1. The Covid-19 pandemic, foreign investment and technological advancement were largely the factors boosting the Clinical Laboratories Market in Vietnam
The Clinical Laboratory market was initially facing a decline in growth rate between 2017-2019 owing to population not interested in taking regular diagnostic tests. Also, Covid-19 2020 generated exponential revenues as the number of RT-PCR conducted in 2020 was over 10 million. The Ministry of Health (MoH) Vietnam is also investing heavily into healthcare post this black swan event and the market is expected to grow in the coming years.
2. Technological Advancements, Increasing Awareness and Rising Disposable Income are driving forward the Clinical Laboratories Market in Vietnam
There is a shift in focus from curative to preventive medicine which will give impetus to the consolidation of primary health and wellness centers. Also, The Vietnamese population has become receptive to new technologies in healthcare. With Genetic Analysis Test introduced. Awareness about the routine health check-ups is increasing with an increase in media reach and Internet penetration and Vietnam faced a Covid-wave in early 2022 which has resulted in comorbidities in several patients and they are advised to take up regular diagnostic tests as a preventive measure.
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3. Privatization, Change in Patient behavior and Government Support expected to contribute to the growth of Vietnam Clinical Laboratories Market
The Post-Covid comorbidities would contribute to major part of Testing revenue for the next 12-24 months in the market. Tests like D-dimer, Embolism, Myoglobin shall be essential. With the Healthcare Expenditure by the Vietnam Government expected to grow at a steady rate in the next 5 years and The CAGR of 10.4% in the Market reflects opportunity to enter the market in the coming years before the Market moves towards maturity.
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