Vietnam Hypersomnia Therapeutics Market Analysis

Vietnam Hypersomnia Therapeutics Market Executive Summary

The Vietnam Hypersomnia Therapeutics Market is at around $6.44 Mn in 2023 and is projected to reach $9.68 Mn in 2030, exhibiting a CAGR of 6% during the forecast period.

Hypersomnia is a group of neurological disorders characterized by excessive daytime sleepiness, despite getting enough sleep at night. This can significantly impair daily functioning and reduce quality of life. While the exact causes are still being researched, hypersomnia can be linked to underlying medical conditions, neurological disorders, or disruptions in sleep regulation mechanisms. People with hypersomnia often experience symptoms such as not feeling refreshed upon waking, feeling groggy and slow for extended periods after waking, and an excessive need for sleep despite sleeping for long periods. Chronic headaches, loss of appetite, excessive sweating, and depression have also been reported. Treatment for hypersomnia focuses on managing daytime sleepiness. This can involve adopting healthy lifestyle practices like eating well and exercising regularly. Medications like stimulants can also be prescribed to promote wakefulness. In some cases, cognitive behavioral therapy for insomnia (CBT-I) can help address underlying sleep habits that contribute to hypersomnia.

The prevalence of excessive daytime sleepiness, a key symptom of hypersomnia, is 37% among the people of Vietnam. The market therefore is driven by significant factors like the widespread use of digital devices, an aging demographic, and lifestyle changes. However, potential side effects, alternative treatment options, and strict regulatory approval impede market growth

The leading pharmaceutical companies include Jazz Pharmaceuticals, Teva is known for its extensive portfolio of medications, including those used to treat hypersomnia. Pfizer, ImexPharma, and Merck are also significant contributors to the hypersomnia therapeutics landscape, with continuous research and development activities.

Market Dynamics

Market Growth Drivers

Widespread use of digital devices: The extended use of digital gadgets such as smartphones, TVs, and laptops prior to sleeping can interfere with the body's natural sleep cycle. Sleep disorders in Vietnam are on the rise, largely because of this significant factor.

Expanding Geriatric Population: Hypersomnia can be more prevalent in older adults, due to changes in sleep architecture and underlying health conditions. The prevalence of hypersomnia disorders is expected to rise due to the rapid growth of the geriatric population, which now accounts for approximately 9% of the total population. This will increase the demand for effective treatment options that are tailored to the particular requirements of older adults.

Lifestyle Changes Leading to Sleep Disturbances: Busy Vietnamese live with irregular sleep due to work and lifestyle changes are fueling a rise in sleep problems. This creates a growing demand for sleep aids and treatments for hypersomnia, as people seek solutions for better sleep.

Market Restraints

Strict Regulatory Approval Process: Vietnam has a lengthy and challenging regulatory process for approving new drugs. This can slow down the entry of potentially more effective medications into the market, limiting treatment options for patients and hindering market expansion.

Alternative Solutions: There is a growing trend among consumers seeking non-pharmaceutical methods to improve sleep quality, such as lifestyle changes and herbal remedies. This shift limits the market for hypersomnia medications, as consumers increasingly prefer natural or alternative solutions over pharmaceutical options

Potential Side Effects:  Hypersomnia medications alleviate excessive sleepiness but carry side effects. Some people may avoid or prematurely stop treatment due to the presence of side effects. The quality of life for those suffering from hypersomnia is negatively impacted and poses a challenge to market growth within the pharmaceutical industry.

Regulatory Landscape and Reimbursement Scenario

The regulatory landscape for pharmaceutical products in Vietnam is governed by the Ministry of Health (MoH), specifically the Drug Administration of Vietnam (DAV). The DAV is responsible for regulating the circulation of drugs and medicinal ingredients, including their registration, import, and distribution. It also directs and implements the management of pharmaceutical business and pharmacy practice, including the management of drugs.

Vietnam's health insurance system primarily relies on social health insurance (SHI). The SHI benefit package includes a list of reimbursed services like inpatient and outpatient care, medications, diagnostics tests, and certain surgeries.

To obtain a license for market authorization, a comprehensive application dossier for the Drug Administration of Vietnam (DAV). The review process can be lengthy, taking up to 12-15 months currently. After a thorough review, the DAV will issue a decision regarding the license application. This could be approval, rejection, or a request for further information.

Competitive Landscape

Key Players

Here are some of the major key players in the Vietnam Hypersomnia Therapeutics Market:

• Teva Pharmaceuticals
• ImexPharm
• Jazz Pharmaceuticals
• Johnson & Johnson
• Pfizer
• DHG
• Domesco
• Merck & Co. Inc.
• Sanofi
• GlaxoSmithKline
• Theranexus