Vietnam Insulin Infusion Pump Market Size
|Base Year For Estimation||2022|
|Forecast Data Period||2023 - 2028|
|Market Size (2023)||USD 1.09 Million|
|Market Size (2028)||USD 1.39 Million|
|CAGR (2023 - 2028)||5.04 %|
*Disclaimer: Major Players sorted in no particular order
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Vietnam Insulin Infusion Pump Market Analysis
The Vietnam Insulin Infusion Pump Market size is estimated at USD 1.09 million in 2023, and is expected to reach USD 1.39 million by 2028, growing at a CAGR of 5.04% during the forecast period (2023-2028).
Vietnam effectively prevented the spread of the COVID-19 pandemic from the beginning, initially with no deaths reported. However, Vietnam faced a devastating fourth wave of COVID-19 outbreaks. According to the Ministry of Health (MOH), the country experienced four COVID-19 infections. COVID-19, or coronavirus, is a highly contagious viral infection caused by the severe acute respiratory syndrome coronavirus-2 (SARS-CoV-2). Individuals with diabetes were at a higher risk of severe outcomes and mortality from COVID-19. People with diabetes have increased susceptibility to infections due to hyperglycemia, impaired immune function, vascular issues, and comorbidities like hypertension, dyslipidemia, and cardiovascular disease.
In addition, it is important to note that angiotensin-converting enzyme 2 (ACE2) acts as a receptor for the human SARS-CoV-2 virus. As a result, angiotensin-converting enzyme (ACE) inhibitors should be approached with caution in individuals with diabetes. It was observed that the severity and mortality rates of COVID-19 were significantly higher in patients with diabetes than those without diabetes.
Each facility in Vietnam uses the Ministry of Health guidelines for pricing different drugs to create its unique offerings. These costs are up to six times higher than in world markets. Procurement of brand-name drugs versus generics affects facility spending in Vietnam and, therefore, affects individuals and/or the insurance system.
In Vietnam, diabetes is considered a public health burden, and public health officials have taken steps to reduce this burden. Various trends and epidemiological factors influence the burden of diabetes in Vietnam. Diabetes poses a significant threat and has the potential to become a widespread issue, placing a substantial burden on both the health and economy of Vietnam. While the prevalence of diabetes in rural areas has been relatively low, it is gradually increasing. Notably, diabetes is as prevalent in major cities of Vietnam as it is in other parts of the Western world.
Vietnam Insulin Infusion Pump Market Trends
Insulin Pump is Expected to Witness Growth Over the Forecast Period
An insulin pump is a device that automatically distributes insulin on a continuous or as-needed basis. The pump is modeled after the human pancreas. The insulin infusion pump can be used instead of the standard regimen of daily injections or an insulin pen. Insulin pump treatment is a well-known insulin delivery technique for people with type 1 diabetes (T1DM). Pumps are a recognized, time-tested treatment alternative for T1DM patients of all ages, providing near-physiological insulin administration when the pancreas does not make insulin.
There are also pump variants with remote controllers that allow parents to suspend or bolus insulin from a distance while their child is playing or eating. Unlike injections, insulin infusion pumps prevent big fluctuations in blood glucose levels, cause less discomfort, and dispense more precisely.
The benefits of insulin pumps over traditional delivery systems are projected to drive market growth. Continuous subcutaneous insulin infusion (CSII, also known as insulin pumps) and continuous glucose monitoring systems (CGMs) have significantly improved patient care and quality of life and are commonly utilized in the ambulatory context. This technology is increasingly being employed in the healthcare setting. Health insurance was introduced in Vietnam more than ten years ago; however, the coverage remains limited. Vietnam is classified as a low- to middle-income country, with a GDP per capita of approximately USD 4310.
Consequently, the cost of diabetes treatment imposes significant financial pressure on patients' families. Compared to the expenses associated with managing other chronic conditions like infections, cardiovascular diseases, and kidney diseases, diabetes drugs targeting human cytomegalovirus (HCMV) are relatively affordable. The aging population in the country has strained both the healthcare system and social security regulations and services. Therefore, the government needs to implement new policy initiatives to alleviate the financial burden of diabetes treatment and enhance healthcare affordability. Vietnam aims to have universal health coverage and has decentralized health management to lower levels in the country's administrative structure.
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Rising diabetes prevalence in the country is anticipated to boost the market studied
Diabetes, a condition that is becoming more prevalent in Vietnam, is strongly associated with obesity, shifts in nutritional patterns, and various cultural changes. As individuals grow older, the incidence of diabetes tends to rise. Vietnam is on the verge of confronting an aging population, which, coupled with the improved treatment options allowing people with diabetes to live longer, is projected to increase healthcare expenditures.
Research on the financial toll of diabetes in the United States found that expenses had grown despite efforts to decrease unnecessary hospitalization. This indicates that medicines in Vietnam must be broadened to change the trend or prevent the growth in diabetes expenditures. However, considering that Vietnam is also dealing with other noncommunicable illnesses that compete for resources in an already overburdened public healthcare budget, significantly expanding budget allocation and resources to address the issue is impossible. Problems grow increasingly common as people age. The aging population that Vietnam will soon face, as well as people with diabetes having longer lives due to more efficient treatment options, are expected to result in increased costs.
According to research on the financial toll of diabetes in the United States, costs have risen despite attempts to reduce needless hospitalization. This suggests that treatments in Vietnam should be expanded to modify the trend or avoid the increase in diabetes costs. However, given that Vietnam is also dealing with other noncommunicable diseases that compete for resources in an already overloaded public healthcare budget, significantly increasing budget allocation and resources to address the issue is impossible. Despite a large increase over the preceding 10 years, particularly in the last five, Vietnam still has a low obesity rate. These gains corresponded with an increase in malnutrition, suggesting that in Vietnam and other developing nations, over- and undernutrition issues coexist.
Furthermore, most T2D patients have a BMI of 23 kg/m2, but their adiposity has increased, as demonstrated by a rise in WHR and connected to chronic overconsumption of high glycemic index foods. Because of the rising obesity incidence, increasing hereditary risks for type-2 diabetes, and an increasing number of Type-1 diabetes patients, the insulin infusion pump industry is expected to expand further.
Vietnam Insulin Infusion Pump Industry Overview
Due to the existence of only a few big businesses operating internationally and locally, the insulin infusion pump industry is concentrated. The competitive landscape includes examining a few well-known worldwide and local organizations, such as Medtronic PLC, Insulet Corporation, Ypsomed, Ascensia Diabetes Care, and Tandem Diabetes Care.
Vietnam Insulin Infusion Pump Market Leaders
Ascensia Diabetes Care
Tandem Diabetes Care
*Disclaimer: Major Players sorted in no particular order
Vietnam Insulin Infusion Pump Market News
- May 2023: The United States Food and Drug Administration (FDA) cleared the Beta Bionics iLet ACE Pump and the iLet Dosing Decision Software for people six years of age and older with type-1 diabetes. These two devices and a compatible FDA-cleared integrated continuous glucose monitor (iCGM) will form a new system called the iLet Bionic Pancreas. This new automated insulin dosing (AID) system uses an algorithm to determine and command insulin delivery.
- March 2023: Defense Health Agency (DHA) officials announced that military family members who have type-1 diabetes can now get Tricare coverage for the Omnipod 5 insulin pump.
Vietnam Insulin Infusion Pump Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Insulin Infusion Pump
5.1.1 Insulin Pump Device
5.1.2 Infusion Set
6. MARKET INDICATORS
6.1 Type-1 Diabetic Population
6.2 Type-2 Diabetic Population
7. COMPETITIVE LANDSCAPE
7.1 COMPANY PROFILES
7.1.2 Insulet corporation
7.1.4 Ascensia Diabetes Care
7.1.5 Tandem Diabetes Care
- *List Not Exhaustive
7.2 COMPANY SHARE ANALYSIS
8. MARKET OPPORTUNITIES AND FUTURE TRENDS
Vietnam Insulin Infusion Pump Market Research Faqs
How big is the Vietnam Insulin Infusion Pump Market?
The Vietnam Insulin Infusion Pump Market size is expected to reach USD 1.09 million in 2023 and grow at a CAGR of 5.04% to reach USD 1.39 million by 2028.
What is the current Vietnam Insulin Infusion Pump Market size?
In 2023, the Vietnam Insulin Infusion Pump Market size is expected to reach USD 1.09 million.
Who are the key players in Vietnam Insulin Infusion Pump Market?
Medtronics, Ascensia Diabetes Care, Insulet Corporation, Ypsomed and Tandem Diabetes Care are the major companies operating in the Vietnam Insulin Infusion Pump Market.
Vietnam Insulin Infusion Pump Industry Report
Statistics for the 2023 Vietnam Insulin Infusion Pump market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Vietnam Insulin Infusion Pump analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.