What Is the Market Size and Forecast for Vietnam’s Pharmacy Retail Market?

 Vietnam Pharmacy Retail Market Overview

Base Year: 2023

Historical Years: 2018-2023

Forecast Years: 2024-2032

Market Growth Rate: 5.31% (2024-2032)

Vietnam pharmacy retail market is expanding, driven by increasing healthcare demands and a growing number of retail pharmacy chains. According to the latest report by IMARC Group, the market is projected to grow at a CAGR of 5.31% from 2024 to 2032.

Vietnam Pharmacy Retail Market Trends and Drivers:

The Vietnam pharmacy retail market is evolving rapidly, with a shift toward the expansion of both online and offline retail channels. As digital transformation accelerates, consumers are turning to e-commerce platforms for purchasing pharmaceuticals and wellness products, with several pharmacies adopting online services to cater to this growing demand.

This trend is particularly prevalent among urban populations and technologically proficient consumers seeking convenience. Another important trend is the growing preference for self-medication and over-the-counter (OTC) products. In addition, there is a rising demand for wellness products, including vitamins, supplements, and herbal remedies, as consumers focus more on preventive care and maintaining overall health. Moreover, the pharmacy retail market in Vietnam is seeing an increase in pharmacies offering added services, such as health consultations, vaccinations, and personalized care, enhancing the consumer experience.

The Vietnam pharmacy retail market is primarily driven by the growing population and rapid urbanization of the country. As the urban population expands, the demand for pharmacy products, including pharmaceuticals, health supplements, and personal care items, continues to increase. The rise in disposable incomes among Vietnamese consumers is also a significant driver, allowing more people to access health and wellness products.

As economic development accelerates, a larger segment of the population is seeking improved healthcare solutions, contributing to higher spending on pharmacy products. Additionally, the increasing prevalence of chronic diseases, such as diabetes, hypertension, and cardiovascular conditions, is fueling the demand for both prescription and over-the-counter medications. This trend is also supported by an aging population, which requires various healthcare services and products to manage age-related conditions. With the expansion of healthcare infrastructure in Vietnam, pharmacies are becoming more accessible, particularly in rural areas, as the government focuses on improving healthcare services nationwide.

Another notable driver is the increasing awareness about health and wellness, leading to a greater emphasis on preventive healthcare. With consumers becoming more informed about their health needs, there is a growing preference for natural and organic products, including herbal medicines and dietary supplements. In response to this demand, pharmacy retailers are expanding their product offerings to include a wide range of wellness and beauty products.

Additionally, the ongoing digitalization of the pharmacy retail market plays a significant role in shaping its future. The rise of e-pharmacies and online health services is providing consumers with greater convenience and access to a wide array of pharmacy products from the comfort of their homes. The development of mobile health applications and telemedicine services is also facilitating online consultations, making healthcare more accessible.

Vietnam Pharmacy Retail Market Report Segmentation:

The market report offers a comprehensive analysis of the segments, highlighting those with the largest Vietnam pharmacy retail market size. It includes forecasts for 2024-2032 and historical data from 2018-2023 for the following segments.

The report has segmented the market into the following categories:

Breakup by Market Structure:

  • Unorganized
  • Organized

Breakup by Product Type:

  • Over-the-Counter Products
  • Prescribed Drugs
  • Non-Pharmaceutical Products
  • Medical Equipment

Breakup by Therapeutic Area:

  • Cardiovascular
  • Pain Relief/Analgesics
  • Vitamins/Minerals/Nutrients
  • Anti-Infective
  • Anti-Diabetic
  • Others

Breakup by Drug Type:

  • Generic
  • Patented

Breakup by Pharmacy Location:

  • Street/Mall Based
  • Hospital Based

Breakup by Region:

  • Northern Vietnam
  • Central Vietnam
  • Southern Vietnam

For an in-depth analysis, you can refer to a sample copy of the report: 

https://www.imarcgroup.com/vietnam-pharmacy-retail-market/requestsample

Competitive Landscape:

The market research report also provides a comprehensive analysis of the competitive landscape in the market. It provides detailed profiles of all major companies and some of the major market players in the Vietnam pharmacy retail industry.

Key highlights of the Report:

  • Market Performance (2018-2023)
  • Market Outlook (2024-2032)
  • COVID-19 Impact on the Market
  • Porter’s Five Forces Analysis
  • Strategic Recommendations
  • Historical, Current, and Future Market Trends
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Structure of the Market
  • Value Chain Analysis
  • Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARCs information products include major market, scientific, economic, and technological developments for business leaders in pharmaceutical, industrial, and high-technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology, and novel processing methods are at the top of the company's expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

Contact Us:  

IMARC Group 

134 N 4th St. Brooklyn, NY 11249, USA 

Email: sales@imarcgroup.com 

Tel No:(D) +91 120 433 0800 

United States: +1-631-791-1145

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