Press Release

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.

                                                                                             

Browse over XX market data Figures spread through XX Pages and an in-depth TOC on "Vietnam Over the Counter (OTC)Drugs Market

 

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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