Market Insights Health OTC Pharmaceuticals

Cold & Cough Remedies - Vietnam

Vietnam

In Vietnam, the revenue in the Cold & Cough Remedies market market is projected to reach US$105.50m in 2024.
It is anticipated that the market will experience an annual growth rate of 9.40% (CAGR 2024-2029).
When compared to the global market, the in the United States generates the highest revenue, amounting to US$11,190.00m in 2024.
In terms of per capita revenue, in Vietnam generates US$1.06 per person in 2024.
Vietnam's increasing urbanization and growing middle class are driving the demand for cold and cough remedies in the OTC Pharmaceuticals market.

Key regions: United States, Japan, Australia, United Kingdom, China

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Analyst Opinion

The Cold & Cough Remedies market in Vietnam has been experiencing significant growth in recent years.

Customer preferences: Vietnamese consumers have shown a growing preference for over-the-counter cold and cough remedies. This can be attributed to several factors. Firstly, there is a rising awareness among the population about the importance of self-care and taking proactive measures to maintain good health. As a result, more people are seeking out remedies to alleviate common cold and cough symptoms without needing to visit a doctor. Secondly, the convenience and accessibility of these over-the-counter remedies have made them a popular choice among busy urban dwellers who may not have the time or inclination to seek medical advice for minor ailments. Lastly, the affordability of these remedies compared to prescription medications has also contributed to their popularity.

Trends in the market: One of the key trends in the Cold & Cough Remedies market in Vietnam is the increasing demand for natural and herbal remedies. Vietnamese consumers are becoming more health-conscious and are seeking products that are perceived to be more natural and less likely to have side effects. This trend is in line with the global shift towards natural and organic products, as consumers become more aware of the potential risks associated with synthetic ingredients. As a result, companies in the market have been introducing more natural and herbal remedies to cater to this growing demand.Another trend in the market is the growing popularity of combination products. These products offer multiple benefits in a single dosage, such as relieving both cold and cough symptoms. This trend can be attributed to the convenience it offers consumers, as they can address multiple symptoms with a single product. Combination products also appeal to price-sensitive consumers who prefer to purchase a single product instead of multiple remedies.

Local special circumstances: Vietnam's climate and geographical location contribute to the high prevalence of cold and cough symptoms among its population. The country experiences a tropical climate, with high humidity and temperature fluctuations. These conditions create an environment that is conducive to the spread of respiratory infections, leading to a higher incidence of cold and cough among the population. Additionally, Vietnam is a densely populated country, with many urban areas experiencing high levels of air pollution. This further exacerbates respiratory issues and increases the demand for cold and cough remedies.

Underlying macroeconomic factors: Vietnam has been experiencing rapid economic growth in recent years, leading to an increase in disposable income among its population. This has allowed more people to afford over-the-counter remedies for common ailments such as cold and cough. Additionally, the country's growing middle class has led to an increase in healthcare expenditure, including spending on self-care products. These macroeconomic factors have contributed to the growth of the Cold & Cough Remedies market in Vietnam.In conclusion, the Cold & Cough Remedies market in Vietnam is experiencing growth due to the rising preference for over-the-counter remedies, the demand for natural and herbal products, and the country's climate and geographical conditions. The market is also influenced by the growing popularity of combination products and underlying macroeconomic factors such as economic growth and increasing disposable income.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.