Vietnam's burgeoning medical device market is on track to exceed a substantial $1.7 billion (approximately ₩2.55 trillion) in 2024, fueled by a confluence of demographic shifts, escalating rates of chronic illnesses, heightened demand for prenatal diagnostics, and a rapidly expanding companion animal sector. This robust growth trajectory presents a particularly favorable landscape for South Korean manufacturers, who have established themselves as the dominant suppliers of crucial medical imaging technologies, notably ultrasound devices, to the Southeast Asian nation.

Data released by the Korea Trade-Investment Promotion Agency (KOTRA) in Hanoi, alongside projections from the reputable market research firm Statista, paints a compelling picture of Vietnam's evolving healthcare landscape. The ultrasound imaging diagnostic device segment alone is anticipated to command a market value between $40 million and $50 million (₩570 to ₩710 billion), representing a significant one-fifth share of the entire ASEAN market for this technology. This dominance underscores Vietnam's increasing reliance on advanced medical imaging for diagnosis and treatment.

Several key factors are catalyzing this impressive market expansion. Foremost among these is Vietnam's rapid demographic transition towards an aging society. With over 16.1 million individuals aged 60 and above, constituting 16% of the total population, the demand for medical devices catering to age-related ailments and chronic conditions is steadily rising. This demographic shift mirrors a broader trend across Asia, but Vietnam's pace of aging is particularly noteworthy, necessitating significant investments in healthcare infrastructure and medical technology.

Compounding the impact of an aging population is the increasing prevalence of chronic diseases. As highlighted by Dr. Nguyen Sinh Hien, Director of Hanoi Heart Hospital, cardiovascular diseases are a leading cause of mortality in Vietnam, outpacing even cancer. The annual 15% surge in cardiovascular interventions further underscores the growing need for sophisticated diagnostic and therapeutic medical devices. The Vietnam Ministry of Health's own statistics from 2019-2020 indicate a myocardial infarction incidence rate of 1.43 per 100,000 population, signaling a significant public health challenge that necessitates advanced cardiac care technologies.

Beyond the healthcare needs of an aging population, Vietnam's youthful demographic profile continues to drive demand for prenatal diagnostic tools, including advanced ultrasound systems. The cultural emphasis on maternal and child health, coupled with increasing awareness of the benefits of early detection of potential complications, ensures a sustained market for these critical devices.

Furthermore, the burgeoning companion animal market and the expanding livestock industry are emerging as significant growth drivers for specialized medical imaging equipment, particularly veterinary ultrasound devices. As pet ownership rises and the livestock sector modernizes, the demand for sophisticated diagnostic tools for animal health management is experiencing substantial growth. Euromonitor's projection that Vietnam's pet-related product market will reach $160 million (₩227 billion) by 2029 underscores the economic significance of this burgeoning sector and its contribution to the overall medical device market.

This dynamic market environment presents a lucrative opportunity for international medical device manufacturers, and South Korean companies, spearheaded by industry leaders like Samsung Medison, are particularly well-positioned to capitalize on this growth. Vietnam's limited domestic capacity for producing advanced medical imaging equipment, especially ultrasound diagnostic devices, necessitates a heavy reliance on imports. South Korea has consistently been the top exporter of ultrasound equipment to Vietnam for the past five years, since 2019. In 2023 alone, South Korean ultrasound device exports to Vietnam reached $23.08 million (₩33 billion), commanding an impressive market share of over 48% of the total import market.

This dominance is attributable to several factors, including the technological prowess and competitive pricing of South Korean medical devices, as well as established trade relationships and a deep understanding of the Vietnamese market. The reputation for quality and reliability of South Korean medical technology has also contributed significantly to their market leadership.

Looking ahead, the Vietnamese medical device market is expected to maintain its strong growth momentum, driven by continued demographic shifts, increasing healthcare expenditure, and a growing awareness of the benefits of advanced medical diagnostics and treatments. The government's focus on improving healthcare infrastructure and expanding access to quality medical services will further fuel market expansion.

For South Korean medical device manufacturers, this presents a sustained opportunity for export growth and market share expansion. By continuing to offer innovative and high-quality medical technologies, tailored to the specific needs of the Vietnamese healthcare system, South Korean companies can further solidify their position as key partners in Vietnam's healthcare development. The expanding veterinary medicine sector also offers a niche market for specialized ultrasound and other diagnostic equipment, providing an additional avenue for growth for South Korean exporters.

In conclusion, Vietnam's medical device market is experiencing a period of significant expansion, driven by a confluence of demographic, economic, and social factors. This growth presents a substantial opportunity for South Korean medical device manufacturers, who have already established a strong foothold in the market, particularly in the crucial ultrasound imaging segment. As Vietnam continues to invest in its healthcare infrastructure and address the evolving healthcare needs of its population and its animal health sector, South Korean companies are poised to remain key beneficiaries of this dynamic market.