Aging Population, Digitization and Rising Adoption of E-Pharmacies to Drive the Growth of Pharmacy Retail Industry in Vietnam: Ken Research
GURUGRAM, India, June 9, 2021 /PRNewswire/ -- Key Findings
- 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 allowpublic 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 (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 Equipments
- By Region (On the basis of Revenue and 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
- Vietnam Pharmacy Retail Market
- Vietnam Pharmacy Retail Market Revenue
- Vietnam Pharmacy Retail Industry
- Vietnam Internet Medicine Market
- Vietnam Prescribed Medicine Retail Market
- Number of Pharmacies Vietnam
- Number of Drugstores Vietnam
- Telemedicine Platforms Vietnam
- Online Pharmacies Vietnam
- E-Pharmacies Vietnam
- Vietnam Medicine Retail Market
- Vietnam Patented Drug Market
- Vietnam Generic Drug Market
- Vietnam Branded Generics Market
- Vietnam Telemedicine Market
- Vietnam Organized Pharmacies
- Vietnam Unorganized Pharmacies
- Ho Chi Minh Pharmacy Retail Market
- Ho Chi Minh Number of Pharmacies
- Hanoi Pharmacy Retail Market
- Hanoi Number of Pharmacies
- Number of Pharmacists Vietnam
- Pharmacity Revenue Vietnam
- Long Chau Revenue Vietnam
- Medicare Revenue Vietnam
- Guardian Revenue Vietnam
- Phano Pharmacy Revenue Vietnam
- An Khang Pharmacy Revenue Vietnam
- My Chau Pharmacy Revenue Vietnam
- Eco Pharmacy Revenue Vietnam
- Pharmacity Number of Pharmacies Vietnam
- Long Chau Number of Pharmacies Vietnam
- Medicare Number of Pharmacies Vietnam
- Guardian Number of Pharmacies Vietnam
- Phano Pharmacy Number of Pharmacies Vietnam
- An Khang Pharmacy Number of Pharmacies Vietnam
- My Chau Pharmacy Number of Pharmacies Vietnam
- Eco Pharmacy Number of Pharmacies Vietnam
- VinFa Number of Pharmacies Vietnam
- Trung Son Number of Pharmacies Vietnam
- Covid-19 Impact Vietnam Pharmacy Retail
- Covid-19 Impact Pharmaceutical Industry Vietnam
- Covid-19 Impact Pharmacy Sales Vietnam
For More Information on the research report, refer to below link:-
Vietnam Pharmacy Retail Market
Related Reports:-
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.
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.
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.
Malaysia Pharmacy Retail market in terms of revenue increased at a single digit CAGR over the review period 2013-2019. The market was observed to be at growth stage owing to growing intensity of competition among the retail pharmacies in the market in terms of wide product offering and value added services. The Malaysia pharmacy retail industry has grown at a CAGR of 9.7% on the basis of revenue and a CAGR of 3.9% on the basis of number of pharmacy retail outlets over the period 2013-2019. The market is booming owing to rising number of cases of NCDs, growing online pharmacy services, increasing government health expenditure, consolidation of smaller chains to expand in different regions and services such as Online Consultations & E-Prescriptions coupled with per capita health expenditure of individuals in Malaysia.
Germany retail pharmacy market was observed to attain a mature stage. Germany serves as the pharmaceutical hub in terms of location for the development, production, and sale of pharmaceutical products within the Europe region. The increasing presence of both international, as well as domestic players coupled with domination by prescription-based pharmaceuticals type, has created a positive impact on the market. The pharmacy retail market has increased on the account of increasing healthcare facilities, increase in R&D and investment in the field of pharmaceutical and a heavy influx of participation by foreign players across the country.
Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249
Logo: https://mma.prnewswire.com/media/661352/Ken_Research_Logo.jpg
SOURCE Ken Research
Explore
More news releases in similar topics
Share this article