Vietnam Diabetes Drugs and Devices Market Size
| Study Period | 2018 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2018 - 2022 |
| CAGR | 2.60 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Vietnam Diabetes Drugs and Devices Market Analysis
Vietnam's diabetes drugs and devices market size is estimated at USD 0.6 billion in the current year. The market is expected to reach USD 0.7 billion in five years, registering a CAGR of more than 2.6% during the forecast period.
Vietnam has effectively contained the spread of COVID-19 from the outset and has been dead for months. But since then, a fourth wave of the COVID-19 outbreak has wreaked havoc on Vietnam. According to the Ministry of Health (MOH), Vietnam experienced four waves of the COVID-19 outbreak. COVID-19 (coronavirus disease) has been established to be a highly contagious viral infection caused by coronavirus-2, which causes severe acute respiratory syndrome (SARS-CoV-2). Diabetes is a major risk factor for fatal cases of COVID-19. Diabetic patients are susceptible to infections due to comorbidities such as hyperglycemia, immune dysfunction, vascular problems, hypertension, dyslipidemia, and cardiovascular disease. Additionally, in humans, angiotensin-converting enzyme 2 (ACE2) is the SARS-CoV-2 receptor. Therefore, angiotensin-converting enzyme inhibitors (ACE inhibitors) should be used cautiously in diabetic patients. Severity and mortality from COVID-19 were significantly higher in people with diabetes than non-diabetics. Therefore, people with diabetes should be careful during the COVID-19 outbreak.
Vietnam aims for universal health coverage, decentralizing health administration to the lower levels of the country's administrative structure. Each facility in Vietnam creates individual offers using Ministry of Health guidelines for pricing different medicines. These costs were up to six times higher than the global market. The purchase of branded and generic medicines affects the expenditures of institutions in Vietnam and thus affects individuals and the insurance system. Diabetes is considered a public health burden in Vietnam, and health authorities are taking steps to reduce this burden-the diabetes burden in Vietnam results from several epidemiological trends and factors. Diabetes can become an epidemic and pose a huge health and economic burden to Vietnam. Although the prevalence of diabetes in rural areas remains low, it is on the rise. Diabetes is as common in big cities as in other parts of the West. The government of Vietnam's sponsorship increased the usage of managed devices during the forecast period.
Thus, the above factors are expected to drive market growth over the forecast period.
Vietnam Diabetes Drugs and Devices Market Trends
The continuous Glucose Monitoring Segment is Expected to Witness the Highest Growth Rate Over the Forecast Period
Vietnam aims for universal health coverage, decentralizing health administration to the lower levels of the country's administrative structure. Each facility in Vietnam creates individual offers using Ministry of Health guidelines for pricing different medicines. These costs were up to six times higher than the global market. The purchase of branded and generic medicines affects the expenditures of institutions in Vietnam and thus affects individuals and the insurance system. Diabetes is considered a public health burden in Vietnam, and health authorities are taking steps to reduce this burden-the diabetes burden in Vietnam results from several epidemiological trends and factors. Diabetes can become an epidemic and pose a huge health and economic burden to Vietnam. Although the prevalence of diabetes in rural areas remains low, it is on the rise. Diabetes is as common in big cities as in other parts of the West. The government of Vietnam's sponsorship increased the usage of managed devices during the forecast period.
Digital companies are trying to improve their condition by reminding people with diabetes when it's time to check their blood sugar levels and sharing that information with doctors and families. A study conducted by GlucoMe (a digital diabetes platform) in collaboration with Merck in several endocrine clinics and hospitals in Vietnam found that using the GlucoMe application reduced the risk of major diabetes-related problems in people with type 2 diabetes. Awareness of diabetes patients in Vietnam is expected to drive the country's management device market growth during the forecast period.
Rising diabetes prevalence
Diabetes is considered a public health burden in Vietnam, and health authorities are taking steps to reduce this burden. Various trends and epidemiological factors influence the diabetes burden in Vietnam. Diabetes is a significant threat and can be a widespread problem, imposing a significant burden on both Vietnam's health and economy. Although the prevalence of diabetes in rural areas is relatively low, it is gradually increasing. Diabetes is as common in major cities in Vietnam as in other parts of the Western world. Health insurance was introduced in Vietnam more than ten years ago. However, the scope of the application is still limited. Vietnam is considered a lower middle-income country with a GDP per capita of around USD 4,310. As a result, the cost of diabetes treatment puts significant financial pressure on patients' families. Human cytomegalovirus (HCMV) diabetes drugs are relatively affordable compared to treating other chronic diseases such as infections, cardiovascular disease, and kidney disease. The country's aging population is straining health and social security regulations and services. Therefore, governments should implement new policy initiatives to reduce the financial burden of diabetes care and improve the affordability of healthcare. Vietnam aims for universal health coverage, decentralizing health care to the lower levels of the country's administrative structure.
Diabetes is among the four most common non-communicable diseases (NCDs), and its global prevalence has increased steadily in recent years. In Vietnam, diabetes is growing by about 6.23% annually, posing a serious health and economic burden to Vietnamese society. Economic growth and changes in the social environment impact disease patterns ranging from communicable to non-communicable diseases, making diabetes one of the top seven causes of death and disability in Vietnam. Obesity rates in Vietnam are still relatively low but have increased significantly in the last decade, especially in the previous five years. Significant changes in dietary habits have coincided with differences in the prevalence of obesity. Smoking is a significant risk factor for diabetes in Vietnam. A recent meta-analysis suggests smokers have a 44% higher risk of developing diabetes than nonsmokers. Although smoking rates among Vietnamese men are high, this trend is declining.
The increasing diabetes prevalence and the above factors will likely drive segment growth over the forecast period.
Vietnam Diabetes Drugs and Devices Industry Overview
Manufacturers have constantly innovated to survive in the market. Large companies such as Abbott and Medtronic have made numerous mergers, acquisitions, and partnerships to gain market dominance while adhering to organic growth strategies. The manufacturers of insulin delivery devices are spending a huge amount on the R&D of the devices. For example, Novo Nordisk partnered with Abbott Diabetes Care, which may also assist to enable insulin statistics to be shared between Novo Nordisk-connected insulin pens and digital fitness equipment well suited to the FreeStyle Libre portfolio of products.
Vietnam Diabetes Drugs and Devices Market Leaders
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Medtronics
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Roche
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NovoNordisk
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Sanofi
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Omnipod
*Disclaimer: Major Players sorted in no particular order
Vietnam Diabetes Drugs and Devices Market News
- December 2022: Viatris announced the expansion of an existing partnership with Cypriot pharmaceutical company Medochemie, which aimed to boost drug production in Vietnam and improve patients' access to locally made medicines there. Specifically, Viatris was expected to transfer the technology that Medochemie would use under license to make certain drugs from Viatris' noncommunicable disease portfolio.
- January 2022: With a grant of DKK 5 million from the Danish Ministry of Foreign Affairs, the project 'Gestational Diabetes in Vietnam' will, in close collaboration with local researchers and healthcare workers, investigate GDM in Vietnam's northern Thai Binh province. GDM is estimated to affect about one in five pregnant women in Vietnam, but little is known about how it is handled by pregnant women, families, and healthcare providers.
Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
-
4.2 Market Dynamics
- 4.2.1 Market Drivers
- 4.2.2 Market Restraints
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4.3 Porter's Five Forces Analysis
- 4.3.1 Bargaining Power of Suppliers
- 4.3.2 Bargaining Power of Consumers
- 4.3.3 Threat of New Entrants
- 4.3.4 Threat of Substitute Products and Services
- 4.3.5 Intensity of Competitive Rivalry
5. Market Segmentation (Market Size by Value - USD)
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5.1 Devices
- 5.1.1 Monitoring Devices
- 5.1.1.1 Self-monitoring Blood Glucose Devices
- 5.1.1.2 Continuous Blood Glucose Monitoring
- 5.1.2 Management Devices
- 5.1.2.1 Insulin Pump
- 5.1.2.2 Insulin Syringes
- 5.1.2.3 Insulin Cartridges
- 5.1.2.4 Disposable Pens
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5.2 Drugs
- 5.2.1 Oral Anti-Diabetes Drugs
- 5.2.2 Insulin Drugs
- 5.2.3 Combination Drugs
- 5.2.4 Non-Insulin Injectable Drugs
6. Market Indicators
- 6.1 Type-1 Diabetes Population
- 6.2 Type-2 Diabetes Population
7. COMPETITIVE LANDSCAPE
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7.1 Company Profiles
- 7.1.1 Novo Nordisk
- 7.1.2 Medtronic
- 7.1.3 Insulet
- 7.1.4 Tandem
- 7.1.5 Ypsomed
- 7.1.6 Novartis
- 7.1.7 Sanofi
- 7.1.8 Eli Lilly
- 7.1.9 Abbottt
- 7.1.10 Roche
- 7.1.11 Astrazeneca
- 7.1.12 Dexcom
- 7.1.13 Pfizer
- *List Not Exhaustive
- 7.2 Company Share Analysis
8. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityVietnam Diabetes Drugs and Devices Industry Segmentation
Patients with type 1 diabetes must be given insulin because their pancreas cannot process it. To control blood sugar levels, insulin must be offered several times daily, such as when eating or drinking. Many people with type 2 diabetes also need to take antidiabetic drugs. These drugs include diabetes medications and injections such as insulin. The two main types are traditional blood glucose meters that use a fall of blood to examine what levels are at that instant and continuous glucose monitors (CGMs) that check blood glucose repeatedly day or night. Vietnam Diabetes Drugs and Devices Market is segmented by drugs (insulin, oral anti-diabetic drugs, non-insulin injectable drugs, and combination drugs) and devices (management devices, insulin pumps, insulin pens, syringes, cartridges, jet injectors, monitoring devices, self-monitoring blood and continuous glucose monitoring). The report offers the value (in USD) and volume (in unit) for the above segments.
| Devices | Monitoring Devices | Self-monitoring Blood Glucose Devices |
| Continuous Blood Glucose Monitoring | ||
| Devices | Management Devices | Insulin Pump |
| Insulin Syringes | ||
| Insulin Cartridges | ||
| Disposable Pens | ||
| Drugs | Oral Anti-Diabetes Drugs | |
| Insulin Drugs | ||
| Combination Drugs | ||
| Non-Insulin Injectable Drugs |
Frequently Asked Questions
What is the current Vietnam Diabetes Drugs and Devices Market size?
The Vietnam Diabetes Drugs and Devices Market is projected to register a CAGR of greater than 2.60% during the forecast period (2024-2029)
Who are the key players in Vietnam Diabetes Drugs and Devices Market?
Medtronics , Roche, NovoNordisk, Sanofi and Omnipod are the major companies operating in the Vietnam Diabetes Drugs and Devices Market.
What years does this Vietnam Diabetes Drugs and Devices Market cover?
The report covers the Vietnam Diabetes Drugs and Devices Market historical market size for years: 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Vietnam Diabetes Drugs and Devices Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Vietnam Diabetes Drugs and Devices Industry Report
Statistics for the 2024 Vietnam Diabetes Drugs and Devices market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Vietnam Diabetes Drugs and Devices analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
