Vietnam E-Pharmacy Market Size Set to Touch USD 286 Million by 2029

Published | 28 August 2023

Vietnam e-pharmacy market is flourishing because of an increasing proliferation of internet access, the widespread adoption of smartphones, and growing prevalence of chronic illnesses, and the aging population.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Vietnam e-pharmacy market size at USD 157.7 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Vietnam e-pharmacy market size to grow at a significant CAGR of 10.42% reaching a value of USD 285.9 million by 2029. Major growth drivers for the Vietnam e-pharmacy market include an increasing internet penetration in the healthcare sector and the growing adoption of online channels for distributing pharmaceutical and therapeutic products. The digitalization of healthcare services and the market players' embrace of e-commerce for nationwide product sales will further boost the market's expansion. The COVID-19 pandemic has accelerated this trend, with consumers now preferring the convenience of online purchases and home delivery of medical supplies. The rising usage of smartphones and internet-based pharmaceutical services also contributes to the market's projected growth during the forecast period, driven by the surging demand for over-the-counter drugs and cost-effective medical supplies offered by e-pharmacies. However, limited access to healthcare advice and counseling is anticipated to restrain the growth of overall market.

Vietnam E-Pharmacy Market – Overview

The Vietnam e-pharmacy market refers to the online platform within the healthcare industry that facilitates the sale and distribution of pharmaceutical products, medical supplies, and therapeutic items over the internet. It involves the digitization of traditional pharmacy services, allowing consumers to browse, purchase, and receive medical products through online channels. The E-Pharmacy Market in Vietnam caters to the growing demand for convenience and accessibility in healthcare, enabling consumers to order medicines and other healthcare items from the comfort of their homes. This market has been experiencing significant growth driven by factors such as increasing internet penetration, smartphone adoption, government support for digitalization, and the shift in consumer preferences towards online shopping during the COVID-19 pandemic.

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Impact of COVID-19 on Vietnam E-Pharmacy Market

COVID-19 pandemic had a positive impact on the Vietnam e-pharmacy market. As restrictions and safety concerns prevailed during the pandemic, consumers shifted to online platforms for purchasing medical supplies, medicines, and healthcare products. The increased demand for contactless services and home delivery led to a surge in e-pharmacy adoption. E-commerce and digitalization in the healthcare sector experienced unprecedented growth during that period. The pandemic accelerated the acceptance of e-pharmacy services among the Vietnamese population, and the trend is likely to have continued even after the pandemic as consumers recognized the convenience, accessibility, and safety offered by online pharmacies.

Vietnam E-Pharmacy Market – By Drug Type

Based on drug type, the Vietnam e-pharmacy market is bifurcated into Over-the-counter Drug (OTC) and Prescription Drug segments. The prescription drug segment is expected to hold a higher share in the Vietnam e-pharmacy market during the forecast period by drug type. This is attributed to the growing demand for prescription medications and the need for qualified medical guidance. Consumers often require prescription drugs for managing chronic conditions and complex medical needs, necessitating expert advice. E-pharmacies offering convenient access to prescription medicines and online consultations with licensed pharmacists are likely to attract a larger consumer base. Also, the increasing trust in online healthcare services further supports the dominance of the prescription segment in the e-pharmacy market in Vietnam.

Competitive Landscape

Major players operating in the Vietnam e-pharmacy market include Amazon.com Inc., Axelia Solutions (Pharmeasy), Apex Healthcare Berhad, Apollo Pharmacy, Netmeds, The Kroger Co., Walgreen Co., Giant Eagle, Inc., and Walmart, Inc. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Vietnam E-Pharmacy Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Vietnam E-Pharmacy Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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