Vietnam antirheumatic drugs market was valued at US$2,421.299 million in 2020 and is anticipated to grow in the coming years as well due to the growth in the pharmaceutical industry of the country.
The increasing incidence of malaria is driving the demand for antirheumatic drugs in the country. The mushrooming number of people suffering from arthritis in Vietnam is another major factor spurring the demand for antirheumatic drugs in the country. In 2019, the University of Medical Center in Ho Chi Minh City reported an ever-increasing number of rheumatoid arthritis patients. The growing adoption of the Western lifestyle and the incidence of lifestyle-associated chronic diseases has further increased the prevalence of arthritis in the country. Moreover, the ageing population is escalating in Vietnam, which will continue to propel the market growth of antirheumatic drugs in this country during the next five years. The growing Vietnam pharmaceutical industry is also supporting the market growth of antirheumatic drugs in the country. Positive changes in government policies are also boosting the growth of the country’s pharmaceutical sector, thus positively impacting the market growth of antirheumatic drugs. The increasing sale of OTC drugs, as Vietnamese prefer to self-medicate and buy their drugs from private pharmacies, is also fuelling the antirheumatic drugs market growth in this country.
Vietnam's antirheumatic drugs market has been segmented based on the type of disease, type of molecule, and sales channel. By type of disease, the market has been segmented as osteoarthritis, rheumatoid arthritis, gout, lupus, and others. By type of molecule, the Vietnam antirheumatic drugs market has been classified into pharmaceuticals and biopharmaceuticals. The market segmentation has also been done by sales channel as prescription and over-the-counter (OTC).
COVID -19 SCENARIO
The pandemic of COVID-19 has an adverse impact on the market for antirheumatic drugs in Vietnam. Many COVID-19 cases have been seen in Asian countries such as India, which has altered the healthcare sector's focus on COVID-19 patients. Non-COVID patients had less access to hospitals. As a result, there was a decline in rheumatic diagnoses, resulting in lower demand for antirheumatic drugs in the region. As a result, market growth has been slower than planned. Because of the loss of health insurance coverage, fewer hospital visits, and reduced diagnostic rates, the product is selling well. During the lockdown, a few procedures are considered urgent, but many have been rescheduled. COVID-19 had a negative influence on the rheumatic illnesses sector because of the widespread postponement as hospital visits plummeted and the drugs were also not available as when required.
Key Development
Segmentation