Press Release

Vietnam Pharmaceuticals Market to Grow at 7.96% CAGR through 2029

Escalating incidence of chronic diseases and lifestyle-related disorders is expected to drive the Vietnam Pharmaceuticals Market growth in the forecast period, 2025-2029.

 

According to TechSci Research report, “Vietnam Pharmaceuticals Market –Industry Size, Share, Trends, Competition, Forecast & Opportunities, 2019-2029F”, the Vietnam Pharmaceuticals Market stood at USD 7.60 Billion in 2023 and is anticipated to project steady growth in the forecast period with a CAGR of 7.96% through 2029.  

The Vietnam Pharmaceuticals Market presents a dynamic and evolving landscape shaped by a combination of socio-economic factors, regulatory frameworks, healthcare infrastructure, and consumer trends. With a population of over 97 million people and a growing middle class, Vietnam represents a promising market for pharmaceutical companies seeking opportunities for growth and expansion.

One of the key drivers propelling the Vietnam Pharmaceuticals Market is the country's economic development and rising disposable incomes. As Vietnam transitions from a low-income to a middle-income economy, there is a corresponding increase in healthcare spending and demand for pharmaceutical products. This economic growth, coupled with improvements in living standards, contributes to greater access to healthcare services and a growing awareness of health-related issues among the population.

Vietnam's demographic profile plays a significant role in shaping the pharmaceutical market. The country has a young and rapidly aging population, with a median age of around 30 years. This demographic trend, characterized by a growing proportion of elderly individuals, drives demand for healthcare services, including pharmaceuticals, to address age-related ailments and chronic diseases. Lifestyle changes, urbanization, and an increase in non-communicable diseases (NCDs) such as diabetes, cardiovascular diseases, and cancer further fuel demand for pharmaceutical products.

The regulatory environment also influences the Vietnam Pharmaceuticals Market, with government policies and regulations impacting market access, pricing, and product registration. The Vietnamese government has implemented measures to promote domestic pharmaceutical production, improve regulatory frameworks, and enhance intellectual property rights protection. These initiatives aim to create a conducive environment for investment, innovation, and growth within the pharmaceutical sector while ensuring the quality, safety, and efficacy of pharmaceutical products.

In terms of market dynamics, both domestic and international pharmaceutical companies operate in Vietnam, contributing to competition, innovation, and product diversity. Domestic pharmaceutical companies play a crucial role in meeting the healthcare needs of the population, manufacturing generic drugs, and supplying essential medications at affordable prices. Meanwhile, multinational pharmaceutical companies bring advanced technologies, research capabilities, and a diverse portfolio of branded drugs to the market, catering to the demand for high-quality pharmaceutical products.

The distribution and retail channels also play a significant role in the Vietnam Pharmaceuticals Market, with a mix of traditional pharmacies, modern retail chains, and online pharmacies serving as key points of access for consumers. The government's efforts to strengthen the healthcare system, expand access to health insurance coverage, and promote generic drug utilization contribute to the growth and development of the pharmaceutical market.

Challenges persist in the Vietnam Pharmaceuticals Market, including regulatory hurdles, counterfeit drugs, healthcare infrastructure gaps, and access disparities between urban and rural areas. Addressing these challenges requires concerted efforts from government agencies, healthcare providers, pharmaceutical companies, and other stakeholders to ensure equitable access to healthcare services and quality pharmaceutical products for all segments of the population. Looking ahead, the Vietnam Pharmaceuticals Market is poised for continued growth and expansion, driven by factors such as demographic changes, economic development, regulatory reforms, and advancements in healthcare technology. As the country's healthcare system evolves and matures, opportunities abound for pharmaceutical companies to innovate, invest, and contribute to improving healthcare outcomes and enhancing the overall well-being of the Vietnamese population.

 

Browse over XX market data Figures spread through XX Pages and an in-depth TOC on "Vietnam Pharmaceuticals Market

 

The Vietnam Pharmaceuticals Market is segmented into drug type, product type, application, distribution channel, regional distribution, and company.

Based on application, Cardiovascular medications emerge as a dominant force, reflecting the prevalence of cardiovascular diseases (CVDs) and related conditions within the country. Cardiovascular diseases, including hypertension, coronary artery disease, and stroke, represent a significant public health burden in Vietnam, accounting for a substantial portion of the country's disease burden and mortality rates. Factors such as changing lifestyles, urbanization, and an aging population contribute to the increasing incidence and prevalence of CVDs, driving the demand for pharmaceutical interventions to manage and treat these conditions.

Pharmaceutical companies operating in the Vietnam market recognize the importance of cardiovascular medications in addressing the country's healthcare needs and have responded by developing a diverse range of cardiovascular drugs. These medications encompass a variety of therapeutic classes, including antihypertensives, lipid-lowering agents, antiplatelet drugs, and anticoagulants, aimed at addressing different aspects of cardiovascular health and managing associated risk factors. The availability of such medications underscores their prominence and significance in the pharmaceutical market, catering to the needs of patients across diverse demographic groups and healthcare settings. Efforts to raise awareness about cardiovascular health, promote preventive measures, and improve access to healthcare services contribute to the growing demand for cardiovascular medications in Vietnam. Healthcare professionals play a crucial role in diagnosing, treating, and managing cardiovascular conditions, prescribing medications as part of comprehensive treatment plans aimed at reducing morbidity and mortality associated with CVDs. Initiatives aimed at strengthening the healthcare infrastructure, expanding health insurance coverage, and enhancing primary care services further support the uptake of cardiovascular medications and drive market growth.

Based on region, the Northern region emerges as the second dominant region in the Vietnam Pharmaceuticals Market, wielding considerable influence and contributing significantly to the industry's growth and development. Comprising provinces such as Hanoi, Hai Phong, and Quang Ninh, the Northern region encompasses key economic centers, healthcare hubs, and industrial clusters that drive pharmaceutical production, distribution, and consumption.

Hanoi, the capital city of Vietnam, serves as the political, administrative, and economic center of the country, playing a pivotal role in shaping healthcare policies, regulations, and industry trends. The city boasts a robust healthcare infrastructure, including leading hospitals, research institutions, and pharmaceutical companies, facilitating the development, manufacturing, and distribution of pharmaceutical products. Hanoi's strategic location and connectivity to neighboring provinces and international markets enhance its significance as a pharmaceutical hub in Northern Vietnam. In addition to Hanoi, other provinces in the Northern region contribute to the pharmaceutical market's growth and dynamics. Hai Phong, a major port city and industrial center, hosts pharmaceutical manufacturing facilities, distribution centers, and logistics hubs, leveraging its strategic location and infrastructure to support the pharmaceutical industry's supply chain. Provinces such as Quang Ninh and Thai Nguyen are emerging as pharmaceutical production hubs, attracting investments and fostering innovation in pharmaceutical manufacturing and research.

 

Major companies operating in Vietnam Pharmaceuticals Market are:

  • Bayer Vietnam Ltd.
  • DHG Pharmaceutical Joint Stock Company
  • Traphaco Joint Stock Company
  • Pharmaceutical Corporation Ha Tay
  • Domesco Medical Import Export Joint Stock Corporation (DOMESCO)
  • OPC Pharmaceutical Joint Stock Company
  • Sanofi Vietnam
  • Mekophar Chemical and Pharmaceutical JSC
  • Imexpharm Pharmaceutical Joint Stock Company
  • Pymepharco Joint Stock Company

 

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“The future of the Vietnam Pharmaceuticals Market appears promising, driven by factors such as economic growth, demographic trends, and healthcare reforms. With a growing middle class and increasing healthcare spending, demand for pharmaceutical products is expected to rise. Advancements in healthcare technology and infrastructure will enhance access to healthcare services, fueling market growth. International partnerships and investments will contribute to innovation and product development. However, challenges such as regulatory complexities and counterfeit drugs remain concerns. Overall, the Vietnam Pharmaceuticals Market is poised for sustained expansion, offering opportunities for growth and investment in the years ahead.,” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.

Vietnam Pharmaceuticals Market By Drug Type (Generic Drugs, Branded Drugs), By Product Type (Prescription Drugs, Over-The-Counter Drugs), By Application (Cardiovascular, Musculoskeletal, Oncology, Anti-infective, Metabolic Disorder, Others), By Distribution Channel (Retail Pharmacy, Hospital Pharmacy, E-Pharmacy), By Region, Competition, Forecast and Opportunities, 2019-2029F”, has evaluated the future growth potential of Vietnam Pharmaceuticals 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 Pharmaceuticals Market.

 

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