-patient Services, Out-patient Services], By Bed Capacity [Up to 100 Beds, 101-500 Beds, above 500 Beds], By Ownership [Public, Private], By Region [Northern, Southern, Central], Opportunities, and Forecast, 2016-2030F

the Vietnam hospital market is experiencing rapid growth and is projected to reach USD 1469.55 million by 2030. The market is anticipated to grow at 11.14% CAGR for the forecast period between 2023-2030.

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Vietnam is currently a fast-developing economy and one of Southeast Asia’s most promising marketplaces owing to the stable political environment and growing middle class, contributing to the rising population. Hence, the demand for better quality healthcare witnessed an incremental increase in the historical period along with the mounting population. Therefore, the Vietnam hospital market is experiencing rapid growth and is projected to reach USD 1469.55 million by 2030. The market is anticipated to grow at 11.14% CAGR for the forecast period between 2023-2030.

 

Moreover, Vietnam offers high-quality medical services at a fraction of the cost compared to many Western countries. The lower costs make it an attractive option for individuals seeking medical treatments, especially for elective procedures such as cosmetic surgery, dental care, and fertility treatments. This has led to increasing medical tourism, comprising most patients from neighboring countries. Therefore, a significant increase in medical tourism has generated the demand for the addition of hospital capacity and surging demand for hospitals, contributing to the hospital market growth.

 

In addition, multimorbidity, functional decline coupled with the increasing burden of non-communicable diseases (NCDs) and chronic diseases are contributing to increasing demand for hospitals in Vietnam. The demand for health and long-term care for the elderly is also increasing. Vietnam's current healthcare system is hospital-centric and geared towards episodic curative care.  Hospital overcrowding has persistently emerged as a major concern over an extended period in Vietnam, resulting in inefficient patient care management. To meet the demand of its population, hospitals in Vietnam are increasing the effectiveness of its healthcare system by removing low-complexity services from hospitals to relieve overcrowding.

Increasing Chronic Diseases among Geriatric Population

Vietnam's average life expectancy is currently 75.4 years, and by 2030, senior citizens are projected to comprise over 17% of the country's population which has led to an increase in chronic health conditions among the elderly, including musculoskeletal disorders, gastrointestinal diseases, and hypertension. Additionally, chronic ailments such as malnutrition, depression, and Alzheimer's disease are also on the rise. As a result, there is a growing demand for long-term medical care.

Moreover, musculoskeletal abnormalities affect 47% of the population aged 65 years and above, making it the most prevalent condition among the elderly. Hypertension follows closely at 30%, and gastrointestinal diseases account for 16% of cases. These statistics highlight the pressing need for hospitals and healthcare facilities that can cater to the increasing demand for specialized treatment and care for these chronic diseases.

As Vietnam's geriatric population continues to grow and the prevalence of chronic conditions rises, hospitals and healthcare providers are facing greater pressure to meet the healthcare needs of the elderly. This has prompted the expansion and development of medical facilities, including the establishment of specialized departments and units focused on geriatric care and the treatment of musculoskeletal disorders, gastrointestinal diseases, and hypertension.

Hospital Overcrowding Generating Demand for Hospitals

The overcrowding of hospitals and emergency rooms is leading to several negative effects including prolonged lengths of stay for patients, as well as instances where patients leave the facility after initial screening or diagnosis. Further, overcrowding also results in a decline in the hospital's reputation and a loss of community trust. Moreover, the quality of care is being compromised in the country, as indicated by readmissions, incorrect or incomplete diagnoses, and adverse events. Patients are dissatisfied due to long queues and inadequate treatment. As health professionals handle more patients, the possibility of poor clinical outcomes increases.

To address this issue, the government plans to build new hospitals and increase bed capacity. For example, the Government of Vietnam aims to achieve a target of 30 hospital beds per 10,000 inhabitants by 2025. Consequently, the construction of new hospitals is expected to drive market growth in the upcoming years.

As of now, there are 182 private hospitals in urban areas of Vietnam and 1100+ public hospitals which are further split into central, provincial, and district-level hospitals, as per the World Health Organization.

Rapid Growth of In-Patient Services

Non-Communicable Diseases (NCDs) and chronic conditions necessitate the implementation of comprehensive, ongoing healthcare management. The progression of chronic conditions and NCDs is often relentless, leaving patient management as the primary objective rather than a cure. Moreover, since NCDs dominate the disease burden in Vietnam, health service delivery system is prioritizing long-term disease management to deliver efficient follow-up care for individuals contributing to the rising in-patient services. Hence, to meet the demand for in-patient services, the demand for beds in hospitals is increasing. Additionally, this objective will require a greater number of hospital beds to adequately meet the needs of the population seeking long-term care.

Single-specialty Hospitals to Grow at a Faster Rate

Vietnam Hospital Market has observed rising construction and demand for single specialty hospitals to reduce burden on general hospitals. Additionally, patient preference to seek treatment from specialty hospitals increased as these hospitals tend to provide care accordingly. Moreover, the government has been increasing investment as well as fostering socialization to quickly develop health systems and to enhance basic health networks. For instance, the "Super Four" central hospitals in Hanoi and Ho Chi Minh City were given complete autonomy in 2019 on a trial basis. The plan was intended to boost the capacity and caliber of medical examinations, treatment, and healthcare for people while also encouraging proactiveness, innovation and efficient use of the hospitals' resources.

Impact of COVID-19

The pandemic created a surge in demand for healthcare services, particularly for testing, treatment, and management of COVID-19 cases. This increased the strain on hospitals and healthcare facilities, leading to the need for additional resources, infrastructure, and personnel to handle the influx of patients. Furthermore, to cope with the rising demand for COVID-19 treatment, many hospitals in Vietnam had to expand their capacity by converting existing wards or buildings into dedicated COVID-19 treatment centers.

Additionally, the COVID-19 pandemic in Vietnam resulted in 11,609,878 confirmed cases and 43,206 deaths. The number of confirmed cases was the highest in Southeast Asia, and the 13th highest in the world. The pandemic led to a surge in demand for hospital services in Vietnam. Hospitals had to allocate resources to treat COVID-19 patients, resulting in a strain on healthcare infrastructure. Dedicated COVID-19 treatment centers were established, and existing hospitals had to adapt to handle the increasing patient load.

Market: Report Scope

“Vietnam Hospital Market Assessment, Opportunities, and Forecast, 2016-2030F”, is a comprehensive report by Markets & Data, providing in-depth analysis and assessment of the current scenario of the Hospital Market in Vietnam, industry dynamics and challenges. The report includes market size, segmental shares, growth trends, COVID-19 impact, opportunities, and forecasts (2023-2030). Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.

Report Attribute

Details

Base Year of the Analysis

2022

Historical Period

2016-2021

Forecast Period

2023-2030

Projected Growth Rate

CAGR of 11.14% between 2023-2030

Revenue Forecast in 2030

USD 1469.55 million

Units

Revenue in USD million

Segments Covered

Type of Hospital, Type of Services, Bed Capacity, By Ownership

Regions Covered

Northern, Southern, Central

Key Companies Profiled

Cho Ray Hospital, Tam Duc Cardiology Hospital JSC, Thai Nguyen International Hospital JSC (TNH), Hoan My Hospital, Franco-Vietnamese Hospital, MEDLATEC General Hospital, Mekong Obstetrics and Gynecology Hospital, Thu Cuc International General Hospital, Hong Ngoc Hospital, Saigon International Obstetrics &
Gynaecology Hospital (SI Hospital), Vinmec International Hospital,

Customization Scope

15% free report customization with purchase

Pricing and Purchase Options

Avail the customized purchase options to fulfil your precise research needs

Delivery Format

PDF and Excel through email (subject to the license purchased)

 

In this report, Vietnam Hospital Market has been segmented into the following categories: 

1.    By Type of Hospital

1.1.   General

1.2.   Multi-specialty

1.3.   Specialty

1.3.1.Obstetrics

1.3.2.Gynaecology

1.3.3.Psychiatric

1.3.4.Paediatric

1.3.5.Cardiology

1.3.6.Others

2.    By Type of Services

2.1.   In-Patient Services

2.2.   Out-Patient Services

3.    By Bed Capacity

3.1.   Up to 100 Beds

3.2.   101-500 Beds

3.3.   Above 500 Beds

 

4.       By Ownership

4.1.    Public

4.2.    Private

5.    By Region

5.1.   Northern

5.2.   Southern

5.3.   Central

Key Players Landscape and Outlook

Vietnam hospital market is becoming an investment hub for foreign companies from China, Japan, Singapore, Hong Kong, and South Korea. Between January and May 2019, the country received substantial foreign direct investment, with the largest share coming from Hong Kong at 30.4%, followed by Singapore and South Korea.

Hoàn My Medical Corporation acquired Vietnam's Hanh Phuc Hospital. Public hospitals benefited from these acquisitions because they were able to access a wider patient base. A growing older population need more extensive medical care and superior technology, expanding the potential for private investments in Vietnam.

Key Players Operating in Vietnam Hospital Market

·         Cho Ray Hospital

·         Tam Duc Cardiology Hospital JSC

·         Thai Nguyen International Hospital JSC (TNH)

·         Hoan My Hospital

·         Franco-Vietnamese Hospital

·         MEDLATEC General Hospital

·         Mekong Obstetrics and Gynecology Hospital

·         Thu Cuc International General Hospital

·         Hong Ngoc Hospital

·         Saigon International Obstetrics & Gynaecology Hospital (SI Hospital)

·         Vinmec International Hospital

 

If you can't find what you're searching for or have any custom requirements for Vietnam Hospital Market, you may approach our team at info@marketsandata.com

Table of Contents

1.       Research Methodology

2.       Project Scope & Definitions

3.       Impact of Covid-19

4.       Executive Summary

5.       Vietnam Hospital Market Outlook, 2016-2030F

5.1.    Market Size & Forecast

5.1.1.By Value

5.1.2.By Volume

5.2.    By Type of Hospital

5.2.1.General

5.2.2.Multi-specialty

5.2.3.Specialty

5.2.3.1.              Obstetrics

5.2.3.2.              Gynaecology

5.2.3.3.              Psychiatric

5.2.3.4.              Paediatric

5.2.3.5.              Cardiology

5.2.3.6.              Others

5.3.     By Type of Services

5.3.1.In-Patient Services

5.3.2.Out-Patient Services

5.4.     By Bed Capacity

5.4.1.Up to 100 Beds

5.4.2.101-500 Beds

5.4.3.Above 500 Beds

5.5.     By Ownership

5.5.1.Public

5.5.2.Private

5.6.    By Region

5.6.1. Northern

5.6.2. Southern

5.6.3. Central

5.7.    By Company Market Share (%), 2022

6.       Market Mapping, 2022

6.1.    By Type of Hospital

6.2.    By Type of Services

6.3.    By Bed Capacity

6.4.    By Ownership

6.5.    By Region

7.       Macro Environment and Industry Structure

7.1.    Supply Demand Analysis

7.2.    Import Export Analysis

7.3.    Value Chain Analysis

7.4.    PESTEL Analysis

7.4.1.Political Factors

7.4.2.Economic System

7.4.3.Social Implications

7.4.4.Technological Advancements

7.4.5.Environmental Impacts

7.4.6.Legal Compliances and Regulatory Policies (Statutory Bodies Included)

7.5.    Porter’s Five Forces Analysis

7.5.1.Supplier Power

7.5.2.Buyer Power

7.5.3.Substitution Threat

7.5.4.Threat from New Entrant

7.5.5.Competitive Rivalry

8.       Market Dynamics

8.1.    Growth Drivers

8.2.    Growth Inhibitors (Challenges and Restraints)

9.       Key Players Landscape

9.1.    Competition Matrix of Top Five Market Leaders

9.2.    Market Revenue Analysis of Top Five Market Leaders (in %, 2022/FY2023)

9.3.    Mergers and Acquisitions/Joint Ventures (If Applicable)

9.4.    SWOT Analysis (For Five Market Players)

9.5.    Patent Analysis (If Applicable)

10.   Pricing Analysis

11.   Case Studies

12.   Key Players Outlook

12.1.                     Cho Ray Hospital

12.1.1.    Company Details

12.1.2.    Key Management Personnel

12.1.3.    Products & Services

12.1.4.    Financials (As reported)

12.1.5.    Key Market Focus & Geographical Presence

12.1.6.    Recent Developments

12.2.                     Tam Duc Cardiology Hospital JSC

12.3.                     Thai Nguyen International Hospital JSC (TNH)

12.4.                     Hoan My Hospital

12.5.                     Franco-Vietnamese Hospital

12.6.                     MEDLATEC General Hospital

12.7.                     Mekong Obstetrics and Gynecology Hospital

12.8.                     Thu Cuc International General Hospital

12.9.                     Hong Ngoc Hospital

12.10.                  Saigon International Obstetrics & Gynaecology Hospital (SI Hospital)

12.11.                  Vinmec International Hospital

 

*Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work

13.   Strategic Recommendations

14.   About Us & Disclaimer

List of Figure- Vietnam Hospital Market

Figure 1. Vietnam Hospital Market, By Value, in USD Billion, 2016-2030F

Figure 2. Vietnam Hospital Market Share, By Type of Hospital, in USD Billion, 2016-2030F

Figure 3. Vietnam Hospital Market Share, By Type of Services, in USD Billion, 2016-2030F

Figure 4. Vietnam Hospital Market Share, By Bed Capacity, in USD Billion, 2016-2030F

Figure 5. Vietnam Hospital Market Share, By Ownership, in USD Billion, 2016-2030F

Figure 6. Vietnam Hospital Market Share, By Region, in USD Billion, 2016-2030F

Figure 7. By Type of Hospital Map-Market Size (USD Billion) & Growth Rate (%), 2022

Figure 8. By Type of Services Map-Market Size (USD Billion) & Growth Rate (%), 2022

Figure 9. By Bed Capacity Map-Market Size (USD Billion) & Growth Rate (%), 2022

Figure 10. By Ownership Map-Market Size (USD Billion) & Growth Rate (%), 2022

Figure 11. By Region Map-Market Size (USD Billion) & Growth Rate (%), 2022

List of Table- Vietnam Hospital Market

Table 1. Pricing Analysis of Product from Key Players

Table 2. Competition Matrix of Top 5 Market Leaders

Table 3. Mergers & Acquisitions/ Joint Ventures (If Applicable)

Table 4. About Us - Regions and Countries Where We Have Executed Client Projects

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