Advanced medicine development is driving the growth of Vietnam Pharmaceuticals Market, in the forecast period, 2022-2026.
According to TechSci report on, “Vietnam Pharmaceuticals Market By Drug Type (Generic Drugs v/s Branded Drugs), By Product Type (Prescription Drugs v/s 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 & Opportunities, 2026”, Vietnam pharmaceuticals market has shown promising growth in historical years until 2019 and is expected to continue its growth in upcoming forecast years 2021 to 2026. Vietnam pharmaceuticals market owes its growth to the factors like surge in the demand for the advanced medication for the increasing instances of chronic diseases. Moreover, the instances of chronic diseases, neurological issues, and carcinogenic diseases is increasing and driving the growth of the Vietnam pharmaceuticals market in the upcoming five years. Also, government initiatives to promote research and technological development for the drug discoveries, pharmaceutical product manufacturing are also supporting the growth of the Vietnam pharmaceutical market. Technologies like robotic technology, and artificial intelligence are also promoting the market growth. Improving living conditions, enhanced lifestyle is also supporting the pharma industry in the country. Furthermore, about 12% of country GDP comes from the healthcare industry and the devoted policies and regulations for the production, commercialization and application of the pharmaceutical drugs and products is also substantiating the growth of the Vietnam pharmaceuticals market in the next five years.
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The Vietnam pharmaceuticals market is segmented by drug type, product type, application, distribution channel, competitional landscape, and regional distribution. Based on product type, the market is further divided between prescription drugs and over-the-counter drugs. Over the counter drugs are anticipated to hold the largest revenue shares of the market and dominate the segment in the future five years on the account of comparative lower cost and easier accessibility to the drugs. Also, these drugs can be purchased without doctors’ approval/ prescription. Thus, the consumers who are self-medicating can afford over the counter drugs and these factors are supporting the growth of the Vietnam pharmaceutical market too. Prescription drugs are anticipated to hold a significant share of the market in the next five years on the account of growing expenses on prescription drugs in the country.
Based on application, the market is sub-segmented into cardiovascular, musculoskeletal, oncology, anti-infective, metabolic disorder, and others. Cardiovascular applications are anticipated to hold the largest revenue shares of the market and assert its dominance over the market segment on the account of rapidly increasing cases of cardiovascular diseases among the patient. Also, the rapidly increasing cases of obesity, blood pressure problems, diabetes and other lifestyle diseases is actively increasing the number of patients suffering from heart attacks, heart failure, etc. thereby supporting the growth of the segment as well as the growth of the Vietnam pharmaceutical market since the demand for the cardiovascular pharmaceutical products is increasing.
DHG Pharmaceutical Joint Stock Company, Traphaco Joint Stock Company, Pymepharco Joint Stock Company, Hatay Pharmaceutical Joint Stock Company, Mekophar Chemical Pharmaceutical JSC, Imexpharm Corporation, OPC Pharmaceutical Joint Stock Company, are some of the major shareholders of the Vietnam pharmaceuticals market. With the evolving technology, it is appropriate to say that the effective research and development of the technologically advanced pharmaceuticals and methods to satisfy consumer demands would support the market growth and benefit the market players as well as the consumers. New market players may focus on the research and development to provide such infrastructure and services that satisfies the consumer demand as well as benefits the market players in building their brand value. Other competitive strategies include mergers & acquisitions and new product developments.
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“Pharmaceutical industry in Vietnam has a very impressive future. Vietnam has the fastest growing pharma industry supported by favorable socio-economic conditions. Moreover, the foreign direct investment is rapidly increasing, along with government support and expanding efforts of market players, the market is anticipated to grow rapidly in the future and benefit the healthcare industry altogether. Drug development processes, consistent research and mass production of the generic drugs is also supporting the growth of the market in the future five years. New market players have enough scope for their brand establishments, but they must invest funds to extended research and technological development for the better products for the consumer satisfaction,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Vietnam Pharmaceuticals Market By Drug Type (Generic Drugs v/s Branded Drugs), By Product Type (Prescription Drugs v/s 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 & Opportunities, 2026” 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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