Vietnam’s medical device market to rise at 8.4% CAGR through 2029

Thanks to strong economic performance amidst growing political risks.

Vietnam’s medical device market is projected to reach a final value of $2.84b in 2029 at a compound annual growth rate (CAGR) of 8.4% due to strong economic performance amidst increasing geopolitical risks.

According to BMI, the country’s medical device market will account for 20% of ASEAN’s total medical device sector throughout the forecast period.

This growth is supported by robust GDP performance and higher wages, which are fuelling investments in public healthcare infrastructure and expanding access to private healthcare services for the country’s growing middle class.

Furthermore, the increased access and expectation for healthcare services have generated demand for AI-enabled diagnostic imaging and surgical tools.