Vietnam Genetic Market Outlook to 2030

Vietnam Genetic Market Overview

• In last few years, the Vietnam Genetic market has experienced substantial growth, this is reflected by the global biotechnology market reaching a valuation of USD 1020 billion in 2023 driven by the increasing prevalence of Genetic disorders, advancements in Genetic research and technology, and the rising demand for personalized medicine. Additionally, the adoption of Genetic testing and diagnostics has expanded exceptionally.
• Vietnam genetic market is highly fragmented with prominent players including Gene Solutions, Vinmec Healthcare System, Medlatec, Biomedic, and Gene Friend Way. Additionally, the market includes a variety of participants such as local biotech startups, research institutions, universities, and small diagnostic laboratories.
• In 2023, Gene Solutions announced a breakthrough with the launch of a non-invasive prenatal test called triSureFirst. This test is designed to detect chromosomal abnormalities with higher accuracy, which is expected to enhance prenatal care and reduce the risk of genetic diseases in Vietnam.
• Ho Chi Minh City is the dominant region in the Vietnam Genetic Industry market. The city is home to some of the leading genetic research institutions and healthcare facilities, such as the Vinmec Healthcare System and Gene Solutions.

Vietnam Genetic Market Segmentation

The Vietnam Genetic market is segmented by various factors like product, application, and region.

• By Product: The Vietnam Genetic Industry market is segmented by product type into genetic testing, genetic research, and genetic therapy. In 2023, genetic testing dominated the market due to the increasing demand for early diagnosis and personalized medicine. Genetic testing services are widely adopted for various applications, including prenatal testing, cancer diagnostics, and hereditary disease screening.

• By Application: The market is also segmented by application into diagnostics, drug discovery, and personalized medicine. In 2023, Diagnostics application type dominated the market driven by the rising prevalence of genetic disorders and the need for early and accurate diagnosis. Genetic diagnostics play a crucial role in identifying genetic mutations and providing targeted treatment options, which has significantly contributed to its market leadership.

• By Region: The Vietnam Genetic Industry market is segmented by region into North, South, East, and West. The South region dominated the market in 2023. The region's advanced healthcare infrastructure, presence of leading genetic research institutions, and high demand for genetic services have contributed to its market dominance. Additionally, government support and investment in genetic research and healthcare facilities in the South region have further strengthened its position in the market.

 Vietnam Genetic Market Competitive Landscape

• Gene Solutions: In 2024, Gene Solutions is in the process of raising USD 70 million in Series C funding, aimed at broadening the scope of its genetic testing solutions and increasing its market share in the region. This funding will support the company's growth and innovation in genetic testing services, particularly in obstetrics, pediatrics, and oncology.
• Vinmec Healthcare System: In 2023, Vinmec established the Vinmec Research Institute of Stem Cell and Gene Technology, a state-of-the-art genetic research center in Hanoi. This expansion aims to enhance the capabilities of genetic research and development in Vietnam, supporting the discovery of new genetic therapies and diagnostics.

Vietnam Genetic Market Analysis

Vietnam Genetic Market Growth Drivers

• Increasing Prevalence of Genetic Disorders: The prevalence of genetic disorders in Vietnam is on the rise, with over 2.5 million cases reported in 2023. This growing incidence is driving the demand for genetic testing and personalized medicine. Genetic testing allows for early diagnosis and treatment of these disorders, improving patient outcomes. The Vietnamese healthcare system is prioritizing genetic research to address this growing health concern, supported by government funding in 2023 for genetic research initiatives.
• Rising Demand for Personalized Medicine: Personalized medicine is gaining traction in Vietnam due to its potential to provide tailored treatments based on individual genetic profiles. In 2023, thousands of patients received personalized treatment plans, reflecting a growing awareness and acceptance of this approach. The demand for personalized medicine is expected to further drive the growth of the genetic industry, as it offers more effective and targeted therapies for various diseases, including cancer and rare genetic disorders.
• Technological Advancements in Genetic Testing: The genetic industry in Vietnam is witnessing rapid technological advancements, particularly in genetic sequencing and diagnostics. In 2023, the introduction of next-generation sequencing technologies reduced the cost and time required for genetic testing, making it more accessible to a broader population. These advancements are enhancing the accuracy and efficiency of genetic tests, contributing to their widespread adoption and driving market growth.

Vietnam Genetic Market Challenges

• Limited Awareness and Education While awareness about genetic disorders and testing is growing, there is still a lack of education and understanding among the general population. Many individuals are unaware of the benefits and availability of genetic services, leading to underutilization. Increasing public awareness through educational campaigns and outreach programs is crucial to drive market adoption.
• Regulatory and Ethical Concerns The genetic industry faces regulatory and ethical challenges, particularly concerning genetic data privacy and the potential misuse of genetic information. In 2023, the Vietnamese government introduced new regulations to ensure the ethical use of genetic data, but enforcement remains a challenge. Addressing these regulatory and ethical concerns is essential to build public trust and ensure the responsible development of the genetic industry.

Vietnam Genetic Market Government Initiatives

• Vanderbilt-Vietnam Genetic Epidemiology Training Program (V2-GENE): This program aims to build expertise in genetic epidemiology research in Vietnam, particularly focusing on noncommunicable diseases (NCDs) such as cancer and cardiovascular diseases. It is a collaboration between Vanderbilt University, Hanoi Medical University, and the Vietnam National Cancer Institute, supported by a grant from the Fogarty International Center of the National Institutes of Health. The program will train scholars and develop a robust team of researchers in genetic epidemiology

• Government Support for Biotechnology: The Vietnamese government has issued a master plan for the development of the agricultural bioindustry, which includes objectives for applying gene technologies and enhancing research capabilities in biotechnology. This plan aims to increase investment in local agricultural biotechnology and improve capacities in plant breeding and gene technologies

Vietnam Genetic Future Market Outlook

The Vietnam Genetic Market is poised for remarkable growth, driven by growth in genetic testing services, expansion of personalized medicine, and advancements in genetic research and development.

Future Market Trends

• Growth in Genetic Testing Services: Over the next five years, the demand for genetic testing services in Vietnam is expected to increase. The market is projected to witness a rise in the number of genetic tests conducted annually by 2028. This growth will be driven by the increasing prevalence of genetic disorders, advancements in genetic technology, and the growing awareness and acceptance of genetic testing among the population.
• Expansion of Personalized Medicine: Personalized medicine is anticipated to become a mainstream approach in healthcare in Vietnam over the next five years. By 2028, it is estimated that personalized treatment plans will be adopted by over a substantial number of patients annually. The focus on tailored therapies based on individual genetic profiles will improve treatment efficacy and patient outcomes, driving the growth of the genetic industry.