Vietnam’s pharmaceuticals market, valued at US$7.60 billion in 2023, is projected to see substantial growth over the coming years, with an annual compound growth rate of 7.96 percent anticipated through 2029. This growth is fuelled by several demographic and economic factors that are boosting demand for healthcare services and pharmaceutical products across the country, according to a report from Research and Markets.
One of the primary drivers of this market expansion is Vietnam’s evolving population structure. With a steadily growing population and a notable increase in the elderly demographic, demand for medical treatments and pharmaceutical products is on the rise. Additionally, the country’s improving economic landscape, marked by rising income levels, is making healthcare services and medications more accessible to a broader portion of the population.
Investment in healthcare infrastructure is also playing a critical role in expanding access to essential medicines, especially in urban and increasingly in rural areas. As both government and private sectors focus on enhancing Vietnam’s healthcare facilities, the pharmaceutical market is expected to continue its upward trajectory, addressing the diverse healthcare needs of a rapidly evolving population.
See also: Vietnam’s Healthcare Industry: Overview