Vietnam Clinical Trial Management Market Outlook to 2028

Vietnam Clinical Trial Management Market Overview

• The Vietnam Clinical Trial Management market is growing with a positive pace during the time period 2018-2023, which can be reflected by the global clinical trial market valued at USD 1500 million in 2023. The rising demand for advanced healthcare services, coupled with the government's focus on improving the country's healthcare infrastructure, has significantly propelled this market.
• Prominent players in the Vietnam Clinical Trial Management market include Clinipace Worldwide, ICON Plc, PPD Inc., IQVIA, and Covance Inc. These companies are dominant due to their extensive global experience, robust technological platforms, and strong relationships with local healthcare providers.
• In 2023, the Vietnamese Ministry of Health launched the National Clinical Trials Development Strategy, which aims to position Vietnam as a leading destination for clinical trials in Southeast Asia. The strategy includes measures to simplify the regulatory approval process, provide financial incentives to international sponsors, and enhance the capacity of local research institutions.
• Ho Chi Minh City and Hanoi dominate the Vietnam Clinical Trial Management market due to their advanced healthcare infrastructure, high concentration of research institutions, and large, diverse patient populations. Ho Chi Minh City, in particular, has seen significant investments in healthcare facilities, making it a preferred location for clinical trials.

Vietnam Clinical Trial Management Market Segmentation

• By Product Type: The Vietnam Clinical Trial Management market is segmented by product type into Software and Services. In 2023, Services segment held a dominant market share, largely due to the high demand for comprehensive clinical trial management services that include site monitoring, data management, and regulatory compliance. The growing complexity of clinical trials, combined with the need for specialized expertise, has driven the demand for outsourced services.

• By End-User: The market is segmented by end-users into Pharmaceutical Companies, Contract Research Organizations (CROs), and Academic Research Institutions. Pharmaceutical Companies dominated the market in 2023, holding maximum market share. This dominance is attributed to the significant increase in R&D activities by pharmaceutical companies, who rely heavily on clinical trial management services to expedite the drug development process.

• By Region: The Vietnam Clinical Trial Management market is regionally segmented into North, South, East, and West. In 2023, the South region, which includes Ho Chi Minh City, dominated the market with maximum market share. The South's dominance is due to its advanced healthcare infrastructure, concentration of research institutions, and a high number of clinical trial sites.

Vietnam Clinical Trial Management Market Competitive Landscape

• Clinipace Worldwide: In 2024, Clinipace Worldwide secured a significant contract with a leading Vietnamese pharmaceutical company to manage a series of Phase II and Phase III clinical trials. The contract, valued at USD 8 million, underscores Clinipace's growing presence in the Southeast Asian market. The company's ability to offer flexible and tailored solutions, along with its global reach, has made it a preferred partner for local pharmaceutical companies looking to expand their R&D capabilities.
• IQVIA: In February 2024, IQVIA launched its proprietary patient recruitment platform in Vietnam, investing approximately USD 6 million in its development. The platform leverages advanced artificial intelligence algorithms to streamline patient identification and enrollment, addressing the critical bottleneck of patient recruitment in clinical trials. The launch is expected to reduce recruitment times by 25%.
• Covance Inc.: In January 2024, Covance Inc. expanded its clinical research operations in Vietnam by opening a new 50,000-square-foot research facility in Hanoi. This USD 8 million investment includes cutting-edge laboratories and a dedicated data management center. The facility is designed to support complex, multi-phase trials and is expected to increase Covance's capacity by 30%, allowing the company to manage more extensive trials and cater to the growing demand for clinical research services in Southeast Asia.

Vietnam Clinical Trial Management Market Growth Drivers

• Expansion of investments from Government: In 2024, Vietnam's healthcare expenditure was approximately USD 18.5 billion in 2022, representing 4.6% of the country's GDP. The Vietnamese government encourages private investment to strengthen healthcare infrastructure, acknowledging the need for more hospitals and clinics to serve the population of about 100 million. This investment is crucial in attracting international clinical trial sponsors and supporting the efficient management of large-scale trials, boosting market growth.
• Growing Number of Clinical Research Centers: By 2024, the number of accredited clinical research centers in Vietnam had grown to over 104 by 2023, expansion enhances the countrys capacity to host more clinical trials, thereby driving the demand for clinical trial management services.
• Rising Foreign Direct Investment (FDI) in Healthcare: Vietnam's total FDI reached approximately USD 6.28 billion in the first four months of 2024, marking a notable increase compared to previous years. The healthcare sector is highlighted as a key area for investment, alongside technology and renewable energy. In 2023, Vietnam's healthcare sector experienced a substantial increase in investment, reportedly rising by 391% compared to the previous year.

Vietnam Clinical Trial Management Market Challenges

• Regulatory Hurdles and Compliance Issues: Despite the government's efforts to streamline the clinical trial approval process, the regulatory environment in Vietnam remains complex and time-consuming. In 2024, it was reported that the average time to obtain clinical trial approval in Vietnam is approximately 18 months, significantly longer than in neighbouring countries like Singapore and Malaysia. This delay poses a significant challenge for companies looking to conduct clinical trials in Vietnam, potentially deterring some from entering the market.
• Shortage of Skilled Clinical Research Professionals: As of 2024, the clinical trial management market in Vietnam faces a significant shortage of skilled professionals. The Vietnamese Ministry of Health reported a gap of trained clinical research associates (CRAs) and clinical data managers needed to meet the growing demand for clinical trials. This shortage hampers the efficient execution of trials, leading to delays and increased operational costs for sponsors.

Vietnam Clinical Trial Management Market Government Initiatives

• National Clinical Trials Development Strategy (2023): In 2023, the Vietnamese Ministry of Health launched the National Clinical Trials Development Strategy, aimed at positioning Vietnam as a leading destination for clinical trials in Southeast Asia. The strategy includes measures such as simplifying the regulatory approval process, providing financial incentives for international sponsors, and increasing the capacity of local research institutions.
• Healthcare Infrastructure Development Plan (2024): The Vietnamese government, in 2024, introduced the National Health Infrastructure Development Plan, with a budget allocation of USD 2.5 billion. This plan focuses on the establishment of new research institutions and the modernization of existing healthcare facilities. These improvements are essential for supporting the growing number of clinical trials in the country, as they ensure that the necessary infrastructure is in place to conduct trials efficiently and in compliance with international standards.

Vietnam Clinical Trial Management Future Outlook

By 2028, the Vietnam Clinical Trial Management market is expected to experience positive growth, driven by several key factors. The increasing adoption of decentralized clinical trials (DCTs) will play a significant role, allowing for more flexible and efficient trial management, particularly in rural and remote areas. This trend will be supported by ongoing advancements in digital health technologies and a growing demand for patient-centric trial models.

Future Market Trends

• Increased Adoption of Decentralized Clinical Trials: By 2028, the adoption of decentralized clinical trials (DCTs) in Vietnam is expected to rise significantly, driven by advancements in digital health technologies and the need for greater patient accessibility. DCTs, which allow for remote data collection and patient monitoring, are anticipated to become a standard practice in Vietnam's clinical trials, particularly in rural and remote areas.
• Growth of Precision Medicine Trials: The future of clinical trials in Vietnam will be increasingly focused on precision medicine, with a projected rise in trials targeting specific genetic profiles. By 2028, the Vietnamese market is expected to see a surge in clinical trials for personalized therapies, particularly in oncology and rare diseases. This trend will be driven by advancements in genomics and the availability of new diagnostic tools that enable the identification of targeted patient populations.