Friday, October 4, 2024

Email id: support@kenresearch.com, Contact Us : +91-9871552944

Home Health Care Aging Population, Digitization and Rising Adoption of E-Pharmacies to Drive the Growth...

Aging Population, Digitization and Rising Adoption of E-Pharmacies to Drive the Growth of Pharmacy Retail Industry in Vietnam: Ken Research

  • Following its plan of setting up approximately 1,000 pharmacies by 2021, the number of Pharmacity stores crossed 500 in 2020. The company plans to open more than one store per day across the in 2021. In September 2020, the Ministry of Health launched a Telemedicine platform to provide remote consultation & treatment, linking over 1,000 health facilities and connecting 27 upper-tier hospitals with other lower-tier ones.
  • The Drug Administration of Vietnam under the Ministry of Health recently launched an online database of approved drugs, pharmaceutical producers and distributors, as well as licensed pharmacists/pharmacies in Vietnam allow public to easily look up drugs’ information, including their quality and prices.

Domination of Unorganized Pharmacies: Majority of pharmacies in Vietnam are unorganized or standalone. These pharmacies are located in almost every corner and in convenient locations near residential areas, hospitals and shopping complexes among others. Consumers have a tendency to prefer these pharmacies as they are very accessible. In the future also, unorganized pharmacies are expected to dominate the industry.

Growth of E-Pharmacies: Pharmacy chain such as Pharmacity, Long Chau & Phano Pharmacy have all ventured into hybrid pharmacy model and launched their official online websites & mobile apps to enable customers to buy products from the convenience of their home. Value added services offered such as online consultation with pharmacist, uploading prescription, storing medical records, BMI calculator, etc are stimulating the adoption of e-pharmacies in the country, especially in the major provinces including Ho Chi Minh, Hanoi and Da Nang.

Geographical Expansion: Pharmacy chains are expected to shift their focus from southern region, particularly Ho Chi Minh City, and expand their store network in northern and central provinces such as Hanoi, Da Nang, Thua Thien Hue, Quang Nam, Ha Tay, Vinh Phuc, Quang Ninh & more to establish a strong brand name.

Analysts at Ken Research in their latest publication Vietnam Pharmacy Retail Market Outlook to 2025-By Market Structure (Organized & Unorganized); By Region (North, South & Central); By Hospital-based & Street/Mall-based; By Product Categories (Prescribed, OTC, Non-Pharmaceutical Products & Medical Equipment); By Therapeutic Areas; and By Product Type (Patented & Generic Drugs)observed that there has been a surge in the number of pharmacy retail chains in Vietnam in the recent years with electronic giants such as FPT & Mobile World Group entering the pharmaceutical retail industry. Rapid store expansion by these players and rising drug spending has contributed to the growth of the market. The Pharmacy Retail Industry in Vietnam is expected to grow at a CAGR of 8.1% on the basis of revenue and 4.6%on the basis of number of pharmacies over the forecast period 2019-2025.

vietnam-pharmacy-retail-market

Vietnam Pharmacy Retail Market (Basis Revenue and Number of Pharmacies):-

Vietnam Pharmacy Retail Market Segmentations (On the basis of Sales Volume)

By Market Structure (On the basis of Revenue and Number of Pharmacies)

Organized Market

Unorganized Market

By Product Category (On the basis of Revenue)

Prescribed Drugs

Over-the-Counter Products

Non-Pharmaceutical Products

Medical Equipment

By Region (On the basis of Revenue & Number of Pharmacies)

North

Central

South

By Therapeutic Areas (On the basis of Revenue)

Cardiovascular

Anti-Diabetic

Pain Relief/Analgesics

Vitamins/Minerals/Nutrients

Anti-Infective

Respiratory

Gastrointestinal

Neuro

Gynecology

Others

By Drug Type (On the basis of Revenue)

Generics

Patented

By Location (On the basis of Number of Pharmacies)

Street/Mall Based

Hospital Based

Pharmacy Retail Chains Covered:-

Pharmacity

Long Chau

Guardian

Medicare

Phano Pharmacy

An Khang

Trung Son

VinFa

Eco Pharmacy

My Chau

SK Plus Pharmacy

Key Target Audience:-

Pharmaceutical Manufacturing Companies

Pharmacy Retail Companies

Independent Pharmacies

Industry Associations

Government and Regulatory Bodies

Telemedicine Companies

Pharmaceutical Distributors & Wholesalers

Time Period Captured in the Report:-

Historical Period: 2014-2019

Forecast Period:  2020-2025

Key Topics Covered in the Report:-

Overview and Genesis of Vietnam Pharmacy Retail Industry

Vietnam Demographics, Healthcare Overview & Health Statistics

Usage of Contraception & Family Planning Practices in Vietnam

Health Insurance Scenario

Trends and Growth Drivers in the Industry and Challenges Faced

Vietnam Pharmacy Retail Market Size and Segmentations, 2014-2019

Telemedicine & Growth of Hybrid Pharmacies

Customer Decision Making Parameters & Brand Perception Mapping

Industry SWOT Analysis and BCG Matrix

Cross Comparisons between Pharmacy Retail Chains and Company Profiles

Future Market Size and Segmentations, 2020-2025F

Covid-19 Impact on the Industry, Future Trends & the Way Forward

Analysts’ Recommendations

For More Information on the research report, refer to below link:-

Vietnam Pharmacy Retail Market

Related Reports:-

Taiwan Pharmacy Retail Market Outlook to 2025 – By Market Structure (Organized and Unorganized), By Region (Taipei Division, Northern Division, Central Division, Southern Division, KaoPing Division and Eastern Division), By Product Sales (Prescribed Medicines, OTC Products, Non Pharma Products and Medical Equipment’s), By Drug Type (Generic And Patented) and By Therapeutic Class

The Taiwan Pharmacy Retail Market is a growing market. The country has universal coverage of health insurance which covers both western medicines and traditional Chinese medicines. The National Health Insurance provides drug reimbursement in which more than 17,000 prescription drugs are covered. In this model, the customer needs to make small co-payment (in order to avoid the wastage and misuse of drug) and the remaining amount is sponsored by the government. The chain pharmacy stores are increasing their presence by opening new stores and acquiring independent stores or small regional chains. Some pharmacy chains have also adopted the franchise model for store expansion. Pharmacies chains are focusing on selling high margin products such as Maternal and Baby Supplies, Cosmetics, Nutritional Supplements and others in order to increase the profitability of their stores. The Taiwan Pharmacy Retail Market witnessed a revenue growth of 2.8% during 2014-2019.

Philippines Pharmacy Retail Market Outlook to 2025 – By Market Structure (Organized and Unorganized), By Location (Standalone and Hospital Based), By Region (North, Central and South), By Product Sales (Prescribed Medicines, OTC Products, Non Pharma Products and Medical Equipments), By Drug Type (Generic and Patented) and By Therapeutic Class

The Philippines Pharmacy Retail Market is a booming industry backed by the growing demand for the generic medicines and increase in the number of chain pharmacies. The market had presence of different type of pharmacy stores such as Chinese drugstores, traditional medicine shops which are now replaced with modern American style pharmacies. The independent pharmacies and regional chains are being acquired by big national chains for expedited expansion. Further, some chains have also adopted the franchise model for store expansion. The high price for pharmaceutical products has shifted the consumer towards the consumption of generic medicines which are now in high demand. The government is revamping the public medicine distribution system in order to make them accessible to the people in rural areas. Online pharmacies are a relatively new concept and are gaining traction in the region. The market witnessed a growth of 3.4% during 2014-2019.

Thailand Pharmacy Retail Market Outlook to 2025 – By Market Structure (Organized & Unorganized Segment); By Region / Cities (Bangkok & its Vicinity, Central, South, Northeast, North, Eastern & West); By Product Categories (Prescribed, OTC, Non-Pharmaceutical Products and Medical Equipment); By Therapeutic Areas; and By Product Type (Patented & Generic Drugs)

Volatile growth was observed within Thailand pharmacy retail market as multiple pharmacy stores closed due to the non-compliance of GPP standards required by the FDA. However, the closure of pharmacy outlets resulted in higher customer footfall in other pharmacies; hence a lower revenue growth rate was recorded in the year 2019. The market was observed in the growth stage owing to the growing intensity of competition among the retail pharmacies in the market in terms of wide product offering and value added services. The franchise model has become quite popular with new chains adapting to this model for faster store expansion. Moreover, the collaboration between state hospitals and small chains has helped patients being treated under “UHC” alongside the growth of pharmacy stores. Change in population structure i.e. the transition to the Thai aging society has led to a surge in drugs (including dietary supplements) demanded towards chronic diseases such as hypertension, diabetes, and others. The market is booming owing to the rising number of cases of NCDs, online pharmacy services, increasing government health expenditure, and other growth drivers.

Follow Us:-

LinkedIn | Instagram | Facebook | Twitter | YouTube

Contact Us:
Ken Research
Ankur Gupta, Head Marketing & Communications
Support@kenresearch.com
+91-9015378249

RELATED ARTICLES

Dietary Supplements Market: Size, Segmentation and Future Outlook

Dietary supplements, those concentrated sources of nutrients, have become a staple in many households globally. Whether it's filling nutritional gaps or targeting specific health...

Single-Use Bioprocessing Industry- Analysis, Growth and Future Outlook

The single-use bioprocessing market is experiencing a surge, fueled by its inherent advantages in efficiency, flexibility, and cost-effectiveness for biopharmaceutical production. This report analyzes...

Trends, Challenges and Opportunities in Osteoporosis Drugs Market

Osteoporosis, a condition characterized by weakened and brittle bones, poses a significant health concern for millions globally.The osteoporosis drugs market, encompassing medications used to...

Most Popular

Navigating the Dynamic Landscape of the Smartphone Industry

The Smartphone industry stands at the forefront of technological innovation, shaping the way individuals communicate, work, and interact with the digital world. From cutting-edge...

US Food Allergen Testing Industry: Trends, Challenges, and Opportunities

The US Food Allergen Testing industry is a critical sector safeguarding public health by ensuring food safety and catering to the growing population with...

The Dynamics of the Coal Mining Market: Growth Drivers and Challenges

Introduction Coal mining serves as a cornerstone in fueling industries, generating electricity, and fostering economic growth worldwide. This article delves into various facets of the...

A Market Research Report on the Cosmeceuticals Industry in India

The Indian beauty landscape is witnessing a fascinating shift. Consumers are no longer just seeking products that enhance appearance; they are actively seeking solutions...