Vietnam Pharmacy Retail Market to grow at a CAGR of 6% and reach USD10.68 billion by 2027

Increasing number of pharmacies in Vietnam are expected to drive the Vietnam Pharmacy Retail Market during the forecast period, 2022-2027

According to TechSci Research report, “Vietnam Pharmacy Retail - By Region, Forecast and Opportunities, 2017-2027”, the Vietnam Pharmacy Retail Market stood at USD7.45 billion in 2021 and is expected to register a CAGR of 6% during the forecast period. The increase in number of pharmacies in Vietnam and rising adoption of e-Pharmacies are the primary factors driving the Vietnam Pharmacy Retail market. The Vietnamese population is entering the aging stage at a very high rate i.e., about 1.1% on average during 2000–2015. Owing to the rapid expansion of the middle class and the aging people ratio, the market dramatically pushed up the demand for healthcare goods, especially pharmaceutical products. This significantly increased the rate of drug purchases and demand for retail pharmacies.

However, the advancement in retail chains model, the retail pharmacy starts its establishment on every corner and convenient locations near hospitals, residential areas, shopping complexes, and others which enhanced the growth of the market during the forecast period.

Browse over 26 market data Figures spread through 93 Pages and an in-depth TOC on "Vietnam Pharmacy Retail Market"

The Vietnam Pharmacy Retail Market is segmented on the basis of market structure, product type, therapeutic area, drug type, pharmacy location, and region. Based on product type, the market can be bifurcated into over-the-counter products, prescribed drugs, non-pharmaceutical products, and medical equipment. The over-the-counter products market segment dominated the market. This can be ascribed to the high economic growth, rising income per capita, higher urban population, as well as aging population.

In terms of drug type, the market can be split into generic and patented. The generic segment dominated the market in 2021 with an overall share of 76.31% on account of its high usability and low cost.

By pharmacy location, the market can be categorized into street/mall based and hospital-based pharmacy. The street/mall based pharmacy segment dominated the market in 2021 with an overall share of 61.96% because a large number of pharmacies are located outside the hospital premises in shopping complexes, malls etc.  

Major companies operating in Vietnam Pharmacy Retail market include:

• Pharmacity Pharmacy Joint Stock Company
• FPT Long Chau Pharma Joint Stock Company
• Eco Pharmaceutical Joint Stock Company
• Me Di Ca Company Limited
• An Khang Pharmacy
• Phano Pharmacy Joint Stock Company
• KuDos Pharmaceutical Joint Stock Company
• VinFa Joint Stock Company
• Guardian Vietnam
• Matsumoto Kiyoshi Vietnam Joint Stock Company

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“Vietnam Pharmacy Retail market is expected to witness significant growth during the forecast period on account of increasing number of pharmacies. An increase in number of pharmacies and rising adoption of E-pharmacies further supports the demand for Pharmacy retail market in Vietnam. Additionally, increase in number of retail chain business of pharmaceutical and healthcare products is expected to create lucrative opportunities for the market growth in the next few years” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Vietnam Pharmacy Retail Market, By Market Structure (Unorganized v/s Organized), By Product Type (Over-the-Counter Products, Prescribed Drugs, Non-Pharmaceutical Products, Medical Equipment), By Therapeutic Area (Cardiovascular, Pain Relief/Analgesics, Vitamins/Minerals/Nutrients, Anti-Infective, Anti-Diabetic, Others), By Drug Type (Generic v/s Patented), By Pharmacy Location (Street/Mall Based v/s Hospital Based), By Region, Competition, Forecast & Opportunities, 2027”, has evaluated the future growth potential of the Vietnam Pharmacy Retail 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 Retail Market.

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