Vietnam Pharmacy Retail Market Overview

Base Year: 2023

Historical Years: 2018-2023

Forecast Years: 2024-2032

Market Growth Rate: 5.31% (2024-2032)

Vietnam pharmacy retail market is expanding, driven by increasing healthcare demands and a growing number of retail pharmacy chains. According to the latest report by IMARC Group, the market is projected to grow at a CAGR of 5.31% from 2024 to 2032.

Vietnam Pharmacy Retail Market Trends and Drivers:

The Vietnam pharmacy retail market is witnessing a significant transformation driven by evolving consumer preferences and digitalization. The shift from traditional, small-scale pharmacies to larger, organized chains is notable, as consumers are becoming more health-conscious and seeking reliable, branded pharmaceuticals. This change is also fueled by the increasing presence of modern retail formats, which offer a wider selection of over the counter (OTC) and prescription medications, as well as health supplements. E-commerce platforms and digital pharmacy services are gaining traction, especially in urban areas, as more consumers turn to online shopping for convenience and competitive pricing.

The COVID-19 pandemic accelerated this shift, emphasizing the importance of accessibility and the seamless integration of online and offline services. Additionally, regulatory developments aimed at standardizing the pharmaceutical industry are contributing to the formalization and expansion of the retail landscape. This trend is further supported by strategic partnerships between local pharmacy chains and international healthcare firms, which are introducing advanced retail practices and better product management systems into the market.

The Vietnam pharmacy retail market is driven by the increasing healthcare expenditure among Vietnamese consumers, driven by a higher awareness about health and well-being. This is paired with an aging population that demands greater access to a variety of medications and health-related products. The government's efforts to enhance healthcare infrastructure and regulations have also played a pivotal role in fostering the development of organized retail chains that meet quality standards. The expanding middle class, with its rising disposable income, is another catalyst for the market, as consumers are willing to spend more on quality pharmaceuticals and health supplements.

Technological advancement is another key driver shaping the market. Digital transformation, including the integration of e-commerce, mobile apps, and digital payment systems, is enabling pharmacies to expand their reach and provide better customer service. This is complemented by the increased penetration of smartphones and internet access across the country, making it easier for consumers to access pharmacy services online. Collaboration between traditional pharmacies and tech companies enhances customer convenience through app-based prescriptions and teleconsultations. The rise of chronic diseases and a focus on preventive healthcare are driving demand for pharmaceutical products, prompting pharmacy retailers to diversify their offerings. The government's commitment to improving healthcare access in rural areas is also driving market expansion.

Vietnam Pharmacy Retail Market Report Segmentation:

The market report offers a comprehensive analysis of the segments, highlighting those with the largest Vietnam pharmacy retail market size. It includes forecasts for 2024-2032 and historical data from 2018-2023 for the following segments.

The report has segmented the market into the following categories:

Breakup by Market Structure:

  • Unorganized
  • Organized

Breakup by Product Type:

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

Breakup by Therapeutic Area:

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

Breakup by Drug Type:

  • Generic
  • Patented

Breakup by Pharmacy Location:

  • Street/Mall Based
  • Hospital Based

Breakup by Region:

  • Northern Vietnam
  • Central Vietnam
  • Southern Vietnam

For an in-depth analysis, you can refer to a sample copy of the report: 

https://www.imarcgroup.com/vietnam-pharmacy-retail-market/requestsample

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have been provided with some of the major market players in the Vietnam pharmacy retail industry.

Key highlights of the Report:

  • Market Performance (2018-2023)
  • Market Outlook (2024-2032)
  • COVID-19 Impact on the Market
  • Porter's Five Forces Analysis
  • Strategic Recommendations
  • Historical, Current, and Future Market Trends
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Structure of the Market
  • Value Chain Analysis
  • Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARCs information products include major market, scientific, economic, and technological developments for business leaders in pharmaceutical, industrial, and high-technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology, and novel processing methods are at the top of the company's expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

Contact Us:  

IMARC Group 

134 N 4th St. Brooklyn, NY 11249, USA 

Email: sales@imarcgroup.com 

Tel No:(D) +91 120 433 0800 

United States: +1-631-791-1145