Vietnam: Ophthalmic Instruments Market 2024

Ophthalmic Instruments Market Size in Vietnam

In 2021, the Vietnamese ophthalmic instruments market decreased by -4.1% to $X, falling for the third consecutive year after two years of growth. Overall, the total consumption indicated a mild expansion from 2012 to 2021: its value increased at an average annual rate of +1.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -7.9% against 2018 indices. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market remained at a somewhat lower figure.

Ophthalmic Instruments Production in Vietnam

In value terms, ophthalmic instruments production declined modestly to $X in 2021 estimated in export price. Over the period under review, production, however, posted a measured increase. The most prominent rate of growth was recorded in 2018 with an increase of 54%. As a result, production reached the peak level of $X. From 2019 to 2021, production growth failed to regain momentum.

Ophthalmic Instruments Exports

Exports from Vietnam

In 2021, shipments abroad of ophthalmic instruments and appliances increased by 24% to X tons, rising for the third consecutive year after three years of decline. Over the period under review, total exports indicated a tangible expansion from 2012 to 2021: its volume increased at an average annual rate of +2.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +70.2% against 2018 indices. The growth pace was the most rapid in 2014 when exports increased by 27% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in years to come.

In value terms, ophthalmic instruments exports surged to $X in 2021. In general, exports enjoyed a remarkable increase. The pace of growth appeared the most rapid in 2014 with an increase of 58% against the previous year. Over the period under review, the exports hit record highs in 2021 and are likely to see gradual growth in the near future.

Exports by Country

Japan (X tons), China (X tons) and the United States (X tons) were the main destinations of ophthalmic instruments exports from Vietnam, together comprising 28% of total exports. These countries were followed by France, South Korea, Nigeria, Egypt, Thailand, Kazakhstan, Switzerland, the UK, Sweden and Myanmar, which together accounted for a further 13%.

From 2012 to 2021, the biggest increases were recorded for Nigeria (with a CAGR of +249.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), China ($X) and the United States ($X) appeared to be the largest markets for ophthalmic instruments exported from Vietnam worldwide, with a combined 41% share of total exports.

China, with a CAGR of +90.2%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average ophthalmic instruments export price amounted to $X per ton, with a decrease of -2.2% against the previous year. Over the period under review, export price indicated a pronounced increase from 2012 to 2021: its price increased at an average annual rate of +3.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, ophthalmic instruments export price decreased by -16.2% against 2018 indices. The pace of growth was the most pronounced in 2015 an increase of 25% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was the United States ($X per ton), while the average price for exports to Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Egypt (+17.1%), while the prices for the other major destinations experienced more modest paces of growth.

Ophthalmic Instruments Imports

Imports into Vietnam

In 2021, the amount of ophthalmic instruments and appliances imported into Vietnam dropped sharply to X tons, with a decrease of -27.3% compared with 2020 figures. In general, imports continue to indicate a pronounced downturn. The pace of growth was the most pronounced in 2013 when imports increased by 60% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, ophthalmic instruments imports fell rapidly to $X in 2021. Over the period under review, imports, however, recorded pronounced growth. The most prominent rate of growth was recorded in 2013 when imports increased by 74% against the previous year. Imports peaked at $X in 2017; however, from 2018 to 2021, imports failed to regain momentum.

Imports by Country

Germany (X tons), Switzerland (X tons) and the United States (X tons) were the main suppliers of ophthalmic instruments imports to Vietnam, together accounting for 64% of total imports. These countries were followed by Japan, South Korea, Italy, Hong Kong SAR, France, the United Arab Emirates and Singapore, which together accounted for a further 26%.

From 2012 to 2021, the biggest increases were recorded for Hong Kong SAR (with a CAGR of +119.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Switzerland ($X) and the United States ($X) appeared to be the largest ophthalmic instruments suppliers to Vietnam, together accounting for 63% of total imports. These countries were followed by Japan, South Korea, Hong Kong SAR, Italy, the United Arab Emirates, France and Singapore, which together accounted for a further 27%.

Hong Kong SAR, with a CAGR of +125.4%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average ophthalmic instruments import price amounted to $X per ton, rising by 3.1% against the previous year. Overall, the import price recorded prominent growth. The pace of growth was the most pronounced in 2016 an increase of 86%. The import price peaked in 2021 and is likely to see steady growth in the near future.

Average prices varied somewhat amongst the major supplying countries. In 2021, the countries with the highest prices were Hong Kong SAR ($X per ton) and the United Arab Emirates ($X per ton), while the price for Singapore ($X per ton) and France ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+13.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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