Recycled Devices Helps Vietnam’s CRM Market Maintain a Steady Beat, Finds Frost & Sullivan
KUALA LUMPUR, Malaysia, June 14, 2012 /PRNewswire/ — The morbidity and mortality pattern in Vietnam has shifted from communicable diseases to non-communicable diseases, among which, cardiovascular diseases are the most prevalent. Almost 7 million people in a population of 86.9 million are afflicted with cardiovascular disease, signifying moderate opportunities for the cardiac rhythm management (CRM) market on a small base.
New analysis from Frost & Sullivan (http://www.medicaldevices.frost.com), Vietnam Market for Cardiac Rhythm Management, finds that the market earned revenues of US$1.45 million in 2011 and estimates this to reach US$2.82 million in 2016 at a compound annual growth rate of 14.2 per cent.
The occurrence of cardiovascular diseases is on the rise due to higher salt intake, unhealthy eating habits and high cholesterol concentration. However, changes in healthcare services legislation, introduction of mandatory health insurance policies, affluent and dormant life style, smoking and the desire for quality treatment will boost the Vietnamese CRM market.
In 2011, pacemakers were the most popular device for CRM, among both hospitals and healthcare professionals, due to their low costs, familiarity and simplicity of implantation.
“Being a low-middle income country, recycled and refurbished pacemakers from developed countries such as the United States find considerable uptake in Vietnam,” says Frost & Sullivan Consultant Poornima Srinivasan.
The government is also stepping up efforts to improve the quality of cardiac care in the country by setting up cardiac centres. In 2001, Vietnam had four cardiac centres to perform cardiology-related procedures; it increased to 21 in 2010, emphasizing the drive to develop the country as a medical hub for patients from Laos and Cambodia.
As the Vietnamese market is highly price sensitive, vendors have to make continuous efforts to differentiate their medical equipment, device and supplies through competitive pricing and benefits. Currently, distributors do not engage in any promotional activities due to the lack of funds.
To infuse capital into the CRM market, the Vietnamese government is encouraging private hospitals and foreign participants to establish bases in the country.
“In the last two years, there have been mergers and acquisitions or tie ups between overseas and domestic hospitals,” notes Srinivasan. “This is viewed as a move to curtail the movement of patients (around 300,000) for medical tourism outside the country and simultaneously provide quality healthcare services within the country.”
If you are interested in more information on this study, please send an e-mail with your contact details to Donna Jeremiah, Corporate Communications, at firstname.lastname@example.org.
Vietnam Market for Cardiac Rhythm Management is part of the Medical Devices Growth Partnership Services program, which also includes research in the following market: Indonesian market for Cardiac Rhythm Management. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today’s market participants.
Our “Growth Partnership” supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.
- The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
- The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.
For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
Vietnam Market for Cardiac Rhythm Management
Corporate Communications – Asia Pacific
P: +61 (02) 8247 8927
M: +61 (0) 407 598 937
F: +61 (02) 9252 8066
SOURCE Frost & Sullivan