Vietnam Pharmaceuticals Market
Vietnam Pharmaceuticals Market Size Booming to Touch USD 16.2 Billion by 2029
Published | 13 September 2023
Vietnam pharmaceuticals market is flourishing because of an increasing healthcare demand, rising government initiatives, and growing medical tourism in Vietnam.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Vietnam pharmaceuticals market size at USD 10.62 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Vietnam pharmaceuticals market size to grow at a CAGR of 6.22% reaching a value of USD 16.2 billion by 2029. Major growth drivers for the Vietnam pharmaceuticals market include the growing population, increased chronic diseases, better healthcare infrastructure, and government support. With over 95 million people and a fast-growing economy, Vietnam serves as a significant pharmaceutical hub. The aging population and rising middle class further boost demand for healthcare and medicines. Lifestyle-related chronic diseases like diabetes, cardiovascular issues, cancer, and respiratory ailments are on the rise due to sedentary habits and environmental factors. This drives the need for pharmaceutical interventions. The market's growth is fueled by the demand for products addressing these healthcare challenges. However, regulatory challenges and counterfeit concerns are anticipated to restrain the overall market growth during the period in analysis.
Vietnam Pharmaceuticals Market – Overview
Vietnam pharmaceuticals market refers to the sector encompassing the development, manufacturing, distribution, and sale of pharmaceutical products, encompassing prescription and over-the-counter medications, medical devices, and related healthcare services. This market is influenced by factors such as the country's healthcare infrastructure, government regulations, economic conditions, and population dynamics. It involves diverse stakeholders, including domestic and international pharmaceutical companies, healthcare providers, regulatory bodies, and consumers, contributing to the production, accessibility, and utilization of pharmaceutical goods and services within Vietnam.
Impact of COVID-19 on Vietnam Pharmaceuticals Market
COVID-19 pandemic had a mixed impact on the Vietnam pharmaceuticals market. While demand surged for essential medicines and preventive products, disruptions in supply chains and regulatory challenges emerged. Increased health consciousness and government support boosted local drug production. Telemedicine and digital health solutions gained prominence, transforming patient care. However, delayed clinical trials and shifts in healthcare priorities impacted R&D efforts. Despite challenges, the pandemic accelerated adoption of innovative strategies, reshaping the pharmaceutical landscape and highlighting the sector's resilience in navigating unprecedented circumstances.
Vietnam Pharmaceuticals Market – By Product Type
Based on product type, the Vietnam pharmaceuticals market is bifurcated into Prescription Drugs and Over-The-Counter Drugs segments. The prescription drugs segment held a higher market share in the Vietnam pharmaceuticals market by product type in 2022. Prescription drugs are favored for treating complex and chronic medical conditions, requiring medical supervision and tailored treatments. Regulatory requirements in Vietnam often mandate prescriptions for potent or specialized drugs to ensure patient safety and appropriate usage, thus contributing to the dominance of this segment. The increasing burden of chronic diseases and the aging population in Vietnam further fuels demand for medications that require medical oversight. Patients with conditions like diabetes, cardiovascular diseases, and respiratory disorders frequently rely on prescription drugs for optimal management. Additionally, patients place trust in healthcare professionals' expertise and their prescription recommendations, enhancing the segment's prominence.
Major players operating in the Vietnam pharmaceuticals market include Sanofi Vietnam, GSK Vietnam, AstraZeneca Vietnam, Novartis Vietnam, Vinapharm, DHG Pharmaceutical, Traphaco, Domesco Medical Import Export Joint-Stock Corporation, OPV Pharmaceutical Joint-Stock Company, and Pymepharco. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Vietnam Pharmaceuticals Market . It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Vietnam Pharmaceuticals 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.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing qualitative and quantitative data to boost the performance of your business solutions. BlueWeave has built its reputation by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
BlueWeave Consulting & Research Pvt. Ltd
+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662
- Vietnam Pharmaceuticals Market, By Drug Type (Generic Drugs, Branded Drugs); By Product Type (Prescription Drugs, Over The Counter (OTC) Drugs); By Application (Cardiovascular, Metabolic Disorders, Oncology, Anti-infective, Musculoskeletal); By Distribution Channel (Retail Pharmacy, Hospital Pharmacy, E-Pharmacy), Trend Analysis, Competitive Landscape & Forecast, 2019–2029
Publish Date: September 2023
Rapidly increasing healthcare expenditures, the government’s supporting initiatives, and growing medical tourism in Vietnam are projected to propel the expansion of the Vietnam pharmaceuticals market during the forecast period between 2023 and 2029.
Relevant Press Releases
- Global Companion Diagnostics Market to Reach a New Threshold of Growth: Expected to Reach USD 7.8 Billion by 2027
- Global Thyroid Eye Disease Market Thriving —Projected to Accelerate at a CAGR of 9.1% by 2027
- United States Autism Spectrum Disorder Therapeutics Market Size Set to Grow at Steady CAGR of 6.93% Touching USD 950.83 Billion by 2029
- United States Prolotherapy Market Size Set to Touch USD 491.44 Million by 2029
- Global Care Management Solution Market is Expected to Witness Vigorous Growth: Projected to Grow at a CAGR of 11.4% in the Forecast Period