Key regions: China, South Korea, Canada, India, France
The Analgesics (Pharmacies) market in Vietnam has been experiencing steady growth in recent years.
Customer preferences: Vietnamese consumers have shown a growing preference for over-the-counter analgesics purchased from pharmacies. This can be attributed to several factors. Firstly, the increasing awareness and importance of self-care and self-medication among the population. Consumers are becoming more proactive in managing their health and are seeking convenient and accessible options for pain relief. Secondly, the affordability and availability of analgesics in pharmacies make them a popular choice among consumers. Pharmacies are widely distributed across the country, making it convenient for consumers to purchase these products.
Trends in the market: One of the key trends in the Analgesics (Pharmacies) market in Vietnam is the growing demand for natural and herbal-based analgesics. Vietnamese consumers are increasingly looking for products that are perceived to be more natural and have fewer side effects. This trend is driven by the growing awareness of the potential risks and side effects associated with long-term use of conventional analgesics. As a result, there has been a rise in the availability and variety of natural and herbal-based analgesics in pharmacies. Another trend in the market is the increasing popularity of online pharmacies. With the rise of e-commerce in Vietnam, consumers are turning to online platforms to purchase their healthcare products, including analgesics. Online pharmacies offer convenience, competitive pricing, and a wide range of products. This trend is expected to continue as more consumers embrace online shopping and as e-commerce infrastructure improves in the country.
Local special circumstances: Vietnam has a large and growing population, with a significant portion of the population being young and tech-savvy. This demographic profile contributes to the demand for analgesics, as young consumers are more likely to engage in physical activities and sports, leading to a higher incidence of pain and injuries. Additionally, the rapid urbanization and increasing disposable income in Vietnam have also contributed to the growth of the Analgesics (Pharmacies) market. Urban dwellers have higher purchasing power and are more likely to seek healthcare products from pharmacies.
Underlying macroeconomic factors: Vietnam's strong economic growth and rising middle class have contributed to the increased demand for healthcare products, including analgesics. As the economy continues to grow, more people have access to healthcare services and are willing to spend on self-care products. Furthermore, the government's focus on improving healthcare infrastructure and increasing healthcare spending has also played a role in driving the growth of the Analgesics (Pharmacies) market in Vietnam.
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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