Vietnam Addiction Therapeutics Market Analysis

Vietnam Addiction Therapeutics Market Executive Summary

Vietnam addiction therapeutics market was valued at $51 Mn in 2022 and is estimated to reach $88 Mn in 2030, exhibiting a CAGR of 7.13% during the forecast period.

Addiction is a chronic medical condition defined by obsessive drug seeking and usage despite negative effects. A variety of scientifically proven pharmacological and psychological interventions are included in addiction therapies, with the aim of supporting patients in quitting drug and alcohol usage and addressing the root causes of their addiction. Addiction therapies provide tailored care and support in an effort to meet each person's specific requirements and promote long-term recovery. Tailored care in addiction therapy involves an individualized approach that considers various factors, such as the type of addiction, the severity of the substance use disorder, co-occurring mental health conditions, personal preferences, social support systems, and any underlying physical health issues. By considering these individualized aspects, addiction therapies aim to create a comprehensive treatment plan that may include a combination of pharmacological interventions, behavioural therapies, counselling, support groups, and other evidence-based approaches.

Vietnam's drug-related death toll had surpassed 2,100, or about 36 deaths per Mn people aged 15 to 64. With one of the highest mortality rates in East and South East Asia, primarily from opioids, Vietnam is among the countries with the alarming rate. Drug-related problems are still very much present in Vietnam, even in the face of strict drug control legislation and a decline in the production of illicit opium. The first ten months of 2020 saw 22,979 drug-related violations, averaging nearly 2,300 cases per month, surpassing the total violations in all of 2019, which recorded 19,862 cases, averaging more than 1,800 cases per month. Significant drug interceptions have happened, including the seizure of 3,000 kg of heroin and nearly 300 kg of methamphetamine. Another event involved 1.1 tons of drugs that were linked to a trafficking organization. The average population uses 81% of tobacco products, 47% of alcohol, 32% of heroin, 24% of injectable drugs, and 12% of illicit substances.

The main medication used in addiction treatment is buprenorphine. Patients and healthcare professionals now recognize and trust brands like Subutex, Butrans, and Suboxone. While Revia is the most widely available brand of naltrexone, Campral is the most preferred option for acamprosate.

Market Dynamics

Market Growth Drivers

Government Initiatives: Government support and initiatives that prohibit drug abuse and promote addiction treatment may lead to growth in the market. Vietnam's efforts to prevent drug use through extensive programs, public health campaigns, and publicly available treatment choices may contribute to the demand for drugs used in addiction treatment.

Increasing Awareness and Recognition: There is a growing need for more addiction therapeutic drugs and therapies as a result of increased efforts to address addiction and the growing awareness of substance abuse as a serious public health issue. The market for addiction therapies will expand as a result of the increased recognition of addiction as a serious public health issue.

Changing Societal Attitudes and Reduced Stigma: Reducing Stigma and Changing Societal Attitudes Stigma has decreased as a result of a steady change in society's views regarding addiction as a medical illness as opposed to a moral failing. People are more likely to seek treatment as a result of this shift, which increases the need for easily accessible and all-encompassing addiction therapy, driving the market's expansion.

Market Restraints

High Cost of Treatment: For those seeking therapy or recovery, high out-of-pocket expenses for addiction treatment and restricted insurance coverage may provide financial hurdles. If these financial barriers prevented customers from using these services, the market would not be able to grow.

Limited Public Awareness: Despite government efforts to raise public awareness of addiction and treatment options, the general public may still be ignorant of the entire spectrum of options. This lack of understanding impeding the market's growth may have an effect on the demand for drugs and other services for the treatment of addiction.

Stigma and Perception: The stigma associated with addiction and mental health issues may make it more difficult for drugs to be adopted for addiction rehabilitation. Social stigma may have an impact on the demand for addiction treatment drugs and the growth of the addiction treatment market by preventing people from getting the proper therapy.

Healthcare Policies and Regulatory Landscape

The Ministry of Health (MOH) in Vietnam is in charge of healthcare policies and laws relating to medications used for addiction treatment. Drug Administration of Vietnam (DAV) operates under the MOH's jurisdiction. Before approving a drug, the Drug Administration of Vietnam (DAV) verifies its safety, effectiveness, and quality through thorough assessments, documentation, and adherence to strict standards. The formulation of the medication, manufacturing procedures, outcomes of clinical trials, and proof of adherence to Good Manufacturing Practices (GMP) must all be included in the application. The nation runs public health campaigns to increase awareness about substance misuse, but there are still issues with how to allocate resources, including funding for treatment programs that are comprehensive and for the infrastructure of the healthcare system.

Competitive Landscape

Key Players

• Indivior
• Alkermes
• Reckitt Benckiser
• Otsuka Pharmaceutical Co.
• Pfizer
• Mallinckrodt
• Purdue Pharma L.P.
• GlaxoSmithKline
• Teva Pharmaceutical
• Novartis.