The Dental Service Market Is Expected To Generate Revenue of $435 Million by 2023
The Highlights:
- Saigon's population is expected to rise 2.7%, with a strong edge over other cities in Vietnam in terms of dental services accessibility based on high-quality standards and facilities.
- As the capital of Vietnam, Hanoi attracts many international tourists seeking dental care compared to Saigon.
- In 2021, only 500 out of 109.5 thousand Vietnamese college graduates are dentists.
Due to an increase in dental disorders and foreign dental tourism, the Vietnam dental services market is projected to grow to $435 million by 2023.
According to Ken Research’s report, the dental services industry has great potential. Along with the rising dental needs awareness and growing population, dental tourism and government initiatives are fueling market growth. It is expected to rise at CAGR of 6.0% over the 2021-2026F period.
Additionally, the low cost of dental services (3-10 times lower compared to other nation) in Vietnam is highly appealing to foreign care seekers. According to the Vietnam National Administration of Tourism, over 100,000 foreign visitors visit Vietnam annually for dental operations, producing over $150 million in revenue for the country.
Digital Healthcare: The government has dramatically promoted telemedicine, AI, and big data use in the healthcare industry. Foreign investors are encouraged to participate. By making dental services more accessible and inexpensive, this trend may continue and help Vietnam realize its aim of "health for all," which would boost demand and propel growth.
Improved Understanding of Dental Services: Lifestyle and dietary changes in Vietnam have led to several health problems, including dental health. The increased prevalence in periodontitis and tooth decay will stimulate demand, along with cosmetic dentistry needs.
Shift Towards Subscription-Based Coverage: Regular cleanings, X-rays, and even fillings, or other procedures are all included in the yearly or monthly fee for these services. They increase affordability for patients while ensuring stable revenue streams for dental offices. As Vietnam's per capita income and insurance coverage rates are on the rise, this model is a great fit to service and grow the market.
Government Initiative: Government initiatives have channeled their focus into raising public awareness of dental hygiene, incentives for foreign dental service seekers, and financial aid for students pursuing dentistry. Overall, these efforts will shape the future dynamics of the Vietnamese dental services market as they target the unmet needs in the population.
According to Industry Research Future, Southeast Asian nations including Thailand, Malaysia, the Philippines, and Vietnam will be among the fastest-growing dental tourism destinations in 2023, accounting for around 40% of the worldwide market.
Adapted from PR Newswire and Vietnam Investment Review.
