Market Insights Health Pharmacies OTC Products

Pharmacy Usual Items - Vietnam

Vietnam

Revenue in the Pharmacy Usual Items market is projected to reach US$1.05bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 6.09%, resulting in a market volume of US$1.33bn by 2028.
In global comparison, most revenue will be generated in China (US$48,050.00m in 2024).
In relation to total population figures, per person revenues of US$10.56 are generated in 2024.

Key regions: Canada, United States, France, South Korea, India

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Analyst Opinion

The Pharmacy Usual Items market in Vietnam has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development. Customer preferences in the Pharmacy Usual Items market in Vietnam have shifted towards a greater emphasis on health and wellness. With increasing awareness about the importance of maintaining good health, consumers are actively seeking out products that can help them achieve this goal. As a result, there has been a growing demand for vitamins, supplements, and other health-related products in the market. Additionally, consumers are also becoming more conscious about the ingredients used in these products and are opting for natural and organic options. Trends in the market further support the growth of the Pharmacy Usual Items market in Vietnam. The aging population in the country has led to an increased demand for products that cater to the specific health needs of older individuals. This includes items such as joint and bone health supplements, as well as products for managing chronic conditions. Furthermore, the rise of e-commerce has made it easier for consumers to access a wide range of pharmacy usual items, further driving market growth. Local special circumstances in Vietnam have also played a role in the development of the Pharmacy Usual Items market. The government has implemented various initiatives to promote healthcare and wellness, including the expansion of healthcare facilities and the introduction of health insurance schemes. These efforts have increased accessibility to healthcare services and have consequently boosted the demand for pharmacy usual items. Underlying macroeconomic factors have also contributed to the growth of the Pharmacy Usual Items market in Vietnam. The country has experienced steady economic growth in recent years, leading to an increase in disposable income levels. As consumers have more purchasing power, they are able to spend more on healthcare and wellness products, driving market growth. In conclusion, the Pharmacy Usual Items market in Vietnam is experiencing significant growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. As consumers prioritize health and wellness, the demand for pharmacy usual items is expected to continue to rise. This presents opportunities for both local and international companies operating in the market.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. 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 relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.