Vietnam: Syringe Market 2024

Syringe Market Size in Vietnam

The Vietnamese syringe market dropped to $X in 2022, with a decrease of -6% against the previous year. Overall, consumption showed a perceptible descent. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Syringe Production in Vietnam

In value terms, syringe production dropped to $X in 2022 estimated in export price. In general, production recorded a pronounced decline. The most prominent rate of growth was recorded in 2021 with an increase of 29% against the previous year. Syringe production peaked at $X in 2015; however, from 2016 to 2022, production remained at a lower figure.

Syringe Exports

Exports from Vietnam

In 2022, the amount of syringes, with or without needles exported from Vietnam shrank to X units, with a decrease of -2.7% compared with 2021 figures. Overall, exports, however, enjoyed a strong increase. The most prominent rate of growth was recorded in 2019 with an increase of 515% against the previous year. As a result, the exports reached the peak of X units. From 2020 to 2022, the growth of the exports remained at a lower figure.

In value terms, syringe exports reduced to $X in 2022. Over the period under review, exports, however, enjoyed a significant increase. The pace of growth appeared the most rapid in 2019 with an increase of 461% against the previous year. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

South Korea (X units) was the main destination for syringe exports from Vietnam, with a 67% share of total exports. Moreover, syringe exports to South Korea exceeded the volume sent to the second major destination, Taiwan (Chinese) (X units), threefold. South Africa (X units) ranked third in terms of total exports with a 6.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to South Korea amounted to +4.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+4.7% per year) and South Africa (+37.1% per year).

In value terms, the largest markets for syringe exported from Vietnam were South Korea ($X), Taiwan (Chinese) ($X) and Cambodia ($X), together comprising 74% of total exports. South Africa lagged somewhat behind, comprising a further 0.2%.

In terms of the main countries of destination, South Africa, with a CAGR of +47.9%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average syringe export price stood at $X per thousand units in 2022, declining by -10.5% against the previous year. Over the period under review, export price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, syringe export price increased by +14.1% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the average export price increased by 27% against the previous year. The export price peaked at $X per thousand units in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Cambodia ($X per thousand units), while the average price for exports to South Africa ($X per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+8.8%), while the prices for the other major destinations experienced mixed trend patterns.

Syringe Imports

Imports into Vietnam

Syringe imports into Vietnam expanded markedly to X units in 2022, growing by 9.4% against 2021 figures. In general, imports showed a buoyant expansion. The pace of growth appeared the most rapid in 2018 with an increase of 96%. Over the period under review, imports attained the maximum at X units in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, syringe imports rose remarkably to $X in 2022. Overall, imports saw a remarkable increase. The pace of growth was the most pronounced in 2016 when imports increased by 60% against the previous year. Over the period under review, imports attained the peak figure at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest supplier of syringe to Vietnam, with a 41% share of total imports. Moreover, syringe imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X units), twofold. The third position in this ranking was held by Indonesia (X units), with a 16% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +6.4%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+12.9% per year) and Indonesia (+116.6% per year).

In value terms, Japan ($X), China ($X) and South Korea ($X) constituted the largest syringe suppliers to Vietnam, with a combined 50% share of total imports. Germany, Indonesia, Taiwan (Chinese) and Myanmar lagged somewhat behind, together comprising a further 12%.

Indonesia, with a CAGR of +62.7%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average syringe import price stood at $X per unit in 2022, with a decrease of -2.8% against the previous year. Over the period under review, the import price, however, continues to indicate a modest increase. The growth pace was the most rapid in 2015 when the average import price increased by 52%. The import price peaked at $X per unit in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per unit), while the price for Taiwan (Chinese) (less than $X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+11.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :