Vietnam Central Nervous System (CNS) Therapeutics Market Analysis

Vietnam Central Nervous System (CNS) Therapeutics Market Executive Summary

The Vietnam Central Nervous System (CNS) Therapeutics Market is at around $1.050 Bn in 2022 and is projected to reach $1.755 Bn in 2030, exhibiting a CAGR of 6.63% during the forecast period.

Central Nervous System (CNS) disorders include defects that impede the brain and spinal cord's normal function. Common examples include Alzheimer's, Parkinson's, schizophrenia, anxiety, and epilepsy among others. CNS problems can be caused by a variety of factors, including genetics, environment, infections, trauma, and autoimmune responses. Symptoms frequently include abnormalities in cognitive function, motor abilities, mood, or sensory perception. Therapeutic options are intended to alleviate symptoms, reduce disease progression, or manage associated consequences. Pharmaceutical companies involved in manufacturing CNS treatments include Pfizer, Eli Lilly, and Johnson & Johnson. Pfizer specializes in therapeutics for Alzheimer's disease, while Eli Lilly contributes to psychiatric medications.

The estimated prevalence of neurological conditions is more than 14% in Vietnam. The market therefore is fuelled by major contributors like the rising burden of CNS disorders, targeted healthcare programs, and improved healthcare infrastructure. However, high costs of treatment, lack of awareness and social stigma, and limited research initiatives limit the growth and potential of the market.

Market Dynamics

Market Growth Drivers

Increasing burden of neurological diseases: Vietnam is facing an increasing burden of CNS diseases, due to an aging population and changing lifestyles. Alzheimer's disease, Parkinson's disease, stroke, and mental health disorders are becoming increasingly common, with an estimated prevalence of more than 14%. The World Health Organization projects that one-third of the Vietnamese population will suffer from a mental disorder during their lifetime, highlighting the growing need for treatment.

Targeted healthcare programs: The significance of dealing with CNS disorders is acknowledged by the Vietnamese government, which is actively allocating resources to enhance healthcare infrastructure and implement specific programs. While the National Target Programme for Mental Health (NTPMH) administered by the Ministry of Health offers free medical care across much of Vietnam, its primary emphasis is on clinical schizophrenia and epilepsy. Additionally, there are limited initiatives targeting depression in select pilot areas.

Improved healthcare infrastructure: The government allocates resources and funds for developing primary infrastructure and improving access to medical services. It particularly focuses on rural areas by establishing facilities like hospitals, clinics, and pharmacies.

Market Restraints

High costs of treatment: Costly medications and complex treatment plans, combined with frequently insufficient insurance support, may place a heavy burden on patients and dissuade them from seeking treatment. This particularly impacts individuals with lower incomes and residents of rural areas.

Poor awareness and stigma: In Vietnam, there is still a pervasive stigma surrounding mental health, which results in the underdiagnosis and undertreatment of central nervous system (CNS) disorders. This situation discourages people from seeking treatments and limits the demand for therapeutic solutions. Additionally, a lack of awareness regarding specific CNS disorders and available treatment options exacerbates the problem, leading to underdiagnosis and missed chances for early intervention.

Limited research and collaboration: Vietnam's expenditure on research and development (R&D) in the field of CNS therapeutics is notably less when compared to more advanced nations. This constraint has a restricting effect on the progress of creating indigenous treatment alternatives and advancements tailored to the specific needs of the Vietnamese population. The collaboration among Vietnamese researchers, pharmaceutical firms, and international institutions is in the early stages, impeding the flow of crucial knowledge and expertise necessary for the innovative development of CNS therapeutics.

Healthcare Policies and Regulatory Landscape

The Drug Administration of Vietnam (DAV), which reports to the Ministry of Health, is Vietnam's primary regulating organization for pharmaceuticals and medications. DAV is in charge of ensuring the country's pharmaceutical products are safe, of high quality, and effective.

Drug licensing in Vietnam necessitates a thorough examination of the product's documentation, clinical trial results, and methodology. Applicants submit a complete dossier to DAV, which is subjected to a rigorous examination to verify compliance with regulatory standards. Once the evaluation is done and the product is considered safe and effective, the regulatory authorities grant the required licenses for manufacturing or distribution.

In the regulatory environment for new entrants, Vietnam has made steps to expedite processes and improve transparency. New entrants should comply with the regulatory requirements, which include quality control procedures and Good Manufacturing Practices (GMP).

Competitive Landscape

Key Players

• AbbVie
• Johnson & Johnson
• Novartis
• Roche
• Pfizer
• Merck & Co
• Eli Lilly and Company
• AstraZeneca
• Bristol Myers Squibb
• Teva Pharmaceuticals