Report Overview

An increasing internet penetration and smartphone usage and rising chronic diseases and aging population are projected to propel the expansion of the Vietnam e-pharmacy market during the forecast period between 2023 and 2029

Vietnam E-Pharmacy Market - Industry Trends & Forecast Report, 2029

Vietnam e-pharmacy market size was estimated at USD 157.7 million in 2022. During the forecast period between 2023 and 2029, the size of Vietnam e-pharmacy market is projected to grow at a CAGR of 10.42% reaching a value of USD 285.9 million by 2029. Major growth drivers for the Vietnam e-pharmacy market include the increasing internet penetration in the healthcare industry and the shift towards online distribution of pharmaceutical and therapeutic products. The digitization of healthcare services and the adoption of e-commerce by market players across the country are also contributing to this growth trend. The recent COVID-19 pandemic has further accelerated the e-commerce industry, as consumers now prefer the convenience of online purchases and home delivery for medical supplies such as medicines, masks, and sanitizers over physically visiting brick-and-mortar pharmacies. This shift in consumer behavior has bolstered the Vietnam e-pharmacy market 's prospects for the coming years. The widespread usage of smartphones and the increasing reliance on internet-based pharmaceutical and therapeutic services are additional factors substantiating the market's growth. There is also a surging demand for over-the-counter drugs, and the e-pharmacies' ability to provide cost-effective medical supplies to the population is further contributing to the market's expansion during the forecast period.

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.

Vietnam E-Pharmacy Market

Growth Drivers

Deepening Internet Penetration and Smartphone Usage

Vietnam e-pharmacy market is being positively influenced and boosted by the increasing penetration of the internet and the widespread usage of smartphones. As more people in Vietnam gain access to the internet and adopt smartphones, they are becoming more receptive to utilizing online platforms for purchasing pharmaceutical products and medical supplies. The convenience and accessibility offered by e-pharmacies, coupled with the ease of ordering through mobile apps, are driving the market's growth. This trend is likely to continue as digitalization becomes more prevalent in the healthcare industry and consumers increasingly seek efficient and convenient ways to access healthcare products and services.

Restraints

Limited Access to Healthcare Advice and Counseling

Vietnam e-pharmacy market faces challenges due to limited access to healthcare advice and counseling. While the growing penetration of the internet and smartphone usage has positively impacted the market, it is essential to acknowledge that some consumers may still require personalized guidance and consultation when purchasing pharmaceutical products and medical supplies. The absence of face-to-face interactions with healthcare professionals on e-pharmacy platforms may lead to concerns about product suitability, dosage, potential interactions, and overall healthcare management. The lack of direct counseling can create hesitancy among certain consumers, especially those with complex medical conditions or specific healthcare needs.

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

Segmental Coverage

Vietnam E-Pharmacy Market – By Product

By product, the Vietnam e-pharmacy market is divided into Skin Care, Dental, Cold and Flu, Vitamins, and Weight Loss segments.

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.

Scope of the Report

By Product

• Skin Care

• Dental

• Cold and Flu

• Vitamins

• Weight Loss

By Drug Type

• Prescription Drugs

• Over the Counter (OTC) Drugs