Pharmaceuticals - Vietnam

Vietnam

In 2024, the projected revenue in Vietnam's Pharmaceuticals market is estimated to reach US$2,244.00m.
The largest market in Vietnam's Pharmaceuticals market is Oncology Drugs, with a projected market volume of US$403.30m in 2024.
It is expected that the revenue will experience an annual growth rate (CAGR 2024-2028) of 6.53%, leading to a market volume of US$2,890.00m by 2028.
When compared globally, United States is expected to generate the highest revenue, reaching US$636.90bn in 2024.
Vietnam's pharmaceutical market is experiencing rapid growth due to increasing demand for healthcare services and a growing middle class.

Key regions: United States, China, Germany, Japan, Europe

Definition:
The Pharmaceuticals market covers remedies used to cure, treat, prevent, and diagnose diseases. These small molecule drugs or biologic medical products may be called drugs, medications, or medicines. Prescription drugs and over-the-counter (OTC) drugs are both included. Depending on the regulations in each country, these products are provided by pharmacies, hospitals, physicians, and/or drug stores, and/or they can be bought elsewhere. They may be administered in the form of pills, capsules, gels, ointments, injections, infusions, lozenges, or aerosols/sprays.

Structure:
The market is subdivided into Oncology Drugs, Anti-Diabetes Drugs, Anti-Rheumatic Drugs, Vaccines, Dermatological Drugs, Antiviral Drugs, Immunosuppressants, Bronchodilator Drugs, Sensory Organ Drugs, Anti-Hypertensive Drugs, Anti-Coagulants, Anti-Fibrinolytic Drugs, Multiple Sclerosis Drugs, Lipid-Lowering Agents and Other Pharmaceuticals. The Pharmaceuticals market is organized in markets that cover drugs used in specific medical fields, i.e., medicines for a specific disesase or a certain type of medicine. They include original brands, biosimilars, generics, and orphan drugs.The Oncology Drugs market covers pharmaceutical products specifically developed for the treatment and management of various cancers. The Anti-Diabetes Drugs market covers medications designed to manage blood glucose levels and improve insulin sensitivity in individuals with diabetes. The market Anti-Rheumatic Drugs includes pharmaceuticals specifically developed to alleviate symptoms, reduce inflammation, and modify the progression of rheumatic diseases. The Dermatological Drugs market covers pharmaceuticals formulated to treat and manage a wide range of skin conditions such as eczema, acne, and rosacea. The Antiviral Drugs market includes medications designed to treat viral infections and reducing the severity and duration of symptoms. The Immunosuppressants market covers pharmaceuticals that suppress the immune system's activity. The Bronchodilator Drugs market covers pharmaceuticals designed to relax and widen the airways in the lungs. The Sensory Organ Drugs market covers pharmaceuticals targeting the treatment of disorders and conditions affecting sensory organs such as the eyes, ears and nose. The Anti-hypertensive Drugs market covers pharmaceuticals designed to lower blood pressure levels. The Anti-Coagulants Drugs market covers pharmaceuticals developed to prevent the formation of blood clots or to dissolve existing clots. The Anti-Fibrinolytics Drugs market covers pharmaceuticals designed to inhibit the breakdown of blood clots. The Multiple Sclerosis Drugs market covers pharmaceuticals aimed at managing and modifying the course of multiple sclerosis. The Lipid-Lowering Agents market covers pharmaceuticals developed to reduce levels of cholesterol and other lipids in the blood. The Other Pharmaceuticals market provides information on additional specialties that are not covered by the main markets.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Novartis, Roche, Pfizer, Merck & Co, Johnson & Johnson, AbbVie, Sanofi.

Market

Region

Region comparison

Currency

Analyst Opinion

Vietnam, a country located in Southeast Asia, has experienced significant economic growth in recent years. With a population of over 97 million people, the country has become an attractive market for various industries, including pharmaceuticals.

Customer preferences: In Vietnam, customers tend to prioritize affordable and accessible healthcare options. As a result, generic drugs have become increasingly popular, accounting for a significant portion of the pharmaceutical market. Additionally, there is a growing demand for over-the-counter (OTC) drugs, particularly for common ailments such as headaches and colds.

Trends in the market: The Vietnamese pharmaceutical market has shown steady growth in recent years, with a compound annual growth rate (CAGR) of approximately 10%. This growth is expected to continue as the population ages and the prevalence of chronic diseases increases. Additionally, the government has implemented policies to encourage domestic production of pharmaceuticals, which has led to increased investment in the industry.

Local special circumstances: One unique aspect of the Vietnamese pharmaceutical market is the prevalence of traditional medicine. Many Vietnamese consumers still prefer traditional remedies, such as herbal medicines, over Western pharmaceuticals. This has led to a growing market for traditional medicine in Vietnam, which is expected to continue in the future.

Underlying macroeconomic factors: Vietnam's economic growth and increasing middle class have contributed to the growth of the pharmaceutical market. As the population becomes more affluent, they are able to afford better healthcare options, including pharmaceuticals. Additionally, the government has made efforts to improve healthcare infrastructure and increase access to healthcare services, which has also contributed to the growth of the pharmaceutical market.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. 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. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

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. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.