Health

Vietnam - potential market for Korean medical equipment companies

According to Digital Times, with the healthcare market in Vietnam growing at an impressive average rate of 28% annually from 2018 to 2022, and projected to continue expanding at 10% per year until 2027, the country offers enormous potential.

The actual size of Vietnam's healthcare market has grown at an average rate of about 28% per year. (Photo: VNA)
The actual size of Vietnam's healthcare market has grown at an average rate of about 28% per year. (Photo: VNA)

Seoul (VNA) - Medical equipment companies from the Republic of Korea (RoK) are considering Vietnam as a promising market, driven by its population of over 100 million, and the medical equipment market growing rapidly along with the booming economy and rising incomes.

According to Digital Times, with the healthcare market in Vietnam growing at an impressive average rate of 28% annually from 2018 to 2022, and projected to continue expanding at 10% per year until 2027, the country offers enormous potential. By 2027, the market is expected to reach 36.2 billion USD. In addition, Vietnam’s rising demand for high-quality healthcare services is propelling Korean companies to seize opportunities in this promising market.

InBody, a leader in health and fitness technology, launched its Vietnam entity in August 2024 and is already localising its successful business model in the RoK. Its products are rapidly gaining traction in Vietnamese hospitals, both public and private, as well as military hospitals.

POSCO DX Vietnam, a subsidiary of POSCO Group, has also expanded its presence by installing InBody’s “Health Corners” in the company’s facilities, allowing employees to track their health metrics.

An official of InBody noted a trend where products or trends popular in the RoK eventually gain popularity in Vietnam. To capitalise on this, the company has established a separate strategy for its operations in Vietnam, focusing not just on sales but also on health and welfare management for employees. Since establishing its presence in the Southeast Asian country, InBody has noticed a strong focus on employee wellness among local companies. Furthermore, with childhood obesity rates on the rise in Vietnam, InBody plans to leverage its expertise from the PAPS health and fitness project to address children's health management in the country.

Companies like Waycen, a pioneer in AI-powered digestive endoscopy, are capitalising on potential in Vietnam as the country has a high rate of stomach and colon cancer. Waycen is focusing on partnerships with local hospitals, expecting significant growth in 2025.

Meanwhile, Ostem Implant is tapping into the growing demand for dental implants, offering training for Vietnamese dentists to increase product adoption.

With plans to increase market shares through educational initiatives, the RoK's medical equipment companies are making bold strides in Vietnam’s booming healthcare sector./.

VNA
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