Vietnam's diabetes therapeutics market is expected to witness growth from $719 Mn in 2022 to $1,534 Mn in 2030 with a CAGR of 9.93% for the forecasted year 2022-30. The rising prevalence of diabetes and the increasing adoption of unhealthy lifestyle choices are resulting in the growth of the market. The Vietnam diabetes therapeutics market is segmented by type, application, drug, route of administration, and distribution channel. Vn Xun Pharma, Agimexpharm, and Eli Lilly are the major players in the Vietnam diabetes therapeutics market.
Vietnam's diabetes therapeutics market is expected to witness growth from $719 Mn in 2022 to $1,534 Mn in 2030 with a CAGR of 9.93% for the forecasted year 2022-30. From $16.1 Bn in 2017 to $20 Bn in 2021, healthcare expenditure in Vietnam increased steadily. It is expected to reach $23.3 Bn in 2025 and $33.8 Bn in 2030. The projections are predicated on a 7.6% cumulative annual growth rate (CAGR). The government's initiatives to make healthcare more accessible and affordable, the aging population of the nation, increased awareness of healthcare requirements, and rising incomes all contribute to this development.
According to the Ministry of Health, there were nearly five million Vietnamese people with diabetes in 2021 or 7.1% of adults. All patients with type 1 diabetes mellitus must take insulin because, without it, they develop ketoacidosis; it is also useful for managing many patients with type 2 diabetes. To meet basal and prandial needs in type 1 diabetes, replacement insulin should ideally imitate beta-cell function. (Physiologic replacement or basal-bolus dosing). An insulin pump that delivers a basal rate of insulin and extra boluses with meals or to lower blood sugar levels is another option. Multiple daily injections with two kinds of subcutaneous insulin are another option. Both methods necessitate careful monitoring of diet, exercise, insulin timing, and dose. When type 2 diabetes patients require insulin, glycemic control is frequently accomplished by combining basal insulin with non-insulin antihyperglycemic medications, though prandial insulin may be required in some patients.
Recombinant human insulin is now used in most insulin preparations, virtually eliminating the once-common allergic responses to the medication when it was derived from animal sources. There are numerous analogues accessible. These analogues were made by changing the human insulin molecule to change the rate, length, and time of the action of absorption. Similar to sulfonylureas, short-acting insulin secretagogues (repaglinide, nateglinide) increase insulin release. However, because of their quicker action, they might encourage insulin release more during meals than at other times. They, therefore, seem to have a reduced risk of hypoglycemia and may be particularly effective at lowering postprandial hyperglycemia. Weight increase is possible, though it seems to be less than with sulfonylureas. These medications are unlikely to work for patients who have not reacted to other oral medications (such as sulfonylureas or metformin).
Market Growth Drivers
It is believed that 5.4 Mn adults in Vietnam have diabetes, with the prevalence of the disease rising steadily in recent years. It is anticipated that this increasing prevalence will increase demand for diabetes therapeutics in the nation. In Vietnam, as more people migrate from rural to urban areas, their lifestyles change. As a result, more of them are likely to take up unhealthy habits like sedentary behaviour and diets high in sugar and fat. This pattern is anticipated to increase the incidence of diabetes and thereby increase the need for diabetes therapeutics thus leading to the expansion of the Vietnam diabetes therapeutics market.
Market Restraints
There are many regions of Vietnam that have limited access to healthcare services because it is a developing nation with a large population. Receiving an accurate diagnosis and therapy for diabetes patients may be challenging as a result. Vietnamese healthcare providers, such as doctors, nurses, and diabetes specialists, are in limited supply as the country's healthcare infrastructure is still being developed. This can prevent access to cutting-edge therapies and cause delays in both diagnosis and therapy. The cost of many diabetes therapies and devices prevents all patients from using them. This may prevent patients from benefiting from cutting-edge treatments and restrict their ability to do so hence limiting the expansion of Vietnam's diabetes therapeutics market.
Key Players
November 2022- A memorandum of understanding (MOU) was signed by Sanofi Vietnam and the National Hospital of Endocrinology to carry out diabetes-related initiatives in Ha Noi. In accordance with the MoU, both parties will work together to plan programs for the hospital's and its satellite hospitals' medical personnel. By adopting advanced-training seminar programs for treating diabetes, they will update the knowledge and abilities of medical officers and provide patients with the highest standard of care. There will be a program about teaching patients how to use insulin pens so they can take the medication safely, get past entrance barriers, and follow through with treatments.
In Vietnam, the Ministry of Health is in charge of both pharmaceutical (including drugs and biologicals) and medical equipment production. The Department of Medical Equipment and Construction ("DMEC") and provincial Departments of Health ("PDOH") oversee the production, registration, and trade of medical devices, while the Drug Administration of Vietnam ("DAV") is in charge of overseeing pharmaceutical products generally. Typically, a drug's marketing authorization is obtained in three stages. The DAV must first issue either a drug manufacturing license or a drug dealing license to a business that has its base in Vietnam. The business can submit a request to produce or import samples after getting one of these licenses for a variety of uses. The relevant ethics committee must first accept the clinical trial protocol before the business can send the drug for testing at a licensed clinical trial facility. After completing the first two stages, the business can submit an application for the specific drug product's marketing authorization.
1. Executive Summary
1.1 Disease Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Patient Journey
1.6 Health Insurance Coverage in Country
1.7 Active Pharmaceutical Ingredient (API)
1.8 Recent Developments in the Country
2. Market Size and Forecasting
2.1 Epidemiology of Disease
2.2 Market Size (With Excel & Methodology)
2.3 Market Segmentation (Check all Segments in Segmentation Section)
3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints
4. Competitive Landscape
4.1 Major Market Share
4.2 Key Company Profile (Check all Companies in the Summary Section)
4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)
5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment
6. Methodology and Scope
By Type (Revenue, USD Billion):
By Application (Revenue, USD Billion):
By Drug (Revenue, USD Billion):
By Route of Administration (Revenue, USD Billion):
By Distribution Channel (Revenue, USD Billion):
Methodology for Database Creation
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1. Secondary Research
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Vn Xun Pharma, Agimexpharm, and Eli Lilly are the major players in the Vietnam diabetes therapeutics market.
The Vietnam diabetes therapeutics market is expected to grow from $719 Mn in 2022 to $1,534 Mn in 2030 with a CAGR of 9.93% for the forecasted year 2022-2030.
The Vietnam diabetes therapeutics market is segmented by type, application, drug, route of administration, and distribution channel.