Vietnam Diabetes Drugs and Devices Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Vietnam Diabetes Drugs and Devices Market Analysis

Vietnam's diabetes drugs and devices market size is estimated at USD 0.6 billion in the current year. The market is expected to reach USD 0.7 billion in five years, registering a CAGR of more than 2.6% during the forecast period.

Vietnam has effectively contained the spread of COVID-19 from the outset and has been dead for months. But since then, a fourth wave of the COVID-19 outbreak has wreaked havoc on Vietnam. According to the Ministry of Health (MOH), Vietnam experienced four waves of the COVID-19 outbreak. COVID-19 (coronavirus disease) has been established to be a highly contagious viral infection caused by coronavirus-2, which causes severe acute respiratory syndrome (SARS-CoV-2). Diabetes is a major risk factor for fatal cases of COVID-19. Diabetic patients are susceptible to infections due to comorbidities such as hyperglycemia, immune dysfunction, vascular problems, hypertension, dyslipidemia, and cardiovascular disease. Additionally, in humans, angiotensin-converting enzyme 2 (ACE2) is the SARS-CoV-2 receptor. Therefore, angiotensin-converting enzyme inhibitors (ACE inhibitors) should be used cautiously in diabetic patients. Severity and mortality from COVID-19 were significantly higher in people with diabetes than non-diabetics. Therefore, people with diabetes should be careful during the COVID-19 outbreak.

Vietnam aims for universal health coverage, decentralizing health administration to the lower levels of the country's administrative structure. Each facility in Vietnam creates individual offers using Ministry of Health guidelines for pricing different medicines. These costs were up to six times higher than the global market. The purchase of branded and generic medicines affects the expenditures of institutions in Vietnam and thus affects individuals and the insurance system. Diabetes is considered a public health burden in Vietnam, and health authorities are taking steps to reduce this burden-the diabetes burden in Vietnam results from several epidemiological trends and factors. Diabetes can become an epidemic and pose a huge health and economic burden to Vietnam. Although the prevalence of diabetes in rural areas remains low, it is on the rise. Diabetes is as common in big cities as in other parts of the West. The government of Vietnam's sponsorship increased the usage of managed devices during the forecast period.

Thus, the above factors are expected to drive market growth over the forecast period.

Vietnam Diabetes Drugs and Devices Market Trends

The continuous Glucose Monitoring Segment is Expected to Witness the Highest Growth Rate Over the Forecast Period

Vietnam Diabetes Drugs and Devices Industry Segmentation

Patients with type 1 diabetes must be given insulin because their pancreas cannot process it. To control blood sugar levels, insulin must be offered several times daily, such as when eating or drinking. Many people with type 2 diabetes also need to take antidiabetic drugs. These drugs include diabetes medications and injections such as insulin. The two main types are traditional blood glucose meters that use a fall of blood to examine what levels are at that instant and continuous glucose monitors (CGMs) that check blood glucose repeatedly day or night. Vietnam Diabetes Drugs and Devices Market is segmented by drugs (insulin, oral anti-diabetic drugs, non-insulin injectable drugs, and combination drugs) and devices (management devices, insulin pumps, insulin pens, syringes, cartridges, jet injectors, monitoring devices, self-monitoring blood and continuous glucose monitoring). The report offers the value (in USD) and volume (in unit) for the above segments.