Dublin, Nov. 12, 2024 (GLOBE NEWSWIRE) -- The "Vietnam Pharmaceuticals Market, By Region, By Competition, Forecast & Opportunities, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.
The Vietnam Pharmaceuticals Market is undergoing significant growth, with projections showing a Compound Annual Growth Rate (CAGR) of 7.96% through 2029. Key factors contributing to this expansion include an aging population, increased healthcare infrastructure investment, government initiatives to boost local pharmaceutical production, and an uptick in chronic and lifestyle-related diseases. Economic and Regulatory Impacts
Vietnam's economic advancement is playing a pivotal role in fostering the pharmaceutical market's development, as higher income levels and improved living standards result in greater health expenditures. Additionally, government policies are enhancing the pharmaceutical sector's growth trajectory by advocating for domestic production and instituting regulatory reforms.
Healthcare Infrastructure Developments
Investments in healthcare infrastructure, such as upgrading hospitals to international standards and increasing healthcare service accessibility, are additional drivers contributing to the pharmaceutical market's prosperity. These initiatives help amplify the healthcare industry's reach and cater to the growing healthcare needs of Vietnam's residents.
Disease Burden and Epidemiological Shifts
The increase in chronic and lifestyle-related diseases is demanding greater access to a wide range of pharmaceutical products. The need for advanced treatments and generic medicines is escalating, encouraged by the growing incidence of ailments like diabetes and cardiovascular diseases.
Addressing Quality Assurance Challenges
The Vietnamese pharmaceutical market faces challenges with counterfeit drugs and quality assurance, which pose risks to public health and trust. Industry stakeholders are emphasizing the necessity of reinforcing regulatory oversight to maintain the supply chain's integrity and protect consumers.
Technological Advancements and Market Trends
Technological innovations are integral to the market's growth, unveiling new drugs and medical devices that transform patient care. Developments in precision healthcare and personalized treatment strategies are likely to respond to the unmet medical needs of Vietnamese citizens effectively.
Segmental Insights and Regional Dominance
Segment analysis points to a strong presence of generic drugs and prescription-based medicines, underlining the health system's current prescription drug prevalence and the promotion of generic alternatives. The South region, highlighted by Ho Chi Minh City's robust healthcare infrastructure, dominates the pharmaceutical market in Vietnam.
Industry Competitive Landscape
The market sees the presence of multiple key players, each contributing to the growth and innovation within Vietnam's pharmaceutical sector. These entities are instrumental in shaping a sustainable and forward-looking pharmaceutical market in the country. In summary, the Vietnam Pharmaceuticals Market exhibits a dynamic and promising growth path, supported by various economic, regulatory, and technological factors. The market's evolution bears significant implications for public healthcare, business opportunities in the pharmaceutical sector, and broader socio-economic development in the region.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 80 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $7.6 Billion |
| Forecasted Market Value (USD) by 2029 | $12.12 Billion |
| Compound Annual Growth Rate | 7.9% |
| Regions Covered | Vietnam |
Companies Featured
- Bayer Vietnam Ltd.
- DHG Pharmaceutical Joint Stock Company
- Traphaco Joint Stock Company
- Pharmaceutical Corporation Ha Tay
- Domesco Medical Import Export Joint Stock Corporation (DOMESCO)
- OPC Pharmaceutical Joint Stock Company
- Sanofi Vietnam
- Mekophar Chemical and Pharmaceutical JSC
- Imexpharm Pharmaceutical Joint Stock Company
- Pymepharco Joint Stock Company
For more information about this report visit https://www.researchandmarkets.com/r/aztsgv
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