Vietnam Pharmacy Retail Market to Grow with a CAGR of 6.30% through 2030F
The Vietnam pharmacy retail
market is growing due to increasing healthcare awareness, expanding
urbanization, and government support for health initiatives, driving demand for
pharmaceuticals and healthcare products.
According
to TechSci Research report, “Vietnam Pharmacy Retail Market – By Region, Competition, Forecast & Opportunities, 2020-2030F”, the Vietnam Pharmacy Retail Market was valued at USD 9.87 billion in 2024 and is expected to reach USD 14.19 billion by 2030 with a CAGR of 6.30% during the forecast period. The Vietnam pharmacy retail market has witnessed substantial growth in recent years, fueled by several key factors, including a rising middle class, increasing healthcare awareness, and rapid urbanization. The pharmaceutical retail sector in Vietnam is diverse, with a wide range of products, including prescription and over-the-counter (OTC) medications, personal care items, vitamins and supplements, and wellness products. With a growing demand for healthcare products, consumers are increasingly turning to pharmacies for their everyday health needs, making the market a dynamic and rapidly expanding sector. The market is characterized by a mix of traditional pharmacies, modern retail formats, and online pharmacies, offering a broad array of options for consumers seeking both convenience and quality.
Vietnam’s population is young and growing, with an expanding middle class that has a greater purchasing power. This demographic shift is prompting an increased focus on health and wellness. As consumers become more health-conscious, they are turning to pharmacies not only for medication but also for vitamins, supplements, and personal care products. This shift in consumer behavior is creating opportunities for pharmacies to diversify their product offerings and meet the rising demand for health-related goods. Additionally, the country’s aging population is fueling the demand for chronic disease management, further driving the need for a wide range of pharmaceutical products. Urbanization is another crucial factor contributing to the growth of the pharmacy retail market in Vietnam. As more people move to urban areas, particularly major cities like Ho Chi Minh City and Hanoi, there is an increasing demand for modern retail outlets, including pharmacies. Consumers in these urban areas are seeking convenience and accessibility, which has led to the rapid expansion of street-based and mall-based pharmacies. These locations provide easy access to a variety of pharmaceutical products and services, attracting both locals and expatriates. The convenience of finding trusted pharmaceutical products in high-traffic areas is driving the rise of modern retail pharmacies, which offer a more organized and efficient shopping experience compared to traditional outlets.
The development of online pharmacies in Vietnam is also playing a significant role in shaping the future of the pharmacy retail market. With the increasing penetration of the internet and the widespread use of smartphones, e-commerce has gained substantial traction in Vietnam. Online pharmacies provide consumers with the ability to shop for medications and wellness products from the comfort of their homes, often offering competitive prices and home delivery services. This convenience has become especially attractive to urban consumers, who have busy lifestyles and prefer to avoid visiting physical stores. Additionally, online platforms allow for easy access to health information and consultations, enhancing the overall shopping experience for customers. The rise of digital healthcare services is a significant trend in the market, creating new opportunities for businesses to cater to the growing demand for online pharmaceutical products. The pharmacy retail market in Vietnam is also witnessing a shift toward modern retail formats, particularly in the street and mall-based segments. These pharmacy outlets are increasingly becoming destinations for consumers seeking quality health products and personalized services. Street-based pharmacies, often located in busy urban areas, offer a convenient shopping experience with a wide range of over-the-counter products, including pain relievers, cold medications, and skincare products. In contrast, mall-based pharmacies are focusing on providing a more premium shopping experience with a larger variety of high-end health and beauty products. These retail locations are increasingly designed to offer an elevated customer experience, with knowledgeable staff, customer-centric services, and modern store layouts that appeal to a more discerning clientele.
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" Vietnam Pharmacy Retail Market”
The Vietnam Pharmacy Retail Market is segmented into market
structure, product type, Therapeutic
Area, Drug Type, Pharmacy
Location and region.
In the Vietnam pharmacy retail market, the street/mall-based segment is emerging as the fastest-growing segment. This growth is driven by the increasing urbanization and rising middle class in major cities like Ho Chi Minh City and Hanoi. With a growing preference for convenience and accessibility, consumers are increasingly turning to street and mall-based pharmacies for their healthcare needs. These locations offer easy access to a wide range of pharmaceutical products, including over-the-counter medications, wellness items, and personal care products. Additionally, these pharmacies often provide enhanced customer service, making them a preferred option for urban consumers.
In the Vietnam pharmacy retail market, the Northern region is emerging as the fastest-growing area. This growth is fueled by increasing urbanization, rising incomes, and a growing demand for healthcare products in cities like Hanoi and surrounding provinces. With a rapidly expanding middle class and greater awareness of health and wellness, consumers in the North are increasingly seeking high-quality pharmaceutical products. Additionally, the development of modern retail infrastructure, including pharmacies in shopping malls and high-traffic areas, is driving market growth. This region’s expanding healthcare needs, combined with evolving consumer behaviors, position the North as a key growth driver in the pharmacy retail market.
Major companies
operating in Vietnam Pharmacy Retail Market are:
- FPT Digital Retail Joint Stock Company
- Eco Pharmaceutical Joint Stock Company
- Pharmacity Pharmaceutical Joint Stock Company
- ABC Pharmacy
- DHG Pharmaceutical Joint-Stock Company
- Matsumoto Kiyoshi Vietnam Joint Stock Company
- Sanofi-Aventis Vietnam Company Limited
- OPC Pharmaceutical Joint Stock Company
- Imexpharm Pharmaceutical Joint Stock Company
- B.Braun Vietnam Company Limited
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“The
Vietnam pharmacy retail market is growing due to several key factors. The aging
population is driving increased demand for medications and healthcare products.
As the proportion of elderly people rises, there is a greater need for chronic
disease management and related pharmaceuticals. Economic growth and rising
disposable incomes allow consumers to spend more on health and wellness
products. Urbanization also plays a significant role, with expanding cities and
new shopping centers enhancing access to pharmacy services. Technological advancements
are transforming the sector, with digital platforms enabling convenient online
purchases and efficient pharmacy operations. Additionally, heightened health
awareness and preventive care are leading to increased consumption of health
supplements and wellness products. Together, these factors are fueling robust
growth in the pharmacy retail market, making it a dynamic and rapidly evolving
sector.” said Mr. Karan Chechi, Research Director of TechSci Research, a
research-based management consulting firm.
"Vietnam
Pharmacy Retail Market, By Market Structure (Unorganized, Organized), By
Product Type (Over-the-Counter Products, Prescribed Drugs, Non-Pharmaceutical
Products, Medical Equipment), By Therapeutic Area (Cardiovascular, Pain
Relief/Analgesics, Vitamins/Minerals/Nutrients, Anti-Infective, Anti-Diabetic,
Others), By Drug Type (Generic, Patented), By Pharmacy Location (Street/Mall
Based, Hospital Based), By Region, Competition, Forecast & Opportunities, 2020-2030F”, has evaluated the future growth potential
of Vietnam Pharmacy Retail 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 the Vietnam
Pharmacy Retail Market.
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