Other Pharmaceuticals - Vietnam

Vietnam

Highlights

The Other Pharmaceuticals market in Vietnam is anticipated to witness a significant growth in revenue, with projections indicating a reach of US$876.00m by 2024.
This growth is expected to continue, with an estimated annual growth rate of 4.87% from 2024 to 2029.
As a result, the market volume is projected to reach US$1.11bn by 2029.
In comparison to other countries worldwide, United States is expected to generate the highest revenue in the Other Pharmaceuticals market, reaching a staggering US$260.50bn in 2024.
Vietnam's growing pharmaceutical industry is focusing on the development of traditional medicines to meet the needs of its population.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other Pharmaceuticals market in Vietnam has been experiencing significant growth in recent years.

Customer preferences: Vietnam has been experiencing a growing demand for healthcare products as the population becomes more health-conscious. Customers are increasingly looking for affordable and effective treatments for a wide range of ailments. The Other Pharmaceuticals market in Vietnam has been able to meet this demand by providing a variety of products that cater to the needs of the population.

Trends in the market: One of the major trends in the Other Pharmaceuticals market in Vietnam is the rise of generic drugs. This has been driven by the government's efforts to reduce healthcare costs and make medication more affordable for the general population. Generic drugs are cheaper than their branded counterparts and are widely available in Vietnam. This has made them a popular choice among consumers.Another trend in the market is the increasing popularity of traditional medicine. Vietnam has a rich tradition of using natural remedies to treat various ailments. This has resulted in a growing demand for herbal and traditional medicine products. Many consumers prefer these products over synthetic drugs due to their perceived safety and effectiveness.

Local special circumstances: Vietnam has a large population of over 96 million people, making it an attractive market for pharmaceutical companies. However, the market is highly fragmented, with many small and medium-sized companies operating in the industry. This has resulted in intense competition and price pressures, which has made it challenging for companies to maintain profitability.

Underlying macroeconomic factors: Vietnam's economy has been growing rapidly in recent years, with GDP growth averaging around 6% per annum. This has led to rising incomes and an expanding middle class, which has increased the demand for healthcare products. Additionally, the government has been investing heavily in healthcare infrastructure, which has improved access to healthcare services for the population. These factors have contributed to the growth of the Other Pharmaceuticals market in Vietnam.

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.