Vietnam Pharmacy Retails Market to Grow Due to Technological Advancement until 2026
Evolving trend of online shopping is
driving the growth of Vietnam Pharmacy Retails Market, in the forecast period,
2022-2026.
According to TechSci report on, “Vietnam Pharmacy Retails Market By Market
Structure (Organized v/s Unorganized), By Product Type (Prescribed Drugs,
Over-the-Counter Products, Non-Pharmaceutical Products, Medical Equipment), By
Therapeutic Area (Cardiovascular, Anti-Diabetic, Pain Relief/Analgesics,
Vitamins/Minerals/Nutrients, Anti-Infective, Others), By Drug Type (Generic v/s
Patented), By Pharmacy Location (Street/Mall Based v/s Hospital Based), By
Region, Competition Forecast & Opportunities, 2026”, Vietnam
pharmacy retails market has shown
promising growth in historical years until 2019 and is expected to continue its
growth in upcoming forecast years 2021 to 2026. Vietnam pharmacy retails market
owes its growth to the factors like government aid toward provision of proper
allotment of public funds and resources so that new market players may enter
the market with convenience. Moreover, high economic growth of the country and
the increased personal income is also influencing the growth of the Vietnam
pharmacy retail market in the upcoming five years. Additionally, rising
population of the country along with the rapid urbanization is driving the
growth of the Vietnam pharmacy retail market in the next five years. Also,
increasing number of geriatric populations is surging the demand for the
increased number of pharmacy retail in their local areas and thus driving the
growth of the Vietnam pharmacy retail market in the future five years. Higher
living standards of the population is stimulating the aggregate consumption of pharmaceutical
products and further substantiating the growth of the Vietnam pharmacy retails
market in the forecast period until 2026.
Although
consumption behavior of the middle-class and upper-class patients who are
actively inclined toward purchasing drugs from private pharmacies that are not
connected with public service delivery, or health insurance system is impacting
the growth of the Vietnam pharmacy retails market in future.
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The
Vietnam pharmacy retail market segmentation is based on market structure,
product type, therapeutic area, drug type, pharmacy location, competitive
landscape, and regional distribution. Based on product type, the market is
further bifurcated into prescribed drugs, over-the-counter products,
non-pharmaceutical products, and medical equipment. Over the counter drugs and
products are anticipated to hold the largest revenue shares of the market and
dominate the market segment on the account of ease of accessibility of the products
for the consumer. Prescribed drugs are also expected to register a significant
growth in the future five years on the backbone of investment and government
initiatives and insurances claim is anticipated to further support the growth
of the Vietnam pharmacy retail market in the future forecast period.
Holding
major shares of the Vietnam pharmacy retails market are Long Chau & Phano
Pharmacy, Pharmacity, Medicare, Phano Pharmacy, Mobile World Group (An Khang
Pharmacy), My Chau Pharmacy, ECO Pharmaceuticals, VinFa (Vingroup), Ku. Dos
Pharmaceutical Joint Stock Company, SK Pharmacy Group, among others. With the
evolving technology, it is appropriate to say that the effective research and
development of the technologically advanced pharmacy retails and methods to
satisfy consumer demands would support the market growth and benefit the market
players as well as the consumers. New market players may focus on the research
and development to provide such infrastructure and services that satisfies the
consumer demand as well as benefits the market players in building their brand
value. Other competitive strategies include mergers & acquisitions and new
product developments.
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“Vietnam
healthcare sector is growing in the recent years and the services are
effectively aiding the patients in the country as well as the patient visiting
the country for medical tourism. Additionally, the government is actively
working to improve the healthcare facility for the patient and provisions of pharmacy
retails, infrastructure upgrades, reimbursement facilities and liberation of
rules regarding insurance facilities in healthcare centers is further driving
the growth of the healthcare sector and thus supporting the growth of the
Vietnam pharmacy retail market in the upcoming five years. New market players entering
the market must focus on the investment in research and development for the
hospital amenities, medical devices, etc. that are often required. Availability
of the wider range of the pharmaceutical products along with the FMCG related
products would support their future brand establishment,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Vietnam
Pharmacy Retails Market By Market Structure (Organized v/s Unorganized), By
Product Type (Prescribed Drugs, Over-the-Counter Products, Non-Pharmaceutical
Products, Medical Equipment), By Therapeutic Area (Cardiovascular,
Anti-Diabetic, Pain Relief/Analgesics, Vitamins/Minerals/Nutrients,
Anti-Infective, Others), By Drug Type (Generic v/s Patented), By Pharmacy Location
(Street/Mall Based v/s Hospital Based), By Region, Competition Forecast &
Opportunities, 2026” has evaluated the
future growth potential of Vietnam pharmacy retails market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers, challenges,
and opportunities in Vietnam pharmacy retails market.
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