Vietnam Pharmacy Retail Market

Market Overview:

Vietnam pharmacy retail market is projected to exhibit a growth rate (CAGR) of 5.31% during 2024-2032. The increasing accessibility of pharmacy services across urban and rural areas, heightened focus on preventive care and self-medication, growing prevalence of lifestyle diseases and rising adoption of online pharmacy platforms represent some of the key factors driving the market.

Pharmacy retail, often referred to as retail pharmacy or community pharmacy, is a crucial component of the healthcare system that directly provides pharmaceutical products, medications, and healthcare services to the public. These retail establishments are typically located in local communities and are accessible to the general public, serving as a vital link between patients and healthcare professionals. At a pharmacy retail outlet, trained pharmacists and pharmacy technicians are pivotal in ensuring the safe and effective use of prescription and over-the-counter medications. They offer valuable services such as medication dispensing, prescription filling, medication counselling, and medication therapy management. Pharmacists are also equipped to provide information on drug interactions, side effects, and proper dosage instructions, promoting medication adherence and patient well-being. In addition to medications, pharmacy retail stores stock a wide range of healthcare and wellness products, including vitamins, supplements, personal care items, and medical equipment. Some pharmacies also offer immunization services, health screenings, and disease management programs to support community health. Pharmacy retail is a trusted resource for individuals seeking guidance on their health and wellness needs, making it an integral part of the healthcare ecosystem. At present, pharmacy retail is gaining immense traction in Vietnam as it plays a crucial role in improving public health by ensuring access to essential medications and healthcare information.

Vietnam Pharmacy Retail Market Trends:

The Vietnam pharmacy retail market is experiencing significant growth driven by the expanding middle class and rising disposable incomes that boost healthcare spending and the demand for pharmaceutical products and healthcare services. Apart from this, increasing healthcare needs, including the escalating demand for prescription and over-the-counter medications due to the expanding geriatric population in Vietnam, are positively influencing the market growth. Moreover, several favorable government initiatives to improve healthcare infrastructure and expand access to healthcare services are propelling the market growth. Additionally, ongoing efforts to enhance healthcare regulations and quality standards has amplified consumer trust in pharmacy outlets, thereby supporting market growth. Besides this, the rising collaborations between pharmacies and healthcare providers for health screening and wellness services has catalyzed market growth. Furthermore, the growing importance of accessible healthcare services and products amid the COVID-19 pandemic has escalated the demand for pharmacies and healthcare essentials. Along with this, the heightening adoption of e-commerce and digital solutions in the pharmacy retail sector is another major growth-inducing factor. Other factors, including the rapid expansion of pharmacy chains in franchise outlets, rising consumer awareness and health consciousness, and increasing prevalence of chronic diseases and lifestyle-related health issues, are also anticipated to drive the market further.

Vietnam Pharmacy Retail Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on market structure, product type, therapeutic area, drug type, and pharmacy location.

Market Structure Insights:

• Unorganized
• Organized
   

The report has provided a detailed breakup and analysis of the market based on the market structure. This includes unorganized and organized.

Product Type Insights:

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

A detailed breakup and analysis of the market based on the product type have also been provided in the report. This includes over-the-counter products, prescribed drugs, non-pharmaceutical products, and medical equipment.

Therapeutic Area Insights:

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

The report has provided a detailed breakup and analysis of the market based on the therapeutic area. This includes cardiovascular, pain relief/analgesics, vitamins/minerals/nutrients, anti-infective, anti-diabetic, and others.

Drug Type Insights:

• Generic
• Patented
   

A detailed breakup and analysis of the market based on the drug type have also been provided in the report. This includes generic and patented.

Pharmacy Location Insights:

• Street/Mall Based
• Hospital Based
   

The report has provided a detailed breakup and analysis of the market based on the pharmacy location. This includes street/mall based and hospital based.

Regional Insights:

• Northern Vietnam
• Central Vietnam
• Southern Vietnam
   

The report has also provided a comprehensive analysis of all the major regional markets, which include Northern Vietnam, Central Vietnam, and Southern Vietnam.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Vietnam Pharmacy Retail Market Report Coverage:

Key Questions Answered in This Report:

• How has the Vietnam pharmacy retail market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the Vietnam pharmacy retail market?
• What is the breakup of the Vietnam pharmacy retail market on the basis of market structure?
• What is the breakup of the Vietnam pharmacy retail market on the basis of product type?
• What is the breakup of the Vietnam pharmacy retail market on the basis of therapeutic area?
• What is the breakup of the Vietnam pharmacy retail market on the basis of drug type?
• What is the breakup of the Vietnam pharmacy retail market on the basis of pharmacy location?
• What are the various stages in the value chain of the Vietnam pharmacy retail market? 
• What are the key driving factors and challenges in the Vietnam pharmacy retail?
• What is the structure of the Vietnam pharmacy retail market and who are the key players?
• What is the degree of competition in the Vietnam pharmacy retail market? 

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Vietnam pharmacy retail market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Vietnam pharmacy retail market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Vietnam pharmacy retail industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.