Report Overview

Vietnam Pharmacy Retail Market - Industry Trends & Forecast Report, 2030

The Vietnam Pharmacy Retail Market size was estimated to be worth USD 2.54 billion in 2023. During the forecast period between 2024 and 2030, the Vietnam Pharmacy Retail Market size is projected to grow at a CAGR of 4.87%, reaching a value of USD 3.78 billion by 2030.

By volume, the Vietnam Pharmacy Retail Market size was estimated at 60.8 thousand units in 2023. During the forecast period between 2024 and 2030, the Vietnam Pharmacy Retail Market size is expected to expand at a CAGR of 4.65%, reaching a volume of 74.1 thousand units by 2030.

Major growth factors for the Vietnam Pharmacy Retail Market include the rising prevalence of chronic diseases, increasing healthcare expenditure, and the expanding e-commerce sector in the country.

Pharmacy Retail – Overview

Pharmacy retail refers to the sector dedicated to the retail sale of pharmaceutical and healthcare products directly to consumers. The market encompasses a wide range of products, including prescription and over the counter (OTC) medications, health supplements, personal care items, and medical devices. Pharmacy retail outlets may include standalone pharmacies, those located within hospitals or healthcare centers, and those situated in high-traffic areas such as shopping malls and airports.

Vietnam Pharmacy Retail Market

Growth Drivers

Rising Healthcare Expenditure

The rising healthcare expenditure, particularly due to the increasing prevalence of chronic diseases and the geriatric population, is driving the growth of the Vietnam Pharmacy Retail Market. In addition, technological advancements in the healthcare and medical sectors are further influencing the cost of healthcare in Vietnam. As a result, the demand for prescription and over-the-counter medications is rising at a high rate. Furthermore, the expansion in telemedicine and remote consultation services is anticipated to provide lucrative growth opportunities to the Vietnam Pharmacy Retail Market during the forecast period.

Challenges

Rising Operational Costs

Increasing operating expenses are putting pressure on the growth of Vietnam Pharmacy Retail Market. Retail pharmacies are struggling financially due to rising labor costs, rent, and adhering to strict healthcare laws. Pharmaceutical product prices are frequently increased due to these operational difficulties, which influence customer choice. Profit margins are also under pressure from the market's escalating competitiveness. Retail pharmacies must manage these rising operating expenses despite the growing demand for healthcare goods and services, which limits their capacity to provide competitive pricing and may impede market expansion.

Vietnam Pharmacy Retail Market

Segmental Coverage

Vietnam Pharmacy Retail Market – By Type

Based on type, the Vietnam Pharmacy Retail Market is segmented into online and offline. The offline segment holds a larger share of the Vietnam Pharmacy Retail Market. The high number of drug stores in the country and easy accessibility to drugs in medical stores. All the hospitals and other healthcare centers, such as clinics, often have medical stores, which further drives the growth of the offline segment. However, the online segment is anticipated to register the highest growth rate during the forecast period. Online drug stores offer the ease of ordering medications and healthcare products from their smartphones through websites and apps and have them home delivered, which drives its market growth.

Vietnam Pharmacy Retail Market – By Drug Type

Based on drug type, the Vietnam Pharmacy Retail Market is segmented into generic, over the counter (OTC), and patented. The generic segment accounts for the highest market share as they are cheaper alternatives to branded drugs. Typically, generic name medications are 80% to 85% less expensive than branded medications. This is so because clinical trials and research for generic medications do not need to be repeated. The branded, non-generic medication has to undergo necessary testing to demonstrate its efficacy and security. Generic medications are becoming more popular in Vietnam since they are less expensive while maintaining the same level of quality.

Vietnam Pharmacy Retail Market – By End User

Based on end users, the Vietnam Pharmacy Retail Market is segmented into equipment retail, drug retail, health products retail, chemical medicine retail, medicinal materials retail, proprietary Chinese medicine retail, and others. The drug retail segment dominates the Vietnam Pharmacy Retail Market. Retailers may sell it to a hospital, dispensary, school, clinic, or research facility.

Competitive Landscape

Major players operating in the Vietnam Pharmacy Retail Market include Long Chau, Pharmacity, An Khang, MEDiCARE, Phano Pharmacy, Trung Son, VinFa, Eco Pharmacy, My Chau, and SK Plus Pharmacy.

To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Scope of the Report

By Type

• Online

• Offline

By Drug Type

• Generic

• Over the Counter (OTC)

• Patented

By End User

• Equipment Retail

• Drug Retail

• Health Products Retail

• Chemical Medicine Retail

• Medicinal Materials Retail

• Proprietary Chinese Medicine Retail

• Others

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. Vietnam Pharmacy Retail Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Increasing Healthcare Expenditure
         2. Rising Prevalence of Chronic Diseases
         3. Growing Geriatric Population
         4. E-commerce Growth
      2. Restraints
         1. Rising Drug Prices
         2. Competition from Online Retailers
      3.  Opportunities
         1. Expanding OTC market
         2. Evolving Business Models
      4. Challenges
         1. Drug Diversion and Abuse
         2. Evolving Consumer Preferences
   3. Technology Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. Vietnam Pharmacy Retail Market: Marketing Strategies
5. Vietnam Pharmacy Retail Market: Pricing Analysis
6. Vietnam Pharmacy Retail Market Overview
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Type
         1. Online
         2. Offline
      2. By Drug Type
         1. Generic
         2. Over the Counter (OTC)
         3. Patented
      3. By End User
         1. Equipment Retail
         2. Drug Retail
         3. Health Products Retail
         4. Chemical Medicine Retail
         5. Medicinal Materials Retail
         6. Proprietary Chinese Medicine Retail
         7. Others
7. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. Vietnam Pharmacy Retail Company Market Share Analysis, 2023
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
8. Impact of Escalating Geopolitical Tensions on Vietnam Pharmacy Retail Market
9. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
   1. Long Chau
   2. Pharmacity
   3. An Khang
   4. MEDiCARE
   5. Phano Pharmacy
   6. Trung Son
   7. VinFa
   8. Eco Pharmacy
   9. My Chau
   10. SK Plus Pharmacy
   11. Other Prominent Players
10. Key Strategic Recommendations
11. Research Methodology
    1.    Qualitative Research
       1.  Primary & Secondary Research
    2.    Quantitative Research
    3.    Market Breakdown & Data Triangulation
       1.  Secondary Research
       2.  Primary Research
    4.    Breakdown of Primary Research Respondents, By Country
    5.    Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable

List of Figures

Figure 1       Vietnam Pharmacy Retail Segmentation                 

Figure 2       Vietnam Pharmacy Retail Market Value Chain Analysis               

Figure 3       Company Market Share Analysis, 2023         

Figure 4       Vietnam Pharmacy Retail Market Size, By Value (USD Billion), 2019–2030              

Figure 5       Vietnam Pharmacy Retail Market Share, By Type, By Value, 2019–2030                  

Figure 6       Vietnam Pharmacy Retail Market Share, By Drug Type, By Value, 2019–2030          

Figure 7       Vietnam Pharmacy Retail Market Share, By End User, By Value, 2019–2030            

List of Tables

Table 1        Vietnam Pharmacy Retail Market Size, By Value (USD Billion), 2019–2030    

Table 2        Vietnam Pharmacy Retail Market Size, By Type, By Value, 2019–2030 

Table 3        Vietnam Pharmacy Retail Market Size, By Drug Type, By Value, 2019–2030  

Table 4        Vietnam Pharmacy Retail Market Size, By End User, By Value, 2019–2030

Table 5        Long Chau Company Overview

Table 6        Long Chau Financial Overview

Table 7        Pharmacity Company Overview

Table 8        Pharmacity Financial Overview

Table 9        An Khang Company Overview

Table 10      An Khang Financial Overview

Table 11      MEDiCARE Company Overview

Table 12      MEDiCARE Financial Overview

Table 13      Phano Pharmacy Company Overview

Table 14      Phano Pharmacy Financial Overview

Table 15      Trung Son Company Overview

Table 16      Trung Son Financial Overview

Table 17      VinFa Company Overview

Table 18      VinFa Financial Overview

Table 19      Eco Pharmacy Company Overview

Table 20      Eco Pharmacy Financial Overview

Table 21      My Chau Company Overview

Table 22      My Chau Financial Overview

Table 23      SK Plus Pharmacy Company Overview

Table 24      SK Plus Pharmacy Financial Overview