Key regions: United States, China, Germany, Japan, Europe
The Pharmacies market in Vietnam is experiencing significant growth and development due to various factors.
Customer preferences: Customers in Vietnam are increasingly seeking convenience and accessibility when it comes to healthcare products and services. Pharmacies offer a one-stop solution for their healthcare needs, providing a wide range of prescription and over-the-counter medications, as well as health and wellness products. Customers appreciate the convenience of being able to purchase medications and healthcare products in one place, without the need for a doctor's prescription. Additionally, the growing awareness and emphasis on preventive healthcare has led to an increased demand for vitamins, supplements, and other wellness products, which are readily available in pharmacies.
Trends in the market: One of the key trends in the Pharmacies market in Vietnam is the increasing number of pharmacy chains and the expansion of existing ones. This trend is driven by the need to meet the growing demand for healthcare products and services, as well as the desire to provide a better customer experience. Pharmacy chains are able to offer a wider range of products, competitive pricing, and a more convenient shopping experience compared to independent pharmacies. The expansion of pharmacy chains also allows them to reach a larger customer base, including customers in rural areas who may have limited access to healthcare facilities. Another trend in the market is the growing popularity of online pharmacies. With the increasing penetration of smartphones and internet access in Vietnam, more customers are opting to purchase healthcare products online. Online pharmacies offer the convenience of home delivery, competitive pricing, and a wide range of products. Additionally, they provide customers with the option to consult with pharmacists online, making it easier to obtain advice and information about medications and healthcare products.
Local special circumstances: Vietnam has a rapidly aging population, with a significant increase in the number of elderly people in recent years. This demographic shift has led to an increased demand for healthcare products and services, including medications. Pharmacies play a crucial role in meeting the healthcare needs of the elderly population, providing them with easy access to medications and healthcare products. Additionally, pharmacies often offer services such as blood pressure monitoring, diabetes management, and medication counseling, which are particularly important for the elderly population.
Underlying macroeconomic factors: Vietnam has experienced strong economic growth in recent years, leading to an increase in disposable income and consumer spending. This has contributed to the growth of the Pharmacies market, as customers have more purchasing power to spend on healthcare products and services. Additionally, the government of Vietnam has been investing in healthcare infrastructure and implementing healthcare reforms, which have improved access to healthcare services and increased the demand for medications and healthcare products. In conclusion, the Pharmacies market in Vietnam is developing and growing due to customer preferences for convenience and accessibility, the expansion of pharmacy chains, the popularity of online pharmacies, the aging population, and the underlying macroeconomic factors. These factors are driving the demand for healthcare products and services, and pharmacies are well-positioned to meet this demand.
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.
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