Vietnam Over The Counter (OTC) Drugs Market to Grow with a CAGR of 5.50% through 2029
Urbanization and Changing Lifestyles and increasing prevalence of self-medication
is expected to drive the Vietnam Over The Counter (OTC) Drugs Market growth in
the forecast period, 2025-2029
According to TechSci Research report, “Vietnam Over
The Counter (OTC) Drugs Market – By Region, Competition,
Forecast & Opportunities, 2029F”, the Vietnam Over The Counter (OTC)
Drugs Market stood at USD 2.11 million in 2023 and is anticipated to grow with
a CAGR of 5.50% through 2029.
The burgeoning trend of self-care and self-medication
stands as a pivotal catalyst propelling market expansion in Vietnam.
Increasingly, consumers are gravitating towards Over-The-Counter (OTC) drugs to
address minor health concerns, alleviate symptoms, and bolster overall wellness
sans the need for a prescription. This transition towards self-medication is
underpinned by factors like convenience, accessibility, and cost-effectiveness,
thereby stimulating demand for OTC drugs across diverse therapeutic segments. Rising
healthcare awareness and education among the Vietnamese populace are fostering
a heightened demand for OTC drugs. Public health campaigns, educational
endeavors, and media initiatives are fostering greater understanding regarding
prevalent health conditions, preventive measures, and the availability of OTC
medications. Consequently, consumers are assuming a proactive stance towards
managing their health, resulting in escalated utilization rates of OTC drugs.
Also, the expanding middle-class cohort in Vietnam,
coupled with ascending disposable incomes, is fueling a surge in demand for
healthcare products, including OTC drugs. With heightened purchasing power,
individuals are inclined to invest in OTC medications to address preventive
healthcare needs, alleviate symptoms, and enhance overall well-being. This
demographic transformation towards a more affluent middle class is instrumental
in augmenting market growth by channeling increased consumer expenditure towards
healthcare products and services. Urbanization and evolving lifestyles in
Vietnam are also pivotal drivers shaping the trajectory of the OTC drugs
market. Urban denizens, characterized by hectic schedules, limited access to
healthcare facilities, and bustling lifestyles, are increasingly turning to OTC
medications for swift and convenient relief from commonplace ailments.
Moreover, factors such as sedentary lifestyles, stress, pollution, and dietary
habits contribute to the prevalence of lifestyle-related health conditions,
thereby driving demand for OTC drugs tailored to manage these issues.
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The Vietnam Over the Counter (OTC) Drugs Market is
segmented into product type, formulation, distribution channel, regional
distribution, and company.
Based on formulation, the tablets segment has
emerged as the predominant market leader, Tablets hold significant favor among
consumers due to their convenient and user-friendly administration. In
comparison to alternative formulations like liquids, capsules, or powders,
tablets offer a straightforward and portable dosage format, enabling easy
consumption to on-the-go. This inherent convenience resonates particularly well
with individuals leading busy lifestyles, thus amplifying the Tablets segment's
prominence within the Vietnam OTC drugs market.
Also, tablets are esteemed for their stability and
prolonged shelf life relative to other formulations. This inherent stability
ensures the sustained potency and efficacy of active ingredients over an
extended period, rendering tablets a preferred choice for both consumers and
manufacturers alike. With their extended shelf life, tablets offer added
convenience in terms of storage and stocking for retailers, pharmacies, and end
consumers, thereby reinforcing their dominant position in the Vietnam OTC drugs
market. The Tablets segment encompasses a broad spectrum of therapeutic
options, addressing diverse health needs and conditions. From alleviating pain
and reducing fever to managing allergies and enhancing digestive health,
tablets are available in a plethora of formulations and active ingredients.
This versatility empowers pharmaceutical companies to develop and introduce a
myriad of tablet-based OTC drugs, thereby affording consumers an extensive
array of choices. Consequently, this diversity fuels the Tablets segment's
supremacy within the Vietnam market, catering comprehensively to consumers'
health requirements.
Major companies operating in Vietnam Over the Counter
(OTC) Drugs Market are:
- Bayer Vietnam Ltd.
- GSK Pharma Viet Nam Company Limited
- Sanofi Vietnam
- Johnson & Johnson Services, Inc.
- GLENMARK PHARMACEUTICALS LTD.
- Perrigo Company plc
- Pfizer Inc
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“Vietnam Over-The-Counter (OTC) Drugs Market exhibits
promising growth prospects driven by factors such as increasing healthcare
awareness, expanding middle-class population, and the convenience offered by
tablet formulations. With evolving consumer preferences, technological
advancements, and regulatory initiatives shaping the landscape, the Vietnam OTC
drugs market is poised for further expansion and innovation. As stakeholders
continue to capitalize on emerging trends and address evolving consumer needs, the
market is expected to witness sustained growth, offering opportunities for both
domestic and international players to thrive in this dynamic healthcare sector.,”
said Mr. Karan Chechi, Research Director of TechSci Research, a research-based
management consulting firm.
“Vietnam Over The Counter (OTC) Drugs Market, By Product Type (Cough, Cold, and Flu Products, Analgesics,
Dermatology Products, Gastrointestinal Products, Vitamins, Minerals and
Supplements(VMS), Weight Loss/Dietary Products, Ophthalmic Products, Sleeping
Aids, and Other), By Formulation (Tablets, Liquids, Ointments, and Sprays), By
Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacy,
and Other), By Region, Competition Forecast & Opportunities, 2019-2029F”, has evaluated the future growth potential of Vietnam
Over the Counter (OTC) Drugs Market and provides statistics & information
on market size, structure and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in Vietnam
Over the Counter (OTC) Drugs Market.
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