Market Trends of Vietnam Diabetes Drugs and Devices Industry
The continuous Glucose Monitoring Segment is Expected to Witness the Highest Growth Rate Over the Forecast Period
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.
Digital companies are trying to improve their condition by reminding people with diabetes when it's time to check their blood sugar levels and sharing that information with doctors and families. A study conducted by GlucoMe (a digital diabetes platform) in collaboration with Merck in several endocrine clinics and hospitals in Vietnam found that using the GlucoMe application reduced the risk of major diabetes-related problems in people with type 2 diabetes. Awareness of diabetes patients in Vietnam is expected to drive the country's management device market growth during the forecast period.
Rising diabetes prevalence
Diabetes is considered a public health burden in Vietnam, and health authorities are taking steps to reduce this burden. Various trends and epidemiological factors influence the diabetes burden in Vietnam. Diabetes is a significant threat and can be a widespread problem, imposing a significant burden on both Vietnam's health and economy. Although the prevalence of diabetes in rural areas is relatively low, it is gradually increasing. Diabetes is as common in major cities in Vietnam as in other parts of the Western world. Health insurance was introduced in Vietnam more than ten years ago. However, the scope of the application is still limited. Vietnam is considered a lower middle-income country with a GDP per capita of around USD 4,310. As a result, the cost of diabetes treatment puts significant financial pressure on patients' families. Human cytomegalovirus (HCMV) diabetes drugs are relatively affordable compared to treating other chronic diseases such as infections, cardiovascular disease, and kidney disease. The country's aging population is straining health and social security regulations and services. Therefore, governments should implement new policy initiatives to reduce the financial burden of diabetes care and improve the affordability of healthcare. Vietnam aims for universal health coverage, decentralizing health care to the lower levels of the country's administrative structure.
Diabetes is among the four most common non-communicable diseases (NCDs), and its global prevalence has increased steadily in recent years. In Vietnam, diabetes is growing by about 6.23% annually, posing a serious health and economic burden to Vietnamese society. Economic growth and changes in the social environment impact disease patterns ranging from communicable to non-communicable diseases, making diabetes one of the top seven causes of death and disability in Vietnam. Obesity rates in Vietnam are still relatively low but have increased significantly in the last decade, especially in the previous five years. Significant changes in dietary habits have coincided with differences in the prevalence of obesity. Smoking is a significant risk factor for diabetes in Vietnam. A recent meta-analysis suggests smokers have a 44% higher risk of developing diabetes than nonsmokers. Although smoking rates among Vietnamese men are high, this trend is declining.
The increasing diabetes prevalence and the above factors will likely drive segment growth over the forecast period.
