The increasing awareness of healthcare services is a significant driver for the Vietnam elderly care treatment market. As the population ages, there is a growing understanding among the elderly and their families about the importance of specialized healthcare services tailored to meet the unique needs of senior citizens. This heightened awareness is driven by the government's initiatives to promote health education, the expansion of healthcare infrastructure, and the influence of non-governmental organizations emphasizing elderly care. The growing availability of information about chronic diseases, preventive care, and long-term treatment options encourages families to seek professional care services, enhancing the demand for elderly care facilities, home-based healthcare services, and rehabilitation centers. Moreover, this awareness helps reduce the stigma associated with institutionalized elderly care, contributing to a cultural shift towards professional healthcare assistance for aging populations. As a result, there is a substantial increase in the number of people seeking quality care, driving the growth of Vietnam’s elderly care treatment market. .
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Data Bridge Market Research analyzes that the Vietnam Elderly Care Market is expected to reach USD 4.79 billion by 2031 from USD 2.21 billion in 2023, growing with CAGR of 7.7% during forecast period of 2024 to 2034.
Key Findings of the Study
- Increasing Geriatric Population
The rising geriatric population in Vietnam is a significant driver for the development of elderly care services. As the number of older adults continues to grow, there is an increasing demand for comprehensive and specialized care tailored to the needs of the elderly. This demographic shift highlights the necessity for a robust support system that can address various aspects of aging, including healthcare, daily living assistance, and social support. The growing elderly population underscores the urgency for innovative solutions and infrastructure to ensure that older individuals receive the care and attention they require. Further the proportion of aged people (people aged 60 and over) is increasing worldwide. The geriatric population has more health issues where home healthcare provides services to provide better treatment among patients. Thus, the increase in the geriatric population is helping the elderly care market to grow
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024-2034
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Base Year
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2023
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Historic Year
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2022 (Customizable to 2016–2021)
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Quantitative Units
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Revenue in USD Billion
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Segments Covered
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Product Type (Housing and Assistive Devices and Pharmaceuticals), Service (Home Care, Institutional Care, and Adult Day Care), Application (Heart Diseases, Respiratory, Diabetes, Osteoporosis, Neurological, Cancer, Kidney Diseases, Arthritis, and Others)
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Country Covered
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Vietnam
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Market Players Covered
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Care Connect Vietnam (Vietnam), Hio Care (Vietnam), Philips (Amsterdam, Netherlands), Medtronic (Dublin, Ireland), Vinmec International Hospital (Hanoi, Vietnam), Phonak (Stäfa, Switzerland), Signia Vietnam (Part of WS Audiology, headquartered in Lynge, Denmark), Saigon Healthcare (Ho Chi Minh City, Vietnam). among others.
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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Segment Analysis
The Vietnam elderly care market is segmented into three notable segments based on product type, service, and application
- Based on product type, the market is segmented into housing and assistive devices and pharmaceuticals
In 2024, the housing and assistive devices segment is expected to dominate the Vietnam elderly care market
In 2024, the housing and assistive devices segment is expected to dominate the market with a market share of 40.23% due to the region's high demand for solutions that enable seniors to live independently and safely in their own homes.
Based on service, the market is segmented into home care, institutional care, and adult day care.
In 2024, the home care segment is expected to dominate the Vietnam elderly care market
In 2024, the home care segment is expected to dominate the market with a market share of 59.74% due to the increasing preference for personalized, in-home support that allows seniors to age comfortably within their own residences
On the basis of application, the market is segmented into heart diseases, respiratory, diabetes, osteoporosis, neurological, cancer, kidney diseases, arthritis, and others. In 2024, heart diseases segment is expected to dominate the market with market share of 24.42%
Major Players
Data Bridge Market Research analyses Philips (Amsterdam, Netherlands), Medtronic (Dublin, Ireland), Vinmec International Hospital (Hanoi, Vietnam), Care Connect Vietnam (Vietnam), Phonak – A Sonova brand (Switzerland) as major market players in this market.
Market Development
- In May 2023, Medtronic to acquire wearable insulin patch maker EOFlow, announced company has entered into a set of definitive agreements to acquire EOFlow Co. Ltd. manufacturer of the EOPatch device -a tubeless, wearable and fully disposable insulin delivery device. The addition of EOFlow, together with Medtronic's Meal Detection Technology algorithm and next-generation continuous glucose monitor (CGM), is expected to expand the company's ability to address the needs of more individuals with diabetes
- In August 2022, Medtronic completes acquisition of Affera, announced that it has completed the acquisition of Affera, Inc. This acquisition expands the company's cardiac ablation portfolio to include its first-ever cardiac mapping and navigation platform that encompasses a differentiated, fully integrated diagnostic, focal pulsed field and radiofrequency ablation solution
- In July 2022, Medtronic announces co-promotion agreement with CathWorks, with path toward acquisition. Announced it has entered into a strategic partnership agreement with CathWorks, a privately held company headquartered in Kefar Sava, Israel, which aims to transform how coronary artery disease (CAD) is diagnosed and treated
- In Sept 2021, Medtronic Collaboration with Mpirik to Address Disparities in Care Associated with Sudden Cardiac Arrest. Announced a pilot program with Mpirik to address disparities in care associated with the prevention of sudden cardiac arrest (SCA), a condition in which the heart suddenly and unexpectedly stops beating. SCA is caused by a disturbance in the heart's electrical system, and can be deadly if not treated by defibrillation within minutes
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