Vietnam Pharmaceuticals Market Size Booming to Touch USD 16.2 Billion by 2029

Published | 13 September 2023

Vietnam pharmaceuticals market is flourishing because of an increasing healthcare demand, rising government initiatives, and growing medical tourism in Vietnam.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Vietnam pharmaceuticals market size at USD 10.62 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Vietnam pharmaceuticals market size to grow at a CAGR of 6.22% reaching a value of USD 16.2 billion by 2029. Major growth drivers for the Vietnam pharmaceuticals market include the growing population, increased chronic diseases, better healthcare infrastructure, and government support. With over 95 million people and a fast-growing economy, Vietnam serves as a significant pharmaceutical hub. The aging population and rising middle class further boost demand for healthcare and medicines. Lifestyle-related chronic diseases like diabetes, cardiovascular issues, cancer, and respiratory ailments are on the rise due to sedentary habits and environmental factors. This drives the need for pharmaceutical interventions. The market's growth is fueled by the demand for products addressing these healthcare challenges. However, regulatory challenges and counterfeit concerns are anticipated to restrain the overall market growth during the period in analysis.

Vietnam Pharmaceuticals Market – Overview

Vietnam pharmaceuticals market refers to the sector encompassing the development, manufacturing, distribution, and sale of pharmaceutical products, encompassing prescription and over-the-counter medications, medical devices, and related healthcare services. This market is influenced by factors such as the country's healthcare infrastructure, government regulations, economic conditions, and population dynamics. It involves diverse stakeholders, including domestic and international pharmaceutical companies, healthcare providers, regulatory bodies, and consumers, contributing to the production, accessibility, and utilization of pharmaceutical goods and services within Vietnam.

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Impact of COVID-19 on Vietnam Pharmaceuticals Market

COVID-19 pandemic had a mixed impact on the Vietnam pharmaceuticals market. While demand surged for essential medicines and preventive products, disruptions in supply chains and regulatory challenges emerged. Increased health consciousness and government support boosted local drug production. Telemedicine and digital health solutions gained prominence, transforming patient care. However, delayed clinical trials and shifts in healthcare priorities impacted R&D efforts. Despite challenges, the pandemic accelerated adoption of innovative strategies, reshaping the pharmaceutical landscape and highlighting the sector's resilience in navigating unprecedented circumstances.

Vietnam Pharmaceuticals Market – By Product Type

Based on product type, the Vietnam pharmaceuticals market is bifurcated into Prescription Drugs and Over-The-Counter Drugs segments. The prescription drugs segment held a higher market share in the Vietnam pharmaceuticals market by product type in 2022. Prescription drugs are favored for treating complex and chronic medical conditions, requiring medical supervision and tailored treatments. Regulatory requirements in Vietnam often mandate prescriptions for potent or specialized drugs to ensure patient safety and appropriate usage, thus contributing to the dominance of this segment. The increasing burden of chronic diseases and the aging population in Vietnam further fuels demand for medications that require medical oversight. Patients with conditions like diabetes, cardiovascular diseases, and respiratory disorders frequently rely on prescription drugs for optimal management. Additionally, patients place trust in healthcare professionals' expertise and their prescription recommendations, enhancing the segment's prominence.

Competitive Landscape

Major players operating in the Vietnam pharmaceuticals market include Sanofi Vietnam, GSK Vietnam, AstraZeneca Vietnam, Novartis Vietnam, Vinapharm, DHG Pharmaceutical, Traphaco, Domesco Medical Import Export Joint-Stock Corporation, OPV Pharmaceutical Joint-Stock Company, and Pymepharco. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Vietnam Pharmaceuticals Market . It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Vietnam Pharmaceuticals Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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