Vietnam considered "promised land" for RoK's medical device companies

ABO/NDO- According to Digital Times, Vietnam has a high demand for quality healthcare services, prompting companies from the Republic of Korea (RoK) to penetrate the market by leveraging their technological expertise.

With a population has surpassed 100 million, Vietnam is considered a "promised land" for the RoK’s medical device companies. The rapid expansion of the medical device market, coupled with overall economic growth and rising income levels, has further strengthened its appeal.

According to Digital Times, Vietnam’s healthcare market recorded an average annual growth rate of about 28% from 2018 to 2022 and is projected to grow at an average of 10% per year from 2025 to 2027, reaching an estimated market size of approximately 36.2 billion USD by 2027. Vietnam also has a high demand for quality healthcare services, prompting the RoK’s companies to expand their presence by leveraging their existing technological capabilities.

InBody established a legal entity in Vietnam in August 2024 and is actively expanding its business operations while localising its proven business model from the RoK. Similar to their popularity in the RoK, InBody products are widely used in both public and private general hospitals in Vietnam. Additionally, InBody devices are utilised in military hospitals to manage the health of service members.

The actual size of Vietnam’s healthcare market has experienced an average annual growth of approximately 28%. (Illustrative image. Source: VNA).

POSCO DX Vietnam, a subsidiary of the POSCO Group, has also expanded its B2B (business-to-business) operations by installing "InBody Health Corners" at its Vietnam entity. This allows employees to conduct self-checks on body functions and blood pressure.
An official from InBody stated that there is a trend where products or trends that gain popularity in the RoK eventually become popular in Vietnam after a certain period.

Considering this characteristic, the company established a legal entity in Vietnam with a different strategy compared to its existing overseas subsidiaries.

Instead of focusing solely on sales, the company appointed Lee Sang-wook — who was in charge of strategic B2B operations in the RoK — as the head of its Vietnam branch.

After setting up its Vietnam entity, the company observed that Vietnamese businesses show great interest in employee health management and welfare. Additionally, the number of obese children in Vietnam has been increasing rapidly in recent years.

Based on its experience participating in the PAPS project, a health and physical fitness assessment programme for students in the RoK, the company also aims to explore business opportunities related to children's health management in Vietnam.

Waycen — a company specialising in AI-powered gastrointestinal endoscopy software called Waymed Endo — has been actively boosting its sales in Vietnam by providing AI-assisted endoscopy services to local hospitals since 2022. Waycen noted that although Vietnam has a relatively young population, with a median age of 30, the incidence rates of stomach and colorectal cancer remain high.

In Vietnam, the number of colonoscopy and gastroscopy procedures is steadily increasing, and local medical professionals have a strong demand for learning the RoK endoscopy techniques, which are globally recognised.

Waysen has been focusing on sales efforts with local partners through Waymed Endo and expects to generate revenue in Vietnam by 2025.

Meanwhile, as the popularity of dental implants largely depends on the ability of dentists to perform independent surgeries, Ostem Implant is offering implant training courses for Vietnamese dentists.

Ostem Implant plans to maintain the high credibility of the RoK’s products and expand its market share in Vietnam through future educational initiatives.

(Source: NDO)