Other trends promoting the growth of endoscopy market includes the recent rise in the number of public hospitals that are willing to take bank loans to invest in endoscopic equipment. On the government front, The Ministry of Health had granted increased autonomy to public hospitals in Vietnam to purchase medical equipment, including endoscopy products. Vietnam's middle class patients are also more willing to pay for better healthcare services and they are unlikely to choose subsidized healthcare services by the government as their primary choice.
New analysis from Frost & Sullivan (medicaldevices.frost.com), Endoscope Products for the Gastrointestinal (GI) and General Surgery (GS) Procedures in the Vietnam Market, shows that the GI and GS market has earned revenues up to USD 4.1million in 2009 and is estimated to reach USD 7.2million in 2016.
"In recent years, the private clinics and hospital in Vietnam have undergone tremendous growth," says Frost & Sullivan Industry Analyst Jennifer Lau.
"Although the services rendered are not as extensive, they do provide improved healthcare services and reduce the load on state hospitals."
Flexiblescopes are contributing the majority of the revenue for the GI market in 2010, and the market is expected to maintain the pace of growth until 2017. It is estimated that by 2017, 2.3 units of flexiblescope would accompany every light source sold.
The Vietnamese endoscopy and surgical products market is making steady progress; however, there are some challenges along the way. The record high inflation in 2008 had caused the Vietnamese Government to hold back thousands of development projects worth trillions of Viet Nam Dong (VND). This has directly affected healthcare expenditure and the medical equipment market.
Apart from this, only less than 10 percent of the total number of doctors in Vietnam performs endoscopy procedures. The number of endoscopic specialists has not increased much due to the limited availability of training centers in Vietnam.
Vietnamese endoscopic specialists have been slow in adapting to new technologies. Though endoscopy procedures have been adopted for over ten years, some specialists prefer conventional open surgery to endoscopy. Limited practical experience is another factor restraining market progression.
"Although graduating specialists have the opportunity to practice endoscopy in their medical schools, practicing specialists will have to rely on seminars, conferences, and training sessions organized by manufacturers or hospitals to learn about the procedure," says Lau. "In this case, their practical experience is extremely limited."
Despite these impediments, the market will pick up momentum as the gross domestic product (GDP) of Vietnam is on the rise. With the hike in GDP, more citizens will be able to afford the cost of private healthcare services. Moreover, the rise in the number of practicing GI endoscopists bodes well for the market.
If you are interested in more information on this study, please send an email to Nicklaus Au, Corporate Communications, at nicklaus.au[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country.
Endoscope Products for the Gastrointestinal (GI) and General Surgery (GS) Procedures in the Vietnam Market is part of the Medical Devices Growth Partnership Service program, which also includes research in the following markets: Endoscopy Products for Respiratory Tract in the Indian Market, Endoscope and Surgical Products in the Indian Market, and Endoscope Products for Urology Procedures in the Indian Market. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
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