Vietnam Pharmaceuticals Market to Grow at 7.96% CAGR through 2030
Rising Focus on Preventive Healthcare is expected to drive the
Vietnam Pharmaceuticals Market growth in the forecast period, 2026-2030.
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According to TechSci Research report, “Vietnam Pharmaceuticals
Market- By Region, Competition, Forecast and Opportunities,
2020-2030”, the Vietnam Pharmaceuticals Market was valued at USD 4.21 Billion in 2024 and
is anticipated to grow with a CAGR of 4.75% through 2030. The growing emphasis on
preventive healthcare is playing a crucial role in driving the expansion of
Vietnam’s pharmaceutical market. As awareness increases about the advantages of
preventing illnesses rather than treating them, the demand for preventive products
such as vaccines, supplements, and medications for chronic conditions is
rising. This shift toward prevention is driven by the understanding that it is
both more cost-efficient and beneficial for long-term health. Government
initiatives promoting early detection and healthier lifestyles have further
stimulated the market for preventive medicines. With the prevalence of chronic
diseases increasing, there is a growing need for pharmaceuticals that manage
risk factors and promote general well-being. Additionally, greater healthcare
access, digital health technologies, and a rising health-conscious population
are enhancing the delivery and adoption of preventive healthcare, positioning
the sector for continued growth.
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The Vietnam Pharmaceuticals
Market is segmented into drug type, product type, application, distribution
channel, regional distribution, and company.
Based on application,
Cardiovascular emerged as the dominating segment in the Vietnamese market for Pharmaceuticals in 2024. 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 emerged as the fastest growing region in the Vietnam Pharmaceuticals market during the forecast period. 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 Vietnamese pharmaceutical market is poised for robust growth, driven by a combination of factors including an aging population, increased prevalence of chronic diseases, and government-backed initiatives to enhance domestic drug production. The rising demand for both prescription and over-the-counter medications reflects growing healthcare awareness among the population. Moreover, the government's efforts to streamline regulatory frameworks and support local pharmaceutical companies are helping to reduce reliance on imports and improve industry self-sufficiency. Additionally, the expanding medical tourism sector is boosting the demand for high-quality, affordable pharmaceuticals. These trends position Vietnam as a key emerging market in Southeast Asia's pharmaceutical landscape,” 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, 2020-2030F”, 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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