Vietnam: Orthopedic Prosthetics Market 2024

Orthopedic Prosthetics Market Size in Vietnam

In 2022, after two years of decline, there was growth in the Vietnamese orthopedic prosthetics market, when its value increased by 3.1% to $X. Over the period under review, consumption continues to indicate strong growth. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Orthopedic Prosthetics Exports

Exports from Vietnam

In 2022, shipments abroad of artificial parts of the body (excl. artificial teeth and dental fittings and artificial joints) decreased by -25.8% to X units for the first time since 2019, thus ending a two-year rising trend. Overall, exports, however, enjoyed prominent growth. The pace of growth was the most pronounced in 2018 when exports increased by 997%. As a result, the exports attained the peak of X units. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, orthopedic prosthetics exports shrank notably to $X in 2022. In general, exports, however, enjoyed a resilient increase. The growth pace was the most rapid in 2018 with an increase of 582%. Over the period under review, the exports reached the maximum at $X in 2021, and then declined dramatically in the following year.

Exports by Country

The United States (X units), Taiwan (Chinese) (X units) and Lao People's Democratic Republic (X units) were the main destinations of orthopedic prosthetics exports from Vietnam, together comprising 60% of total exports. Bangladesh, Myanmar, Hong Kong SAR, Australia, Germany, Sri Lanka, Hungary, Ecuador, Singapore and Switzerland lagged somewhat behind, together comprising a further 32%.

From 2012 to 2022, the biggest increases were recorded for Ecuador (with a CAGR of +77.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for artificial parts of the body (excl. artificial teeth and dental fittings and artificial joints) exports from Vietnam, comprising 59% of total exports. The second position in the ranking was taken by Hong Kong SAR ($X), with an 8.7% share of total exports. It was followed by Australia, with a 6.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled +49.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+61.6% per year) and Australia (+33.6% per year).

Export Prices by Country

The average orthopedic prosthetics export price stood at $X per unit in 2022, reducing by -2.6% against the previous year. Over the period under review, the export price, however, posted resilient growth. The pace of growth appeared the most rapid in 2021 an increase of 46% against the previous year. The export price peaked at $X per unit in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Switzerland ($X per unit), while the average price for exports to Taiwan (Chinese) ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Switzerland (+17.1%), while the prices for the other major destinations experienced more modest paces of growth.

Orthopedic Prosthetics Imports

Imports into Vietnam

In 2022, the amount of artificial parts of the body (excl. artificial teeth and dental fittings and artificial joints) imported into Vietnam reached X units, growing by 1.8% against 2021 figures. In general, imports recorded a strong expansion. The pace of growth was the most pronounced in 2013 with an increase of 79% against the previous year. Imports peaked at X units in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, orthopedic prosthetics imports expanded slightly to $X in 2022. Over the period under review, imports saw resilient growth. The pace of growth appeared the most rapid in 2013 when imports increased by 58%. Imports peaked at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

Belgium (X units), Germany (X units) and Singapore (X units) were the main suppliers of orthopedic prosthetics imports to Vietnam, with a combined 64% share of total imports. Ireland, the UK, the United States, France, the Netherlands, Thailand, Hong Kong SAR, Hungary, Costa Rica and Switzerland lagged somewhat behind, together comprising a further 27%.

From 2012 to 2022, the biggest increases were recorded for Hong Kong SAR (with a CAGR of +50.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) constituted the largest supplier of artificial parts of the body (excl. artificial teeth and dental fittings and artificial joints) to Vietnam, comprising 34% of total imports. The second position in the ranking was held by Belgium ($X), with a 17% share of total imports. It was followed by Singapore, with a 9.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany stood at +32.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+39.3% per year) and Singapore (+31.8% per year).

Import Prices by Country

In 2022, the average orthopedic prosthetics import price amounted to $X per unit, therefore, remained relatively stable against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the average import price increased by 35%. As a result, import price reached the peak level of $X per unit. From 2021 to 2022, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Ireland ($X per unit), while the price for Belgium ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+10.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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