Vietnam: Medical Instruments Market 2024

Medical Instruments Market Size in Vietnam

The Vietnamese medical instruments market dropped to $X in 2022, stabilizing at the previous year. Overall, the total consumption indicated a slight expansion from 2012 to 2022: its value increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by +0.2% against 2020 indices. Over the period under review, the market attained the maximum level at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Medical Instruments Production in Vietnam

In value terms, medical instruments production stood at $X in 2022 estimated in export price. Overall, the total production indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -15.3% against 2019 indices. The pace of growth was the most pronounced in 2013 with an increase of 43%. Medical instruments production peaked at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Medical Instruments Exports

Exports from Vietnam

In 2022, after seven years of growth, there was significant decline in overseas shipments of instruments used in medical sciences, when their volume decreased by -9.6% to X tons. Over the period under review, exports, however, showed a significant expansion. The most prominent rate of growth was recorded in 2016 when exports increased by 195% against the previous year. The exports peaked at X tons in 2021, and then fell in the following year.

In value terms, medical instruments exports contracted to $X in 2022. Overall, exports, however, showed significant growth. The growth pace was the most rapid in 2016 with an increase of 157% against the previous year. Over the period under review, the exports reached the maximum at $X in 2021, and then declined in the following year.

Exports by Country

China (X tons), Belgium (X tons) and Japan (X tons) were the main destinations of medical instruments exports from Vietnam, with a combined 56% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Belgium (with a CAGR of +193.4%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for medical instruments exported from Vietnam were China ($X), Belgium ($X) and Japan ($X), together comprising 57% of total exports.

Among the main countries of destination, Belgium, with a CAGR of +185.2%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average medical instruments export price stood at $X per ton in 2022, rising by 4.1% against the previous year. In general, the export price, however, continues to indicate a pronounced decrease. The pace of growth appeared the most rapid in 2019 an increase of 16% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to India ($X per ton) and Japan ($X per ton), while the average price for exports to Thailand ($X per ton) and South Korea ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Estonia (+2.5%), while the prices for the other major destinations experienced a decline.

Medical Instruments Imports

Imports into Vietnam

In 2022, approx. X tons of instruments used in medical sciences were imported into Vietnam; falling by -7% against the year before. In general, total imports indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +8.2% against 2020 indices. The pace of growth appeared the most rapid in 2015 when imports increased by 38%. Imports peaked at X tons in 2021, and then contracted in the following year.

In value terms, medical instruments imports reduced to $X in 2022. Over the period under review, total imports indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +7.9% against 2020 indices. The pace of growth appeared the most rapid in 2015 when imports increased by 18% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then contracted in the following year.

Imports by Country

Germany (X tons), the United States (X tons) and China (X tons) were the main suppliers of medical instruments imports to Vietnam, together comprising 53% of total imports. Japan, France, Mexico, New Zealand, South Korea, Italy, Switzerland, Taiwan (Chinese) and Ireland lagged somewhat behind, together comprising a further 35%.

From 2012 to 2022, the biggest increases were recorded for New Zealand (with a CAGR of +42.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), the United States ($X) and China ($X) constituted the largest medical instruments suppliers to Vietnam, together comprising 53% of total imports. Japan, France, Mexico, New Zealand, South Korea, Italy, Switzerland, Taiwan (Chinese) and Ireland lagged somewhat behind, together accounting for a further 35%.

In terms of the main suppliers, New Zealand, with a CAGR of +41.8%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average medical instruments import price amounted to $X per ton, leveling off at the previous year. In general, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 17%. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the average import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were the United States ($X per ton) and China ($X per ton), while the price for Ireland ($X per ton) and Taiwan (Chinese) ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by New Zealand (-0.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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