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Vietnam ECG Equipment Market

Vietnam ECG Equipment Market By Product Type (Stress ECG Machines, Event Monitoring Systems ,Holter Monitors, Resting ECG Machines, ECG Management Systems, Cardiopulmonary Stress Testing Systems); By End User Type (Diagnostic Centres, Hospitals and Clinics, Ambulatory Services, Others) -Growth, Future Prospects & Competitive Analysis, 2022 – 2030

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Table Of Content

Vietnam ECG Equipment Market Overview

The Vietnam ECG Equipment Market is poised for considerable growth in the foreseeable future. Industry reports project an expansion from $45 million in 2022 to $80 million by 2030, registering a Compound Annual Growth Rate (CAGR) of 7.53% from 2022-2030. This growth trajectory places the market as a dynamic entity within the global healthcare sector. Furthermore, the global ECG Equipment market is also forecasted to experience a substantial growth rate from 2023 to 2030. The anticipated growth is primarily attributed to escalating demand for ECG equipment across various healthcare settings, including hospitals, clinics, and laboratories. The market encompasses a diverse range of ECG equipment types, such as monitoring equipment, Holter monitoring systems, event monitoring systems, and stress testing systems. This increasing demand for varied ECG solutions in different healthcare environments is expected to be a significant driver of market growth in Vietnam.

In Vietnam in 2022, cardiovascular diseases (CVDs) were estimated to account for 30% of all deaths, with ischemic heart disease (IHD) and stroke being the leading causes, contributing to 15% and 8% of total fatalities, respectively. Notably, the age-adjusted incidence rate of acute myocardial infarction (AMI), commonly known as a heart attack, rose from 62.56 per 100,000 person-years in 2015 to 92.62 per 100,000 person-years in 2022. Electrocardiogram (ECG) technology is vital in diagnosing various CVDs, including coronary artery disease, arrhythmias, and heart failure, by detecting abnormalities in the heart’s electrical activity. ECG tests are widely recognized as cost-effective diagnostic tools for CVDs, offering quick and affordable means to gather critical diagnostic information that can significantly influence treatment decisions. Furthermore, ECG equipment is extensively used for monitoring patients with known CVDs, such as those who have experienced a heart attack or have a pacemaker. Regular ECG monitoring allows medical professionals to observe changes in cardiac function over time, enabling them to adjust treatment plans effectively.

ECG (electrocardiogram) equipment is a vital medical device used to measure and record the heart’s electrical activity, providing crucial insights into heart health and function. It consists of electrodes, leads, and a recording device; electrodes are placed on the patient’s skin to capture electrical impulses produced by the heartbeat, which are then graphically displayed by the ECG machine. This equipment is instrumental in diagnosing and monitoring heart conditions, such as arrhythmias, heart attacks, and ischemia. It comes in various forms, from standard 12-lead ECGs typically used in hospitals to portable devices like Holter monitors and event recorders for longer-term monitoring. The interpretation of ECG results is complex and requires medical expertise, as it provides critical information about the heart’s rhythm and potential abnormalities.

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Vietnam ECG Equipment Market Growth Drivers and Trends

The Vietnam ECG Equipment Market is on a trajectory of significant growth, driven by multiple factors shaping its landscape. A primary growth driver is the escalating demand for ECG equipment, spurred by the increasing prevalence of coronary artery diseases in Vietnam, where conditions like coronary heart disease and stroke are leading causes of mortality. This rising medical need prompts a higher demand for advanced ECG solutions in healthcare settings. Additionally, the Vietnamese government’s commitment to healthcare is reflected in a substantial increase in healthcare spending. In 2023, Vietnam’s healthcare expenditure is set to rise by $16.98 billion compared to 2019, reaching a total increase of $23.2 billion. This trend is expected to continue, with projections indicating that healthcare spending will escalate to $23.3 billion in 2025 and further to an impressive $38 billion by 2036. Such financial allocation underscores the country’s focus on enhancing its healthcare infrastructure, indirectly propelling the demand for medical equipment, including ECG devices.

The market is also witnessing transformative changes due to several emerging trends and technological advancements. Technological innovation in ECG equipment, aimed at providing state-of-the-art products, is a significant factor driving market growth. These advancements make ECG devices more accurate, user-friendly, and efficient, appealing to a broader range of healthcare providers. In addition, Vietnam is enhancing its healthcare regulations to ensure the safety and quality of medical equipment. The implementation of stringent regulatory frameworks governing the manufacture, sale, and use of ECG devices is set to elevate the standard and reliability of these critical medical tools. Another key factor contributing to market expansion is the demographic shift in Vietnam, with an increasing senior citizen population. This aging demographic requires more extensive healthcare services, including regular cardiovascular monitoring, boosting the demand for ECG equipment. In summary, the Vietnam ECG Equipment Market’s growth is fueled by growing demand, increased healthcare spending, technological advancements, regulatory developments, and demographic trends, positioning it for substantial growth in the coming years.

Vietnam ECG Equipment Market Challenges and Restraints Factors

The Vietnam ECG Equipment Market is navigating through challenges and restraints that could impact its growth. Intense competition from domestic and foreign manufacturers presents a significant challenge as companies strive to differentiate their products and services in crowded markets. Cost is another major restraint, particularly for smaller healthcare facilities with limited budgets, as the high expense of ECG equipment and technology can be prohibitive. Additionally, the regulatory environment in Vietnam, while aimed at ensuring the safety and quality of medical equipment, including ECG devices, also poses challenges. Complying with stringent regulations governing the manufacture, sale, and use of ECG equipment requires significant effort and resources, adding to the complexities for companies operating in this market.

Interesting Facts about the Vietnam ECG Equipment Market

Dutch physician Willem Einthoven invented the ECG in the early 1900s. He used a string galvanometer, which was much more sensitive than previous devices. Einthoven was awarded the Nobel Prize in Medicine in 1924 for this invention. Over the years, ECG technology has evolved significantly, from large, cumbersome machines to compact digital devices.
Standard ECG machines use a 12-lead system, which provides 12 different views of the heart’s electrical activity. These leads are a combination of limb and chest leads, each providing unique information about specific heart regions.
ECGs are crucial for diagnosing various heart conditions, including arrhythmias, heart attacks, and heart failure. They can also monitor the effectiveness of certain heart medications or mechanical devices like pacemakers.
Technology advancements have led to the development of portable and wearable ECG devices. These can be used to continuously monitor heart rhythms over extended periods, outside of clinical settings.
ECG Equipment manufacturers are subject to stringent regulatory frameworks to ensure the safety and quality of their products. Compliance with these regulations is crucial for the growth and development of the market.
Interpreting ECG readings requires skill and experience. Different patterns and waveforms can indicate different cardiac conditions. Physicians and cardiologists undergo extensive training to read and understand these patterns.
ECG is a non-invasive and painless procedure. Unlike other diagnostic tools, It doesn’t emit radiation, making it safe for repeated use.
Modern ECG machines can be integrated with computer systems for enhanced data analysis, storage, and sharing. This integration facilitates telemedicine and remote monitoring, which is especially beneficial for patients in remote areas.
While ECG machines are widely used in healthcare globally, access varies considerably, especially in low-resource settings. Efforts are ongoing to improve access to this essential diagnostic tool worldwide.
Ongoing research in ECG technology focuses on enhancing its accuracy, developing algorithms for automated interpretation, and integrating it with other diagnostic modalities for comprehensive cardiac care.

Competitive Analysis

The Vietnam ECG Equipment market is very competitive, with many powerful players. Some of the leading market participants and their corresponding market shares are listed below:

CPT SUTURES (VT)
J&V Medical Instrument JSC (VT)
Johnson & Johnson
Medtronic
Philipps Healthcare
Dexcom

Recent Developments in the Vietnam ECG Equipment Market

In July 2022, VietMedical, a prominent medical equipment distributor in Vietnam, entered into a distribution agreement with VivaChek Laboratories, a US-based company, to supply their ECG products across Vietnam. This partnership aims to enhance the availability of high-quality ECG equipment throughout the nation, significantly improving access to advanced cardiac diagnostic tools.

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Segmentation

By Product Type:

Stress ECG Machines
Event Monitoring Systems
Holter Monitors
Resting ECG Machines
ECG Management Systems
Cardiopulmonary Stress Testing Systems

By End User Type:

Diagnostic Centres
Hospitals and Clinics
Ambulatory Services
Others

CHAPTER NO. 1 :

INTRODUCTION. 17

1.1. Report Description 17

1.1.1. Purpose of the Report 17

1.1.2. USP & Key Offerings. 17

1.2. Key Benefits for Stakeholders 17

1.3. Target Audience 18

1.4. Report Scope 19

CHAPTER NO. 2 :

EXECUTIVE SUMMARY 20

2.1. ECG Equipment Market Snapshot 20

2.2. Vietnam ECG Equipment Market, 2017 – 2022 (K Units) (USD Million) 21

CHAPTER NO. 3 :

IMPACT ANALYSIS OF COVID 19 & RUSSIA-UKRAINE WAR ON ECG

EQUIPMENT MARKET 23

3.1. Impact Assessment of COVID-19 Pandemic, By Region . 23

3.1.1. Supply chain disruptions 23

3.1.2. Demand fluctuations . 23

3.1.3. Shift in product mix . 23

3.1.4. Reduced industrial activity. 23

3.1.5. Temporary disruptions and delays. 23

3.1.6. Shift in focus towards essential services. 23

3.2. Russia-Ukraine War Impacts 24

3.2.1. Uncertainty and economic instability. 24

3.2.2. Supply chain disruptions 24

3.2.3. Regional market shifts . 24

3.2.4. Shift in government priorities 24

CHAPTER NO. 4 :

ECG EQUIPMENT MARKET – INDUSTRY ANALYSIS 25

4.1. Introduction 25

4.2. Market Drivers. 26

4.2.1. Driving Factor 1 Analysis 26

4.2.2. Driving Factor 2 Analysis 27

4.3. Market Restraints 28

4.3.1. Restraining Factor Analysis 28

4.4. Market Opportunities 29

4.4.1. Market Opportunity Analysis. 29

4.5. Porter’s Five Forces Analysis 30

4.6. Value Chain Analysis 31

4.7. Buying Criteria32

CHAPTER NO. 5 :

IMPORT EXPORT ANALYSIS. 33

5.1. Import Analysis by Region . 33

5.1.1. Vietnam ECG Equipment Market Import Volume/Revenue, By Region,

2017 – 2022 . 33

5.2. Export Analysis by Region 34

5.2.1. Vietnam ECG Equipment Market Export Volume/Revenue, By Region,

2017 – 2022 . 34

CHAPTER NO. 6 :

DEMAND SUPPLY ANALYSIS 35

6.1. Demand Analysis by Region. 35

6.1.1. Vietnam ECG Equipment Market Demand Volume/Revenue, By Region,

2017 – 2022 . 35

6.2. Supply Analysis by Region . 36

6.2.1. Vietnam ECG Equipment Market Supply Volume/Revenue, By Region,

2017 – 2022 . 36

CHAPTER NO. 7 :

PRODUCTION ANALYSIS 37

7.1. Production Analysis by Region. 37

7.1.1. Vietnam ECG Equipment Market Production, By Region, 2017 – 2022 37

CHAPTER NO. 8 :

PRICE ANALYSIS 38

8.1. Price Analysis by Region 38

8.1.1. Vietnam ECG Equipment Market Price, By Region, 2017 – 2022 38

8.2. Price Analysis by Type . 39

8.2.1. Vietnam ECG Equipment Market Price, By Type, 2017 – 2022. 39

8.2.2. Vietnam Type Market Price, By Type, 2017 – 2022 . 39

CHAPTER NO. 9 :

RAW MATERIALS ANALYSIS 40

9.1. Key Raw Materials and Suppliers 40

9.2. Key Raw Materials Price Trend 40

CHAPTER NO. 10 :

MANUFACTURING COST ANALYSIS. 41

10.1. Manufacturing Cost Analysis. 41

10.1.1. Manufacturing Cost Analysis 41

10.2. Manufacturing Process 41

10.2.1. Manufacturing Process 41

CHAPTER NO. 11 :

ANALYSIS COMPETITIVE LANDSCAPE 42

11.1. Company Market Share Analysis – 2022 42

11.1.1. Vietnam ECG Equipment Market: Company Market Share, by Volume,

2022 42

11.1.2. Vietnam ECG Equipment Market: Company Market Share, by

Revenue2022. 42

11.1.3. Vietnam ECG Equipment Market: Top 6 Company Market Share, by

Revenue2022. 43

11.1.4. Vietnam ECG Equipment Market: Top 3 Company Market Share, by

Revenue2022. 43

11.1. Vietnam ECG Equipment Market Company Volume Market Share, 2022 44

11.2. Vietnam ECG Equipment Market Company Revenue Market Share, 2022 45

11.3. Company Assessment Metrics, 2022 . 46

11.3.1. Stars 46

11.3.2. Emerging Leaders 46

11.3.3. Pervasive Players. 46

11.3.4. Participants . 46

11.4. Start-ups /SMEs Assessment Metrics, 2022. 46

11.4.1. Progressive Companies 46

11.4.2. Responsive Companies 46

11.4.3. Dynamic Companies 46

11.4.4. Starting Blocks. 46

11.5. Strategic Developments. 47

11.5.1. Acquisitions & Mergers 47

11.5.2. New Product Launch 47

11.5.3. Regional Expansion 47

11.6. Key Players Product Matrix . 48

CHAPTER NO. 12 :

PESTEL & ADJACENT MARKET ANALYSIS. 49

12.1. PESTEL

12.1.1. Political Factors . 49

12.1.2. Economic Factors. 49

12.1.3. Social Factors. 49

12.1.4. Technological Factors 49

12.1.5. Environmental Factors. 49

12.1.6. Legal Factors 49

12.2. Adjacent Market Analysis 49

CHAPTER NO. 13 :

ECG EQUIPMENT MARKET – BY TYPE SEGMENT ANALYSIS. 50

13.1. ECG Equipment Market Overview, by Type Segment 50

13.1.1. ECG Equipment Market Volume Share, By Type, 2022 & 2030 . 51

13.1.2. ECG Equipment Market Revenue Share, By Type, 2022 & 2030 51

13.1.3. ECG Equipment Market Attractiveness Analysis, By Type . 52

13.1.4. Incremental Revenue Growth Opportunity, by Type, 2023 – 2030 52

13.1.5. ECG Equipment Market Revenue, By Type, 2017, 2022, 2026 & 2030 53

13.2. Resting ECG Systems 54

13.3. Stress ECG Systems 55

13.4. Holter Monitors. 56

13.5. Event Monitors 57

13.6. Digital ECG Systems. 58

CHAPTER NO. 14 :

ECG EQUIPMENT MARKET – BY APPLICATION SEGMENT ANALYSIS

14.1. ECG Equipment Market Overview, by Application Segment 59

14.1.1. ECG Equipment Market Volume Share, By Application, 2022 & 2030 . 60

14.1.2. ECG Equipment Market Revenue Share, By Application, 2022 & 2030 60

14.1.3. ECG Equipment Market Attractiveness Analysis, By Application. 61

14.1.4. Incremental Revenue Growth Opportunity, by Application, 2023 – 2030 61

14.1.5. ECG Equipment Market Revenue, By Application, 2017, 2022, 2026 & 2030 62

14.2. Hospitals and Clinics 63

14.3. Diagnostic Centers. 64

14.4. Ambulatory Care . 65

14.5. Homecare Settings. 66

14.6. Others

CHAPTER NO. 15 :

ECG EQUIPMENT MARKET – BY LEAD TYPE SEGMENT ANALYSIS 68

15.1. ECG Equipment Market Overview, by Lead Type Segment 68

15.1.1. ECG Equipment Market Volume Share, By Lead Type, 2022 & 2030 . 69

15.1.2. ECG Equipment Market Revenue Share, By Lead Type, 2022 & 2030 69

15.1.3. ECG Equipment Market Attractiveness Analysis, By Lead Type. 70

15.1.4. Incremental Revenue Growth Opportunity, by Lead Type, 2023 – 2030 70

15.1.5. ECG Equipment Market Revenue, By Lead Type, 2017, 2022, 2026 & 2030 71

15.2. Single-Lead Devices. 72

15.3. 3-6 LEAD Devices . 73

15.4. 12 LEAD Devices 74

CHAPTER NO. 16 :

COMPANY PROFILES . 75

16.1. GE Healthcare 75

16.1.1. Company Overview 75

16.1.2. Product Portfolio . 75

16.1.3. Swot Analysis. 75

16.1.4. Business Strategy. 76

16.1.5. Financial Overview. 76

16.2. Philips Healthcare 77

16.3. Siemens Healthineers 77

16.4. Nihon Kohden Corporation 77

16.5. Schiller AG

16.6. Mindray Medical International Limited . 77

16.7. Welch Allyn (a subsidiary of Hillrom). 77

16.8. Mortara Instrument (a Hillrom company) . 77

16.9. BPL Medical Technologies . 77

16.10. Cardinal Health, Inc. 77

16.11. Company 11 77

16.12. Company 12 77

16.13. Company 13 77

16.14. Company 14 77

CHAPTER NO. 17 :

RESEARCH METHODOLOGY 78

17.1. Research Methodology 78

17.2. Phase I – Secondary Research 79

17.3. Phase II – Data Modeling 79

17.3.1. Company Share Analysis Model . 80

17.3.2. Revenue Based Modeling. 80

17.4. Phase III – Primary Research 81

17.5. Research Limitations . 82

17.5.1. Assumptions 82

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