IVD market in Vietnam growing and showing a strong influx in foreign investment, according to Kalorama Information 2018 Regional IVD Market Bundle.

The in vitro diagnostic (IVD) markets in China, South Korea, and Vietnam reached almost $3.7 billion in 2017, according to the Kalorama Information 2018 Regional IVD Market Bundle (IVD China, The IVD Market in South Korea, The IVD Market in Vietnam).

China has the second-largest clinical laboratory market in Asia and one of the world’s fastest growing, but the healthcare system still requires modernization and expansion to serve rural populations. The IVD market in South Korea is considered favorable for its regulatory process and foreign investment opportunities. In Vietnam, health infrastructure is currently in a state of development with recent changes to medical device regulations and other areas of new regulatory configuration.

According to the report, the IVD markets for these three countries are growing and should continue to grow. IVD market growth in China will remain considerably higher than in the mature markets of US and Western Europe, offering a significant opportunity to manufacturers able to work within Chinese infrastructure. In South Korea, there is a growing demand for new technologies in the laboratory sector.

The IVD market in Vietnam, though considered complex in its regulatory process with a fragmented system for device registration and geographical market penetration, is growing and showing a strong influx in foreign investments, despite the challenges. For the 2018 period, the registration of in vitro diagnostic medical devices shall comply with Circular No. 44/2014/TT-BYT and importation shall follow Circular No. 47/2010/TT-BYT until December 31, 2018. Therefore, in 2018, there are two regulatory systems for medical devices in Vietnam for Class B, C, and D devices, including IVDs.

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 customized research services.

VN Economic Times