Growth of Vietnam's medical equipment market slows down

The medical equipment and pharmaceutical industry is attracting domestic and foreign investors. - Photo: N.BINH

On August 1, at the opening ceremony of the 22nd International Medical and Pharmaceutical Exhibition - Vietnam Medipharm Expo 2024 in Ho Chi Minh City, Director of the Department of Drug Administration (Ministry of Health) Vu Tuan Cuong said that the medical equipment market in Vietnam has shown signs of strong development with a scale of nearly 1.7 billion USD.

This figure makes Vietnam the eighth largest market in the Asia-Pacific region, with a compound annual growth rate (CAGR) of 10.2%.

This growth rate has slowed down compared to the 15 - 18% of previous years.

"However, this is still a field that has attracted a lot of foreign investment capital in the form of mergers and acquisitions in recent times. International exhibitions are becoming a bridge creating opportunities for Vietnamese enterprises to find partners and expand markets to countries in the region and internationally," Mr. Vu Tuan Cuong emphasized.

According to businesses, the boom in the market for business and production of medical and pharmaceutical products and services is caused by the increasing trend of population aging.

Meanwhile, people's living standards are improving. This change is taking place not only in urban areas but also in rural areas, where people are willing to invest large sums of money to buy products and equipment to improve their health.

Finally, Vietnam has many open policies to attract foreign investors and encourage technology transfer, creating excitement in this field.

After 20 years of organization, Vietnam Medipharm Expo 2024 has affirming its reputation and quality by gathering more than 500 booths, belonging to 450 businesses from 22 countries and territories.

This year's exhibition is held on a scale of up to ^10,000m2 , including large national pavilions such as India, Korea, Indonesia, Latvia, Sri Lanka, Turkey, China...

During the event, Vietnam Medipharm Expo 2024 will organize a series of seminars on "Medical Technology 4.0"; trade talks on "Cooperation in the pharmaceutical industry between Vietnam and India"; "Law on Bidding and updated policies, Vietnam's pharmaceutical market"...

These events serve as a bridge for business leaders to meet, exchange experiences and promote sustainable cooperation.

Last year, Vietnam Medipharm Expo 2023 welcomed more than 12,000 visitors, bringing a variety of products on display across many industry groups.

This year, the most anticipated annual event in the healthcare industry will last until August 3.

Source: https://tuoitre.vn/tang-truong-cua-thi-truong-thiet-bi-y-te-viet-nam-giam-toc-20240801190927457.htm