Vietnam E Pharmacy Market By Product Type (Prescription Medicines v/s Over-The-Counter Medicines), By Therapy Area (Vitamins, Dermatology, Cold & Flu, Weight Loss, Others), By Operating Platform (Websites v/s Apps), By Region, Competition Forecast & Opportunities, 2019-2029F

Customization Enquiry

Buy Now

Summary

Report Description

Forecast Period

2025-2029

Market Size (2023)

USD 107.92 Million

CAGR (2024-2029)

15.8%

Fastest Growing Segment

Prescription Medicines

Largest Market

Southern Region

Market Size (2029)

USD 260.23 Million

Market Overview

Vietnam E-Pharmacy Market was valued at USD 107.92 million in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 15.8% through 2029. On the account of increasing digitalization and changing consumer preferences Rapidly increasing e-commerce adoption are driving the growth of the Vietnam E-Pharmacy market in the forecasted years. The Vietnam e-pharmacy market is undergoing significant expansion, fueled by increased internet penetration, smartphone adoption, and a shift towards online shopping, particularly during the COVID-19 pandemic. The pandemic has accelerated the acceptance of e-pharmacy services, leading to a rise in online purchases of medical supplies and medicines. Additionally, the market is thriving due to the proliferation of internet access, the growing aging population, and the increasing prevalence of chronic diseases. Key growth drivers include the digitalization of healthcare services, the rising adoption of online channels for pharmaceutical products, and the demand for contactless services during the pandemic. The convenience and accessibility offered by e-pharmacy services are major factors propelling market growth. As a result, the market is expected to maintain its growth trajectory, even post-pandemic, with online purchase trends and acceptance of e-pharmacy services likely to persist. Overall, Vietnam's e-pharmacy market demonstrates robust growth potential driven by technological advancements, evolving consumer behaviors, and the continuous need for accessible healthcare solutions.

Key Market Drivers

Increasing Internet Penetration and Smartphone Adoption

The widespread availability of the internet and the rapid adoption of smartphones have been fundamental to the growth of the e-pharmacy market in Vietnam. As more people gain access to the internet and use smartphones, the potential customer base for e-pharmacies expands significantly. This increased connectivity allows consumers to easily access e-pharmacy platforms, browse through product offerings, and place orders from the comfort of their homes. The convenience of mobile applications further enhances user experience, making it simpler for consumers to manage their health needs online.


Shift Towards Online Shopping During COVID-19 Pandemic

The COVID-19 pandemic has had a profound impact on consumer behavior, particularly in the realm of online shopping. With lockdowns and social distancing measures in place, many consumers turned to online platforms for their shopping needs, including pharmaceuticals and healthcare products. This shift towards e-commerce was driven by the need for contactless services to minimize the risk of infection. E-pharmacies offered a safe and convenient alternative to traditional brick-and-mortar pharmacies, ensuring that consumers could access essential medications and health supplies without leaving their homes. This trend is expected to continue post-pandemic, as consumers have grown accustomed to the convenience of online shopping.


Digitalization of Healthcare Services

The digitalization of healthcare services is another significant driver of the e-pharmacy market in Vietnam. The integration of digital technologies in healthcare has improved the efficiency and accessibility of health services, making it easier for consumers to obtain medical advice, prescriptions, and pharmaceutical products online. Telemedicine platforms, electronic health records, and digital health monitoring tools have become increasingly prevalent, enabling a seamless connection between healthcare providers and patients. E-pharmacies are an integral part of this digital health ecosystem, providing a convenient channel for patients to receive their prescribed medications and health products.

Rising Prevalence of Chronic Diseases and Aging Population

The rising prevalence of chronic diseases such as diabetes, hypertension, and cardiovascular conditions, along with an aging population, has increased the demand for pharmaceutical products and healthcare services. E-pharmacies offer a practical solution for managing these health needs, providing a wide range of medications, health supplements, and wellness products that cater to chronic disease management and elderly care. The convenience of home delivery and the ability to order recurring prescriptions online are particularly beneficial for individuals with chronic conditions and older adults who may have mobility limitations.

Convenience and Accessibility of E-Pharmacy Services

The convenience and accessibility offered by e-pharmacy services are major factors driving market growth. E-pharmacies provide a user-friendly platform where consumers can easily search for and purchase a wide variety of pharmaceutical products. The ability to compare products, read reviews, and access detailed information about medications enhances consumer confidence and satisfaction. Additionally, the home delivery service provided by e-pharmacies saves consumers time and effort, making it an attractive option for those with busy lifestyles or limited access to physical pharmacies. This convenience is particularly appealing in urban areas, where traffic congestion and long commuting times can be a barrier to accessing healthcare services.

In conclusion, the Vietnam e-pharmacy market is poised for continued growth, driven by a combination of technological advancements, changing consumer behaviors, and supportive government policies. The increasing internet penetration and smartphone adoption, coupled with the shift towards online shopping during the COVID-19 pandemic, have significantly expanded the market's reach. The digitalization of healthcare services, the rising prevalence of chronic diseases, and the convenience and accessibility offered by e-pharmacy platforms further contribute to the market's positive outlook. As consumer preferences continue to evolve, the Vietnam e-pharmacy market is well-positioned to meet the growing demand for efficient, reliable, and accessible healthcare solutions.

                                                                                                  Download Free Sample Report

Key Market Challenges

Regulatory Hurdles

The regulatory landscape for e-pharmacies in Vietnam is still evolving, and navigating through complex regulations can be challenging for market players. There are stringent guidelines for the sale and distribution of pharmaceutical products online, which require compliance with various legal and safety standards. Ensuring that all online transactions meet regulatory requirements, including the verification of prescriptions and authenticity of products, is crucial but can be cumbersome. This regulatory uncertainty can hinder the smooth operation and expansion of e-pharmacies.

Consumer Trust and Awareness

Building consumer trust in e-pharmacy services remains a significant challenge. Many consumers are still wary of purchasing medicines online due to concerns about the authenticity and quality of products. There is a need for extensive awareness campaigns to educate consumers about the benefits and safety of e-pharmacies. Ensuring transparency in product information, maintaining high standards of service, and providing reliable customer support are essential to gain consumer confidence and drive market adoption.

Supply Chain and Logistics

Efficient supply chain and logistics are critical to the success of e-pharmacies. Ensuring timely delivery of medicines, especially in remote areas, can be challenging. The lack of robust logistics infrastructure and reliable cold chain systems can affect the quality and shelf-life of pharmaceutical products. E-pharmacies must invest in advanced logistics solutions and collaborate with reliable delivery partners to overcome these challenges and ensure seamless service.

Competition from Traditional Pharmacies

Traditional brick-and-mortar pharmacies still dominate the pharmaceutical retail market in Vietnam. These pharmacies have established customer bases and offer personalized services, which can be difficult for e-pharmacies to replicate. Competing with well-established traditional pharmacies requires e-pharmacies to continuously innovate, offer competitive pricing, and enhance customer experience through value-added services such as virtual consultations and subscription models.

Key Market Trends

Expansion of E-Commerce Platforms

The growth of e-commerce platforms in Vietnam has significantly contributed to the rise of e-pharmacies. Major e-commerce players are increasingly incorporating pharmaceutical products into their offerings, providing consumers with a one-stop-shop for their needs. The integration of e-pharmacies with popular e-commerce platforms enhances accessibility and convenience for consumers. According to a recent research from the E-Commerce and Digital Economy Department of the Vietnam Ministry of Industry and Trade, the country's e-commerce business is expected to generate USD 13.7 billion in revenue in 2021, or roughly 6.5% of total retail sales. Additionally, it is predicted that between 2021 and 2025, the market will expand at a 30% annual rate.

Rise of Health and Wellness Awareness

There is a growing awareness among Vietnamese consumers about health and wellness, leading to an increased focus on preventive healthcare measures. This trend has spurred demand for a variety of health supplements, vitamins, and over-the-counter (OTC) medications, which are readily available through e-pharmacy platforms.

Innovative Delivery Models

The e-pharmacy market in Vietnam is witnessing innovation in delivery models to enhance customer satisfaction. Companies are investing in faster and more reliable delivery services, including same-day and next-day delivery options. Some e-pharmacies are also partnering with local pharmacies to leverage their existing distribution networks for quicker delivery.

Regulatory Support and Standardization

The Vietnamese government is increasingly recognizing the importance of digital healthcare solutions and is working towards creating a supportive regulatory framework for e-pharmacies. Efforts to standardize practices, ensure the quality and authenticity of products, and protect consumer data are critical for the sustained growth of the market. On June 20, 2024, The National Assembly of Vietnam discussed the amendments to the Law on Pharmacy 2016 to ensure timely access to quality drugs at reasonable prices, address legal issues in drug management, and enhance business activities. The proposed amendments focus on strengthening drug supply, improving import/export management, promoting pharmaceutical industry development, and reorganizing drug distribution systems. These changes aim to attract investment, support production, promote research and technology transfer, streamline administrative processes, and enhance access to medicines for individuals and businesses.

Segmental Insights

Product Type Insights

OTC medicines currently dominated the Vietnam e-pharmacy market. This dominance can be attributed to several factors. OTC medicines are easily accessible and do not require a prescription from a healthcare provider. This ease of access makes them highly popular among consumers seeking immediate relief for common ailments such as colds, headaches, and digestive issues. There is a growing awareness among Vietnamese consumers about self-care and preventive healthcare. OTC medicines, including vitamins, supplements, and wellness products, are increasingly sought after for maintaining general health and wellness. E-pharmacies have effectively marketed OTC products, making them widely available through various online channels. Promotions, discounts, and detailed product information enhance consumer engagement and drive sales. The regulatory framework for OTC medicines is less stringent compared to prescription medicines, allowing for a smoother and quicker entry into the market. This regulatory flexibility has enabled e-pharmacies to expand their OTC product offerings rapidly.

                                                                                                  Download Free Sample Report

Regional Insights

The Southern Region of Vietnam, particularly Ho Chi Minh City, dominates the e-pharmacy market. This region has become the epicenter of the e-pharmacy market due to several key factors. Ho Chi Minh City, the economic heart of Vietnam, boasts a high concentration of businesses, healthcare facilities, and retail establishments. The region's robust economic activity supports the growth of digital health services, including e-pharmacies. The Southern Region has one of the highest internet penetration rates in Vietnam. This high connectivity enables greater access to online services, including e-pharmacies. The widespread availability of high-speed internet and mobile networks ensures that consumers can easily access and use e-pharmacy platforms. The region is highly urbanized, with a large, tech-savvy population that is open to adopting new technologies. The dense population in urban areas like Ho Chi Minh City provides a large customer base for e-pharmacy services, driving market growth. The Southern Region has well-developed healthcare infrastructure, with numerous hospitals, clinics, and pharmacies. This infrastructure supports the integration of e-pharmacy services with traditional healthcare providers, facilitating a seamless experience for consumers.

The higher average income levels in the Southern Region result in greater spending power and a willingness to pay for convenience and quality healthcare products. Consumers in this region are more likely to embrace online shopping for their pharmaceutical needs, driving the growth of the e-pharmacy market. Local government initiatives aimed at promoting digital healthcare solutions and improving healthcare access further support the expansion of e-pharmacies. Policies that encourage the digitalization of healthcare services create a favorable environment for the growth of e-pharmacy platforms. In summary, the Southern Region's economic vitality, technological infrastructure, urbanization, and supportive policies collectively position it as the dominant region in Vietnam's e-pharmacy market. This region continues to lead in both the adoption and expansion of e-pharmacy services, catering to the evolving needs of its population.

Recent Developments

  • FPT Retail, a retail chain owned by Vietnamese tech giant FPT, plans to expand its Long Chau pharmacy chain by opening 400 new pharmacies in 2024. The company aims to focus on developing the medical ecosystem with investments in preventive medicine, diagnostics, testing, treatment, pharmacies, and home monitoring.
  • In November 2023, Fundiin partners with Pharmacity to launch Buy Now Pay Later (BNPL) services at a thousand drugstores in Vietnam, aiming to provide consumers with flexible payment options for healthcare services. This collaboration is set to boost healthcare spending, enhance consumer convenience, and drive economic growth in the region.

Key Market Players

  • The Medcare Medical Services Investment Joint Stock Company
  • Buymed
  • FPT Digital Retail Joint Stock Company
  • Jio Health Clinics Limited
  • Med247
  • Gia Han Trading And Technologies Joint Stock Company
  • Pharmacity Pharmaceutical Joint Stock Company
  • Centre Médical International
  • Medigo Software Limited Liability Company
  • mClinica Pte. Ltd. 

By Product Type

By Therapy Area

By Operating platform

By Region
  • Prescription medicines
  • Over-The-Counter medicines
  • Vitamins
  • Dermatology
  • Cold & Flu
  • Weight Loss
  • Others
  • Websites
  • Apps
  • Southern Region
  • Central Region
  • Northern Region

Report Scope:

In this report, Vietnam E Pharmacy market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

  • Vietnam E Pharmacy market, By Product Type:
    • Prescription medicines
    • Over-The-Counter medicines
  • Vietnam E Pharmacy market, By Therapy Area:
    • Vitamins
    • Dermatology
    • Cold & Flu
    • Weight Loss
    • Others
  • Vietnam E Pharmacy market, By Operating platform:
    • Websites
    • Apps
  • Vietnam E Pharmacy market, By Region:

o   Southern Region

o   Central Region

o   Northern Region

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in Vietnam E Pharmacy market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five). 

Vietnam E Pharmacy Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Introduction

1.1.  Product Overview

1.2.  Key Highlights of the Report

1.3.  Market Coverage

1.4.  Market Segments Covered

1.5.  Research Tenure Considered

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary      

3.1.  Market Overview

3.2.  Market Forecast

3.3.  Key Regions

3.4.  Key Segments

4.    Voice of Customer

4.1.  Factors Influencing Purchase Decision

4.2.  Sources of Information

5.    Vietnam E Pharmacy Market Outlook

5.1.  Market Size & Forecast

5.1.1.    By Value

5.2.  Market Share & Forecast

5.2.1.    By Product Type Market Share Analysis (Prescription medicine v/s Over-The-Counter medicine)

5.2.2.    By Therapy Area Market Share Analysis (Vitamins, Dermatology, Cold & Flu, Weight Loss, Others)

5.2.3.    By Operating Platforms Market Share Analysis (Websites v/s Apps)

5.2.4.    By Regional Market Share Analysis

5.2.4.1. Southern Region Market Share Analysis

5.2.4.2. Central Region Market Share Analysis

5.2.4.3. Northern Region Market Share Analysis

5.2.5.    By Top 5 Companies Market Share Analysis, Others (2023)

5.3.  Vietnam E Pharmacy Market Mapping & Opportunity Assessment

5.3.1.    By Product Type Market Mapping & Opportunity Assessment

5.3.2.    By Therapy Area Market Mapping & Opportunity Assessment

5.3.3.    By Operating Platforms Market Mapping & Opportunity Assessment

5.3.4.    By Regional Market Mapping & Opportunity Assessment

6.    Vietnam Website based E Pharmacy Market Outlook

6.1.  Market Size & Forecast

6.1.1.    By Value

6.2.  Market Share & Forecast

6.2.1.    By Product Type Market Share Analysis

6.2.2.    By Therapy Area Market Share Analysis

7. Vietnam Apps based E Pharmacy Market Outlook

7.1.  Market Size & Forecast

7.1.1.    By Value

7.2.  Market Share & Forecast

7.2.1.    By Product Type Market Share Analysis

7.2.2.    By Therapy Area Market Share Analysis

8. Market Dynamics

8.1.             Drivers

8.2.             Challenges

9. Impact of COVID-19 on Vietnam E Pharmacy Market

9.1.             Impact Assessment Model   

9.1.1. Key Segments Impacted

9.1.2. Key Regions Impacted

10. Market Trends & Developments

11. Porter’s Five Forces Model

11.1.             Competitive Rivalry

11.2.             Bargaining Power of Buyers

11.3.             Bargaining Power of Suppliers

11.4.             Threat of New Entrants

11.5.             Threat of Substitutes

12. SWOT Analysis

12.1.             Strengths

12.2.             Weaknesses

12.3.             Opportunities

12.4.             Threats

13. Policy and Regulatory Landscape

14. Vietnam Economic Profile

15. Competitive Landscape

15.1.   Company Profiles

15.1.1. The Medcare Medical Services Investment Joint Stock Company

15.1.1.1.     Company Details

15.1.1.2.     Product & Services

15.1.1.3.     Financials (As Per Availability)

15.1.1.4.     Key market Focus & Geographical Presence

15.1.1.5.     Recent Developments

15.1.1.6.     Key Management Personnel

15.1.2.  Buymed

15.1.2.1.     Company Details

15.1.2.2.     Product & Services

15.1.2.3.     Financials (As Per Availability)

15.1.2.4.     Key market Focus & Geographical Presence

15.1.2.5.     Recent Developments

15.1.2.6.     Key Management Personnel

15.1.3. FPT Digital Retail Joint Stock Company

15.1.3.1.     Company Details

15.1.3.2.     Product & Services

15.1.3.3.     Financials (As Per Availability)

15.1.3.4.     Key market Focus & Geographical Presence

15.1.3.5.     Recent Developments

15.1.3.6.     Key Management Personnel

15.1.4. Jio Health Clinics Limited

15.1.4.1.     Company Details

15.1.4.2.     Product & Services

15.1.4.3.     Financials (As Per Availability)

15.1.4.4.     Key market Focus & Geographical Presence

15.1.4.5.     Recent Developments

15.1.4.6.     Key Management Personnel

15.1.5.  Med247

15.1.5.1.     Company Details

15.1.5.2.     Product & Services

15.1.5.3.     Financials (As Per Availability)

15.1.5.4.     Key market Focus & Geographical Presence

15.1.5.5.     Recent Developments

15.1.5.6.     Key Management Personnel

15.1.6. Gia Han Trading And Technologies Joint Stock Company

15.1.6.1.     Company Details

15.1.6.2.     Product & Services

15.1.6.3.     Financials (As Per Availability)

15.1.6.4.     Key market Focus & Geographical Presence

15.1.6.5.     Recent Developments

15.1.6.6.     Key Management Personnel

15.1.7. Pharmacity Pharmaceutical Joint Stock Company

15.1.7.1.     Company Details

15.1.7.2.     Product & Services

15.1.7.3.     Financials (As Per Availability)

15.1.7.4.     Key market Focus & Geographical Presence

15.1.7.5.     Recent Developments

15.1.7.6.     Key Management Personnel

15.1.8. Centre Médical International

15.1.8.1.     Company Details

15.1.8.2.     Product & Services

15.1.8.3.     Financials (As Per Availability)

15.1.8.4.     Key market Focus & Geographical Presence

15.1.8.5.     Recent Developments

15.1.8.6.     Key Management Personnel

15.1.9. Medigo Software Limited Liability Company

15.1.9.1.     Company Details

15.1.9.2.     Product & Services

15.1.9.3.     Financials (As Per Availability)

15.1.9.4.     Key market Focus & Geographical Presence

15.1.9.5.     Recent Developments

15.1.9.6.     Key Management Personnel

15.1.10.   mClinica Pte. Ltd. 

15.1.10.1.  Company Details

15.1.10.2.  Product & Services

15.1.10.3.  Financials (As Per Availability)

15.1.10.4.  Key market Focus & Geographical Presence

15.1.10.5.  Recent Developments

15.1.10.6.  Key Management Personnel

16. Strategic Recommendations

16.1.             Key Focus Areas

16.2.             Target Type

16.3.             Target Distribution Channel

17. About Us & Disclaimer

Figures and Tables

Frequently asked questions

down-arrow

Vietnam E-Pharmacy Market was valued at USD 107.92 million in 2023

down-arrow

Increasing internet penetration and smartphone adoption, digitalization of healthcare services, rising prevalence of chronic diseases and aging population is anticipated to drive the growth of the Vietnam E Pharmacy market.

down-arrow

Regulatory hurdles, supply chain and logistics, competition from traditional pharmacies are the major challenges in Vietnam E Pharmacy Market.

down-arrow

Expansion of e-commerce platforms,rise of health and wellness awareness,innovative delivery models are the key trends in the Vietnam E Pharmacy Market.

Related Reports

profile

Parvati Sharma

Account Manager BD
Press Release

Vietnam E Pharmacy Market to Grow with a CAGR of 15.8% through 2029

Oct, 2024

Rising adoption of e-commerce is driving the growth of the Vietnam E Pharmacy Market, in the forecast period.

Why Choose Us