Anti-Hypertensive Drugs - Vietnam

Vietnam

In Vietnam, the revenue in the Anti-Hypertensive Drugs market is estimated to reach US$41.37m by 2024.
It is expected to exhibit an annual growth rate (CAGR 2024-2029) of 0.92%, leading to a market volume of US$43.30m by 2029.
When compared globally, United States is projected to generate the highest revenue of US$12,290.00m in 2024.
Vietnam has seen a significant increase in the demand for locally-produced anti-hypertensive drugs due to rising healthcare awareness and government initiatives.

Key regions: Japan, India, Italy, Brazil, South Korea

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Analyst Opinion

The demand for Anti-Hypertensive Drugs in Vietnam has been on the rise in recent years.

Customer preferences: Vietnam has a rapidly aging population, with a significant proportion of people over the age of 60. This demographic shift has led to an increase in chronic diseases such as hypertension, which has been a major driver of demand for Anti-Hypertensive Drugs in the country. Additionally, the preference for Western medicine over traditional remedies has also contributed to the growth of the market.

Trends in the market: The Anti-Hypertensive Drugs market in Vietnam is expected to continue growing in the coming years, driven by factors such as rising disposable incomes, increasing awareness of hypertension, and the availability of a wider range of drugs. The market is also witnessing a shift towards combination therapy, where two or more drugs are used together to achieve better results.

Local special circumstances: One of the unique factors that affect the Anti-Hypertensive Drugs market in Vietnam is the dominance of state-owned hospitals and clinics. These institutions account for the majority of healthcare spending in the country, and as a result, they have a significant influence on drug pricing and availability. Additionally, the government has been implementing policies to encourage the use of generic drugs, which has led to intense competition and price pressure in the market.

Underlying macroeconomic factors: Vietnam has been experiencing robust economic growth in recent years, which has translated into rising incomes and improved access to healthcare. This trend is expected to continue, which will support the growth of the Anti-Hypertensive Drugs market in the country. However, the market is also facing challenges such as regulatory hurdles, intellectual property issues, and a lack of investment in research and development. These factors could potentially limit the growth of the market in the long term.

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.