Vietnam Cholesterol Therapeutics Market Analysis

Vietnam Cholesterol Therapeutics Market Analysis Executive Summary

The Vietnam Cholesterol Therapeutics Market is anticipated to experience a growth from $121.5 Mn in 2022 to $151.9 Mn by 2030, with a CAGR of 2.83% during the forecast period of 2022-2030.

Cholesterol is a fatty molecule in the body that is necessary for numerous metabolic activities. Cholesterol moves through the bloodstream on proteins known as "lipoproteins." Two kinds of lipoproteins transport cholesterol throughout the body. LDL (low-density lipoprotein) cholesterol, sometimes known as "bad" cholesterol, makes up the majority of the body's cholesterol. High levels of LDL cholesterol increase the risk of heart disease and stroke. HDL (high-density lipoprotein) cholesterol, sometimes known as "good" cholesterol, absorbs cholesterol in the blood and transports it back to the liver. The liver then flushes it out of the body. High levels of HDL cholesterol may reduce the risk of heart disease and stroke. Statins are the most commonly prescribed medications for high cholesterol. If statins are ineffective, other medications may be utilized. Other tablet options include ezetimibe, fibrates, bile acid sequestrants (also known as resins), and bempedoic acid, as well as injectables like alirocumab, evolocumab, and inclisiran. Recent research on cholesterol-lowering medications has continued to provide useful information on their efficacy and safety. PCSK9 inhibitors are one such class of medications that have received interest. These medications act by inhibiting a protein that lowers the liver's capacity to eliminate LDL cholesterol from the blood.

The incidence of dyslipidemia among Vietnamese people aged 18 and above was around 24.3%. The prevalence of hyperlipidemia among those aged 25 to 64 was 15.63%. These data suggest a large burden of hyperlipidemia and dyslipidemia in Vietnam, which may have consequences for the prevalence of CVDs, which accounted for 31% of all deaths in the nation, or more than 170,000 deaths.

Drivers that collectively contribute to the accelerated growth of the market include the increased chronic disease burden in Vietnam especially CVDs, the changing demographic lifestyles, and the advancements in medical technology providing better treatment options.

AstraZeneca, Pfizer, Sanofi, Merck & Co., and Abbott Laboratories are leading players in Vietnam's cholesterol therapeutics market, offering established medications like Crestor, Lipitor, and Zocor. Domestic players are present but have a smaller market share, making the scene largely driven by international pharmaceutical giants.

Market Dynamics

Market Growth Drivers

Rising Incidence of Cardiovascular Diseases: The increasing incidence of cardiovascular diseases, including those related to high cholesterol, acts as a driver for the cholesterol therapeutics market. The growing prevalence of these conditions underscores the need for effective cholesterol management solutions.

Advancements in Medical Technology: Technological advancements in diagnostic tools and treatment modalities enhance the accuracy of cholesterol screening and the effectiveness of therapeutic interventions. Innovations such as advanced lipid profiling and targeted drug delivery systems contribute to improved patient outcomes and drive market expansion.

Changing Demographics and Lifestyles: Shifts in demographics and lifestyles, including aging populations and the adoption of sedentary lifestyles and unhealthy dietary habits, contribute to the rising prevalence of high cholesterol levels. These demographic and lifestyle changes increase the demand for cholesterol therapeutics to manage associated health risks.

Market Restraints

Rural-Urban Disparities: Healthcare imbalances between rural and urban areas in Vietnam contribute to unequal access to cholesterol diagnostics and treatment. Limited resources in rural regions hinder timely cholesterol-related care, necessitating efforts to address these geographical healthcare disparities.

Generic Competition: The prevalence of generic alternatives for cholesterol medications in Vietnam introduces pricing pressures, potentially reducing profit margins for pharmaceutical companies. This landscape may influence the enthusiasm of companies to invest in innovative cholesterol therapeutics, emphasizing the need to balance cost-effectiveness with pharmaceutical innovation.

Affordability and Accessibility: Affordability and accessibility challenges pose a significant restraint in Vietnam's cholesterol therapeutics market. Economic factors impact the purchasing power of diverse population segments, hindering access to necessary medications. Addressing affordability concerns is crucial to ensure equitable access to cholesterol therapeutics for effective disease management.

Healthcare Policies and Regulatory Landscape

Vietnam's healthcare policies and regulatory framework play a pivotal role in the ongoing efforts to enhance the nation's healthcare system. The Drug Administration of Vietnam (DAV), functioning under the Ministry of Health, is a central authority influencing and enforcing regulations within the pharmaceutical sector. The healthcare policies in Vietnam concentrate on fortifying primary healthcare services, broadening health insurance coverage, and addressing prevalent public health issues. As the principal regulatory entity, DAV is tasked with formulating, executing, and overseeing policies about pharmaceuticals, medical devices, and cosmetics. Its obligations encompass the registration, licensing, and quality assurance of drugs, with a focus on ensuring their safety, efficacy, and appropriate usage. Guided by its regulatory mandate, DAV endeavors to streamline the processes associated with drug registration, oversee compliance with quality standards, and establish a comprehensive framework for pharmacovigilance. The robust regulatory framework not only safeguards public health but also fosters the advancement of the pharmaceutical sector by promoting innovation and ensuring the accessibility of safe and effective medicines for the Vietnamese populace.

Competitive Landscape

Key Players:

• Pfizer
• Sanofi
• Bayer
• AstraZeneca
• Novartis
• Merck
• GSK
• Daiichi Sankyo
• Traphaco
• DHG Pharma