The value of Vietnam pharmaceuticals industry
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According to IQVIA, the value of
Vietnam’s pharmaceuticals market was
VND 103,912 billion (+2%YoY), achieving
a compound annual growth rate (CAGR) of
6% in the period 2018-2020.
The growth rate of the pharmaceuticals industry in 2020
slowed down due to the affect of the COVID-19 pandemic..
Vietnam pharmaceuticals market was estimated to recover
the growth rate of about 15% in 2022 by SSI
Estimated revenue of Vietnam pharmaceuticals industry by BMI
Pharmaceuticals industry prospects
- Healthcare spending continues its growth
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The compound growth rate (CAGR) for the period 2017–2021 was about 12.5%. Health spending is estimated to reach USD 21 billion in 2020.
Spending on healthcare is expected to be USD 23 billion in 2022 and USD 42.9 billion in 2028, driven by:
• The urbanization rate of 3% raised the demand for medical examination and treatment in urban areas;
• An aging population with an increase in non-communicable diseases;
• Internet penetration of two-thirds of the population makes it easier to access healthcare
- Pharmaceuticals industry prospects
- In 2020, Vietnam drug spending per capita grew by 52% to about 50 USD/person, lower than China of 130 USD/person. This indicated that Vietnam’s pharmaceutical spending still has a lot of room for growth in the future.
- The pharmaceutical market currently has a size of about USD 7.4 billion with 22,000drugs. According to the forecast of Fitch Solution, the growth of the industry in 2021 would be 8.7%.
