Vietnam E Pharmacy Market to Grow with a CAGR of 15.8% through 2029

Rising adoption of e-commerce is driving the growth of the Vietnam E Pharmacy Market, in the forecast period.

According to TechSci Research report, “Vietnam E Pharmacy Market  – By Region, Competition, Forecast and Opportunities, 2019-2029F”, the Vietnam E Pharmacy Market  stood at USD 107.92 million in 2023 and is anticipated to grow with a CAGR of 3.15% through 2029, The Vietnam E-Pharmacy Market is rapidly emerging as a significant component of the country's healthcare landscape, driven by increasing internet penetration, smartphone adoption, and a growing demand for convenient healthcare solutions. As Vietnamese consumers become more tech-savvy and health-conscious, the preference for online pharmacies is gaining momentum. E-pharmacies offer the convenience of accessing a wide range of pharmaceutical products, health supplements, and personal care items without the need to visit a physical store. This shift not only caters to the changing preferences of consumers but also addresses challenges related to the accessibility of healthcare services in rural and underserved areas. Consequently, the e-pharmacy sector is poised for substantial growth, transforming how medications and health products are distributed in Vietnam.

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The increasing penetration of the internet and smartphones. With a significant portion of the population accessing the internet through mobile devices, consumers find it easier to browse and order health-related products online. The proliferation of e-commerce platforms has further popularized online shopping, instilling confidence in consumers about purchasing pharmaceutical products online. Additionally, the COVID-19 pandemic has acted as a catalyst for growth, highlighting the need for safe and contactless shopping options. As people became more cautious about visiting physical stores, many turned to e-pharmacies for their healthcare needs, resulting in a lasting change in consumer behavior. The market is characterized by a diverse range of products available through e-pharmacies, including prescription medications, over-the-counter drugs, health supplements, and personal care products. This variety allows consumers to access both essential and supplementary healthcare products conveniently. Moreover, e-pharmacies often provide detailed information about products, enabling consumers to make informed decisions. The growing trend of self-medication, coupled with the increasing awareness of health and wellness, has further fueled demand for online pharmacies. Consumers are now more inclined to seek health information and purchase products online, reflecting a shift towards proactive health management.

The e-pharmacy market in Vietnam also faces certain challenges. Regulatory frameworks surrounding online pharmacies are still evolving, which can create uncertainties for both consumers and businesses. Ensuring compliance with laws related to the sale of pharmaceuticals, especially prescription medications, is crucial for maintaining consumer trust and safety. Additionally, logistical challenges, such as efficient delivery systems and maintaining product quality during transit, can hinder market growth. Consumer concerns regarding the authenticity of products purchased online also pose a significant challenge. E-pharmacies must focus on building robust supply chains and implementing stringent quality control measures to address these issues and foster consumer confidence in their services. The Vietnam E-Pharmacy Market is expected to witness sustained growth, driven by technological advancements and increasing consumer acceptance of online healthcare solutions. The integration of artificial intelligence and data analytics can enhance the personalization of services, allowing e-pharmacies to offer tailored recommendations based on individual health needs. Furthermore, strategic partnerships with healthcare providers and local pharmacies can strengthen distribution networks and enhance service offerings. As consumer preferences continue to evolve, e-pharmacies that prioritize convenience, transparency, and quality will be well-positioned to capture a significant share of the market. Overall, the Vietnam E-Pharmacy Market holds immense potential, poised to transform the healthcare landscape and improve access to medications and health products across the country.

The Vietnam E-Pharmacy Market is segmented into product type, therapy area, operating platform, and region.

The Apps segment is the fastest-growing category in the Vietnam E-Pharmacy Market by operating platform, reflecting the increasing reliance on mobile technology for healthcare solutions. As smartphone penetration continues to rise, consumers are increasingly turning to dedicated e-pharmacy applications for their convenience and user-friendly interfaces. These apps allow users to easily browse a wide range of pharmaceutical products, schedule prescriptions, and access health information at their fingertips. The integration of features such as personalized recommendations, order tracking, and secure payment options enhances the overall user experience, making it more appealing for consumers to shop for health products online. Additionally, the COVID-19 pandemic has accelerated the adoption of mobile apps, as many individuals prefer contactless shopping methods. As e-pharmacy apps continue to evolve with innovative functionalities, this segment is set to lead the market's growth, significantly transforming how consumers access medications and health services in Vietnam.

Key market players in the Vietnam E Pharmacy market include:

• The Medcare Medical Services Investment Joint Stock Company
• Buymed
• FPT Digital Retail Joint Stock Company
• Jio Health Clinics Limited
• Med247
• Gia Han Trading And Technologies Joint Stock Company
• Pharmacity Pharmaceutical Joint Stock Company
• Centre Médical International
• Medigo Software Limited Liability Company
• mClinica Pte. Ltd.

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“The E Pharmacy market in Vietnam is characterized by its vibrant and forward-moving nature, consistently evolving in response to changing consumer behaviours, the swift growth of online commerce, and advancements in technology. As it grows and adapts to ever-changing market trends and consumer demands, businesses that prioritize innovation stand a good chance of thriving. This sector's agility and its embrace of technological advancements position it well to navigate the complexities of the digital age. Companies that are quick to adopt new technologies and cater to the needs of consumers can capitalize on the opportunities presented by this dynamic industry. With a focus on staying ahead of the curve, these enterprises are well-equipped to lead in the competitive landscape of Vietnam's E Pharmacy market.” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based Global management consulting firm.

“Vietnam E Pharmacy Market By Product Type (Prescription Medicines v/s Over-The-Counter Medicines), By Therapy Area (Vitamins, Dermatology, Cold & Flu, Weight Loss, Others), By Operating Platform (Websites v/s Apps), By Region, Competition Forecast & Opportunities,2019-2029F”, has evaluated the future growth potential of E Pharmacy and provides statistics and information on market structure, size, share, and future 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 the Vietnam E Pharmacy market.

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