OTC Pharmaceuticals - Vietnam

  • Vietnam
  • Revenue in the OTC Pharmaceuticals market amounts to €807.60m in 2024. The market is expected to grow annually by 6.70% (CAGR 2024-2029).
  • The market's largest segment is the segment Other OTC Pharmaceuticals with a market volume of €250.00m in 2024.
  • In global comparison, most revenue is generated in the United States (€38,250m in 2024).
  • In relation to total population figures, per person revenues of €8.12 are generated in 2024.
  • In the OTC Pharmaceuticals market, 12.7% of total revenue will be generated through online sales by 2024.

Key regions: Worldwide, India, Philippines, United States, Europe

 
Mercado
 
Región
 
Comparación de regiones
 
Moneda
 

Analyst Opinion

The OTC Pharmaceuticals market in Vietnam has been experiencing steady growth in recent years. Customer preferences have shifted towards self-medication and increased awareness of health and wellness. This has led to an increased demand for over-the-counter (OTC) medicines in the country.

Customer preferences:
Vietnamese consumers are increasingly turning to self-medication as a convenient and cost-effective way to treat minor health issues. This is driven by several factors, including the rising middle class, increased access to healthcare information, and the growing availability of OTC medicines in pharmacies and convenience stores. Additionally, consumers are becoming more health-conscious and proactive in managing their own health, leading to a greater demand for OTC products.

Trends in the market:
One of the key trends in the OTC Pharmaceuticals market in Vietnam is the growing popularity of traditional medicine. Vietnamese consumers have a long-standing tradition of using herbal remedies and traditional treatments for various ailments. This trend has been further fueled by the government's efforts to promote traditional medicine and the use of natural ingredients in healthcare products. As a result, there has been an increase in the availability of OTC products that incorporate traditional medicine ingredients. Another trend in the market is the rise of e-commerce and online pharmacies. With the increasing penetration of smartphones and internet access, more consumers are turning to online platforms to purchase OTC medicines. Online pharmacies offer convenience, competitive pricing, and a wide range of products, making them an attractive option for consumers. This trend is expected to continue as e-commerce continues to grow in Vietnam.

Local special circumstances:
Vietnam has a rapidly aging population, which is driving the demand for OTC medicines. As people age, they are more likely to experience chronic health conditions and require ongoing medication. OTC medicines that treat common ailments such as arthritis, high blood pressure, and diabetes are in high demand among the elderly population. This demographic shift is expected to continue in the coming years, further driving the growth of the OTC Pharmaceuticals market.

Underlying macroeconomic factors:
Vietnam's strong economic growth and rising disposable incomes have contributed to the growth of the OTC Pharmaceuticals market. As people have more money to spend on healthcare, they are more likely to purchase OTC medicines. Additionally, the government's efforts to improve healthcare infrastructure and expand access to healthcare services have also played a role in the market's growth. In conclusion, the OTC Pharmaceuticals market in Vietnam is experiencing steady growth due to changing customer preferences, including a shift towards self-medication and increased awareness of health and wellness. The market is also influenced by trends such as the popularity of traditional medicine and the rise of e-commerce. Local special circumstances, such as the aging population, further contribute to the market's growth. Overall, the market is expected to continue expanding in the coming years, driven by underlying macroeconomic factors such as Vietnam's strong economic growth and rising disposable incomes.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.

Visión general

  • Revenue
  • Key Players
  • Analyst Opinion
  • Sales Channels
  • Global Comparison
  • Methodology
  • Key Market Indicators
Espere, por favor

Contacto

¿Alguna duda? Estaremos encantados de atenderte.
Statista Locations
Contacto Nerea Marcos
Nerea Marcos
Client Success Manager

Lu - vi, 9:30 - 17:00 h (CET)

Contacto Meredith Alda
Meredith Alda
Sales Manager– Contacto (Estados Unidos)

Lu - vi, 9:00 - 18:00 h (EST)

Contacto Yolanda Mega
Yolanda Mega
Operations Manager– Contacto (Asia)

Lu - vi, 9:00 - 17:00 h (SGT)

Contacto Kisara Mizuno
Kisara Mizuno
Senior Business Development Manager– Contacto (Asia)

Lu - vi, 10:00 - 18:00 h (JST)

Contacto Lodovica Biagi
Lodovica Biagi
Director of Operations– Contacto (Europa)

Lu - vi, 9:30 - 17:00 h (GMT)

Contacto Carolina Dulin
Carolina Dulin
Group Director - LATAM– Contacto (América Latina)

Lu - vi, 9:00am-6:00pm (EST)