Clinical Laboratories Market in Vietnam, Forecast to 2020
NEW YORK, Dec. 17, 2016 /PRNewswire/ -- Increase in Universal Health Support for Private Healthcare will Boost Test Volumes in Both Public And Private Sectors
This research service focuses on the clinical laboratories market in Vietnam, with forecasts until 2020. The report reviews recent industry transformation, changes in business models, growth opportunities, and key predictions for the clinical lab diagnostics testing market. It also provides the major growth drivers and restraints, key company profiles, and competitive analysis.
Given the ever-increasing cost of care, healthcare delivery is moving towards decentralisation. Service delivery from healthcare settings such as mobile clinics, rapid retail clinics, and home settings demand the use of new-age clinical laboratory diagnostics. Effective delivery of healthcare services has created a business and technology convergence between public and private healthcare providers. There has been a growing focus amongst market participants on acquiring effective and fast clinical testing capabilities.
Overcrowding of hospitals is a major issue in Vietnam, as the public sector accounts for approximately 95% of hospital bed occupancy. The Ministry of Health has proposed to invest in building 50 satellite hospitals connected to 14 hub hospitals to cater to patient demand.
The public hospital labs segment is the largest in terms of volume and revenue, followed by private hospital labs and this trend is expected to continue. The independent clinical labs segment is slowly growing to compete in this market by providing testing outsourcing services for both public and private hospitals. Clinical testing outsourcing is an option for public hospitals to overcome budget restraints and excess demand. Independent labs with international accreditation and trained lab personnel are well positioned to be reference labs and grow within this segment. POLs are highly fragmented and is the smallest segment. It is expected to have low growth, mainly due to the lack of investment in lab equipment and low reimbursements from insurance coverage.
Growing pressure from the government for clinical labs accreditation will be the main trend with regard to lab regulations. Vietnam's Universal Healthcare Coverage aims to provide health insurance for 80% of its population by 2020. It has covered more than 70% of the population by the end of 2015. The plan targets minority groups and the poor and near-poor population, providing the highest possible coverage. Besides basic hospital fees, the plan covers medicine, testing, and a large portion of hospital fees for cancer patients.
There are approximately 1,090 public hospital labs and 170 private hospital labs, with a majority concentrated in Hanoi and Ho Chi Minh City. This indicates an imbalance in the spread of hospitals in Vietnam, as these 2 cities account for only 16% of the population.
There are opportunities for private independent labs to grow, as the government is keen on public-private partnerships to ease the burden on its healthcare infrastructure by providing healthcare coverage that can make private healthcare more accessible. Despite these efforts, patients are skeptical of private healthcare quality, as many labs are not accredited. Opportunities also exist to meet healthcare demands outside Vietnam's major cities, where hospitals and lab services are not saturated.
Key questions this study will answer:
- How has Vietnam's clinical labs market changed over the years?
- What impact will new regulations have on labs? What are the new procedures that need to be adopted to gain approvals? How would this affect manufacturers?
- Which is the type of testing that is experiencing maximum growth and why?
- What are the new business models that can change care delivery?
- Which are the segments that are opportunistic for manufacturer sales?
- What were the acquisition trends witnessed in the last few years? How will this change?
Read the full report: http://www.reportlinker.com/p04466087-summary/view-report.html
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