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.
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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 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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