NEW YORK, Sept. 10, 2015 /PRNewswire/ -- Kalorama Information has released, The IVD Market in Vietnam, covering the Vietnamese in vitro diagnostic market. The healthcare market research publisher found the market to be over 64 million in 2014. Firms such as Siemens, Abbott Diagnostics and bioMerieux compete in the nation of 92 million people. A large population, growing healthcare infrastructure, growing economy and the presence of international IVD companies make the nation of interest to competitors and investors in in vitro diagnostics.
Increased foreign investment, increasing wages, trade, industrialization and tourism growth led to growth higher than other economies in Asia. Vietnam's GDP grew at over 6% annually between 2000 and 2013. Notably, the official poverty rate in the country fell from 58% in 1993 to under 20% at present.
"It's developing a reputation as an alternative to China," said Bruce Carlson, Publisher of Kalorama Information. "Labor costs in China continue to be lower than the Western suppliers, but more recently, this gap is narrowing due to shifting demand, wage inflation, and competition for raw materials. As this occurs, other countries such as Vietnam are emerging as more desirable in terms of wage expenses."
Kalorama Information said that this has put the country of 92 million in place to be a source of growth for companies already involved in China's competitive market, and financed a middle class demanding healthcare services. The government has responded with increased funding and a priority of organizing healthcare provision.
The statistics become all the more significant when the nations' size is considered. At nearly 93 million people, Vietnam is the fourteenth largest country in the world in terms of population. Vietnam eclipses regional neighbors Thailand (67 million) and Malaysia (27 million). This hasn't immediately translated into the same healthcare facilities and staff as world nations, but the path to growth has interested a wide range of competitors. Companies such as Roche, Abbott, Siemens, Sysmex and others are already based in the nation and new entrants are considering entry.
The report provides regional markets and market sizes and forecasts for various segments within IVD testing. Information about Kalorama's report, The IVD Market in Vietnam can be found at http://www.kaloramainformation.com/redirect.asp?progid=87808&productid=9251780.
About Kalorama Information
Kalorama Information, a division of MarketResearch.com, supplies the latest in independent medical market research in diagnostics, biotech, pharmaceuticals, medical devices and healthcare; as well as a full range of custom research services. Reports can be purchased through Kalorama's website and are also available on www.marketresearch.com and www.profound.com.
We routinely assist the media with healthcare topics. Follow us on Twitter, LinkedIn and our blog at www.kaloramainformation.com.
Contact:
Bruce Carlson
(212) 807-2622
[email protected]
www.KaloramaInformation.com
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SOURCE Kalorama Information
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