Vietnam Pharmacy Retail Market Size Grows at Steady CAGR of 4.87% to Reach USD 3.78 Billion by 2030

Published | 07 June 2024

Vietnam Pharmacy Retail Market is flourishing because of the increasing healthcare expenditure and rising prevalence of chronic diseases.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Vietnam Pharmacy Retail Market size at USD 2.54 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Vietnam Pharmacy Retail Market size to expand at a CAGR of 4.87% reaching a value of USD 3.78 billion by 2030. By volume, BlueWeave estimated the Vietnam Pharmacy Retail Market size at 60.8 thousand units in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Vietnam Pharmacy Retail Market size to expand at a CAGR of 4.65% reaching the volume of 74.1 thousand units by 2030. The growing incidence of chronic illnesses, rising healthcare costs, and the country's developing e-commerce industry are driving the expansion of the Vietnam Pharmacy Retail Market.

Opportunity - Expanding e-commerce sector

The online pharmacies are gaining significant traction in the Vietnam market owing to its rising popularity among the younger demographic. The convenience of obtaining prescription drugs and medical supplies from the comfort of home is becoming more and more popular with consumers. The online segment was further boosted by the COVID-19 pandemic, which also accelerated the adoption of online services, such as telemedicine and e-pharmacies. Online pharmacies are a popular alternative for customers due to their large product selection, home delivery choices, and digital payment capabilities, which is influencing its market growth.

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Vietnam Pharmacy Retail Market

Segmental Coverage

Vietnam Pharmacy Retail Market – By Drug Type

Based on drug type, the Vietnam Pharmacy Retail Market is segmented into generic, over the counter (OTC), and patented. The generic segment accounts for the highest market share as they are cheaper alternatives to branded drugs. Typically, generic name medications are 80% to 85% less expensive than branded medications. This is so because clinical trials and research for generic medications do not need to be repeated. The branded, non-generic medication has to undergo necessary testing to demonstrate its efficacy and security. Generic medications are becoming more popular in Vietnam since they are less expensive while maintaining the same level of quality.

Competitive Landscape

Major players operating in the Vietnam Pharmacy Retail Market include Long Chau, Pharmacity, An Khang, MEDiCARE, Phano Pharmacy, Trung Son, VinFa, Eco Pharmacy, My Chau, and SK Plus Pharmacy.

To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Don’t miss the business opportunity in the Vietnam Pharmacy Retail Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Vietnam Pharmacy Retail Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Vietnam Pharmacy Retail 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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