Vietnam Over The Counter (OTC) Drugs Market to Grow With Impressive CAGR until 2027
Higher
demand for affordable medicine is driving the growth of the Vietnam Over The
Counter (OTC) drugs Market, in the forecast period, 2023-2027F.
According to TechSci report on, “Vietnam Over The Counter (OTC) Drugs Market - By
Region, Competition Forecast & Opportunities, 2027” Vietnam
over the counter (OTC) drugs market is anticipated to grow with an impressive
CAGR in the forecast period, 2023-2027 on the account of rapidly increasing
manufacturing and production of pharmaceutical product in the country. Further,
the increasing demand for affordable pharmaceutical products and surging
demands for the effective treatment for the diseases, when the branded drugs
are not flooding in the market, and population with weak financial status are all
anticipated to drive the growth of the Vietnam over the counter (OTC) drugs
market in the upcoming five years. Moreover, growing prevalence of self-medication
for the sedentary diseases, and lifestyle diseases are majorly responsible for
the increasing demands for the over the counter (OTC) drugs and thus support
the growth of the Vietnam over the counter (OTC) drugs market in the next five
years. Rising concerns among the youth population regarding their health,
influences from the social norms for following beauty standards, urge for
decreasing weight, have increased consumption for food supplements thus also
aiding to the growth of the Vietnam over the counter (OTC) drugs market in the
future five years. Moreover, sudden increase in the demand for the OTC drugs
were also due to the recent pandemic situation. The consumption of painkillers,
cold & flu medicines, and fever reducers increased multiple folds. Demand
for the over the counter drugs increased during these times through online
pharmaceutical channels too, thus ultimately aiding the growth of the Vietnam
over the counter (OTC) drugs market in the future five years.
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The Vietnam over
the counter (OTC) drugs market is segmented by product, route of
administration, dosage forms, distribution channel, competitional landscape, and
regional distribution. Based on product, the market is further segmented into
cough, cold and flu; vitamins, mineral, and supplements (VMS); analgesics;
gastrointestinal products; dermatology products; and others. Cough, cold and
flu drugs are anticipated to hold the largest revenue shares of the market and
dominate the market segment in the upcoming five years on the grounds of
increasing tendencies of self-prescription among the population. Moreover,
COVID-19 also plays a vital role in the upsurged demands for cough, cold and
flu medicines, thereby supporting the growth of the Vietnam over the counter
(OTC) drugs market in the future five years. Vitamins, minerals, and
supplements (VMS) drugs are expected to hold significant shares of the market
in the next five years since the number of health conscious population is
increasing. Surge in the demand for health supplements and nutrient enriched
tablets to support the dieting trends in the younger population further
supports the growth of the Vietnam over the counter (OTC) drugs market in the
forecast years.
The market is
also fragmented on the basis of route of administration of the drugs into oral,
topical, and parenteral. Oral route of administration is much preferred, and
thus tablets, and capsules are higher in demand. Administration of the drugs
through oral pathway is much easier and even monitoring the dosage of the same
is also feasible. Thus, oral segment is anticipated to hold the largest revenue
shares of the market and dominate the market segment in the upcoming five
years.
A
partial list of major market players of the Vietnam over the counter (OTC)
drugs market includes
·
Sanofi-Aventis Vietnam Company
·
GlaxoSmithKline Vietnam
·
Reckitt Benckiser Vietnam
·
Imexpharm Pharmaceutical Joint Stock Company
·
DHG Pharmaceutical Joint Stock Company
·
Traphaco Joint Stock Company
·
Binh Dinh Pharmaceutical and Medical
Equipment Joint Stock Company
·
Vimedimex Medi-Pharma Joint Stock Company
·
Vietnam Pharmaceutical Corporation
·
Ha Tay Pharmaceutical Joint Stock Company
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“Increasing demands for the over the counter (OTC) drugs to overcome lifestyle
diseases like diabetes, and infectious diseases like anti-inflammatory
diseases, are actively driving the growth of the Vietnam over the counter (OTC)
drug market in the upcoming five years. Although, the country do not have
extended research sector and new drug development capabilities, the increasing
demands for the self-prescribed drugs and vitamins, & supplements and
recent pandemic situation has further enhanced the growth of the market in the
next five years,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Vietnam Over The Counter
(OTC) Drugs Market By Product (Cough, Cold and Flu; Vitamins, Mineral, and
Supplements (VMS); Analgesics; Gastrointestinal Products; Dermatology Products;
Others), By Route of Administration (Oral, Topical, Parenteral), By Dosage Form
(Tablets, Capsules, Liquids & Solution, Creams/Lotions/Ointments, Others), By
Distribution Channel (Retail Pharmacy, Hospital Pharmacy, E-Pharmacy), By Region, Competition
Forecast & Opportunities, 2027” has evaluated the future growth potential of Vietnam over
the counter (OTC) drugs 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 over the
counter (OTC) drugs market.
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