Other OTC Pharmaceuticals (Pharmacies) - Vietnam

Vietnam

Highlights

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$232.00m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.75%, resulting in a market volume of US$265.80m by 2029.
In global comparison, most revenue will be generated United States (US$4.98bn in 2024).
In relation to total population figures, per person revenues of US$2.33 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other OTC Pharmaceuticals (Pharmacies) market in Vietnam is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors are all contributing to this growth. Customer preferences play a crucial role in the development of the Other OTC Pharmaceuticals (Pharmacies) market in Vietnam. Customers are increasingly seeking convenience and accessibility when it comes to purchasing over-the-counter medications. Pharmacies offer a wide range of products that can be easily accessed by customers, making them a popular choice for purchasing OTC pharmaceuticals. Additionally, customers in Vietnam are becoming more health-conscious and are taking proactive measures to manage their health. This has led to an increased demand for OTC medications, as customers are looking for solutions to common health issues. Several trends in the market are also driving the growth of the Other OTC Pharmaceuticals (Pharmacies) market in Vietnam. One notable trend is the increasing prevalence of self-medication. Customers are becoming more confident in their ability to diagnose and treat common ailments, leading them to seek out OTC medications instead of visiting a doctor. This trend is supported by the availability of information online, which allows customers to research and educate themselves about various health conditions and treatment options. Another trend is the rise of e-commerce in the pharmaceutical industry. Online pharmacies are becoming more popular in Vietnam, offering customers the convenience of purchasing OTC medications from the comfort of their own homes. Local special circumstances in Vietnam also contribute to the growth of the Other OTC Pharmaceuticals (Pharmacies) market. The country has a large population, which provides a significant customer base for pharmacies. Additionally, Vietnam has a growing middle class with increasing disposable income, allowing more people to afford OTC medications. The government of Vietnam has also implemented policies to improve healthcare access and affordability, further driving the growth of the OTC pharmaceutical market. Underlying macroeconomic factors are also playing a role in the development of the Other OTC Pharmaceuticals (Pharmacies) market in Vietnam. The country's economy has been growing steadily, leading to an increase in overall consumer spending. As people have more disposable income, they are more likely to spend on healthcare products, including OTC medications. Furthermore, Vietnam has a young and growing population, which creates a larger customer base for pharmacies. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in Vietnam is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors are all contributing to this growth. As customers seek convenience and accessibility, the demand for OTC medications is increasing. The rise of self-medication and e-commerce, along with the country's large population and growing middle class, are driving the growth of the market. The overall economic growth and young population of Vietnam also contribute to the development of the market.

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.