Vietnam Lipid Disorder Therapeutics Market Analysis

Vietnam Lipid Disorder Therapeutics Market Executive Summary

Vietnam Lipid Disorder Therapeutics Market is at around $28.3 Mn in 2023 and is projected to reach $71.3 Mn in 2030, exhibiting a CAGR of 14.13% during the forecast period.

The several kinds of fats found in blood are called lipids, or lipoproteins. Lipid diseases are a broad category of metabolic ailments that affect blood lipid levels. The heightened blood levels of lipoproteins, triglycerides, and/or cholesterol that they share are associated with an increased risk of cardiovascular disease, if it occurs at all. Low-density lipoproteins (LDLs) can be lowered by following several easy steps, including cutting back on foods high in saturated fat, cholesterol, and calories; exercising; maintaining a healthy weight; and quitting smoking. Statins are the drugs that are most frequently prescribed to address lipids.

In Vietnam, the prevalence of lipid disorders, such as high cholesterol, is significant, affecting about 30.2% of the population. This rate is particularly higher among females and those aged 50-69 years​​. Healthcare expenses for chronic diseases, including lipid disorders, are substantial, with higher costs for inpatient treatments compared to outpatient services​​. These demographic factors and healthcare expenditures highlight the need for effective management and treatment strategies for lipid disorders in Vietnam. The market therefore is driven by significant factors like rising prevalence of non-communicable diseases, growing awareness and focus on chronic disease management, and increasing healthcare expenditure. However, side effects, adherence issues and high costs of new therapies restrict the growth and potential of the market.

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Market Dynamics

Market Growth Drivers

Rising Prevalence of Non-Communicable Diseases: Vietnam is grappling with a rising prevalence of non-communicable diseases (NCDs) such as heart disease, stroke, and diabetes. These conditions are closely associated with elevated cholesterol levels and unhealthy lipid profiles, driving up the demand for lipid-lowering medications. According to recent statistics, NCDs account for approximately 73% of all deaths in Vietnam, highlighting a significant health challenge. Heart disease alone affects about 25% of adults over the age of 25, with diabetes prevalence reaching 6.6% among adults.

Growing Awareness and Focus on Chronic Disease Management: Public health initiatives and increased access to medical information are raising awareness about lipid disorders and their long-term health risks. This, in turn, encourages to seek diagnosis and treatment, propelling the market for lipid disorder therapeutics.

Increasing Healthcare Expenditure: In Vietnam, both the private and public healthcare sectors have been steadily increasing their expenditures, driving greater accessibility to lipid disorder treatments, including prescription medications, diagnostic procedures, and preventive care. This rise is evident in the escalating healthcare spending, which has been crucial in expanding patient access to essential therapies. For instance, government healthcare expenditure grew by 12% annually from 2016 to 2020, while private sector investments also surged, reaching significant levels

Market Restraints

Side effects: The side effects of cholesterol-lowering drugs are one of the main obstacles facing the lipid disease therapeutics market. Common medications like statins can cause side effects like elevated blood sugar, liver damage, and muscle soreness, which can discourage patients and restrict market growth. Because of these side effects, patients must be closely monitored and managed, which raises healthcare expenses and complicates treatment regimens.​

Adherence Issues: Medication adherence is essential in managing dyslipidemia, but many patients struggle to adhere to prescriptions. Studies indicate that up to 50% of patients discontinue their lipid-lowering medications within the first year, despite their critical role in controlling cholesterol levels. Achieving optimal cholesterol control also necessitates lifestyle modifications such as dietary changes and regular exercise, which can be challenging to maintain. Non-adherence and inconsistent lifestyle adjustments significantly impact treatment outcomes, leading to increased risks of cardiovascular events.

High Costs of New Therapies: High development and production expenses accompany the introduction of innovative medicines, such gene therapies. Because these expenses are frequently transferred to patients and healthcare systems, fewer people can afford these therapies. For example, in Vietnam, getting regulatory clearance for new lipid-lowering drugs can be a time-consuming and costly procedure. Extensive clinical studies and data analysis are required, which might cause pharmaceutical businesses to postpone entering new markets and incur higher development expenses. According to estimates, these regulatory procedures may actually cause development costs to rise by as much as 30%.

Regulatory Landscape and Reimbursement Scenario

The regulatory body responsible for the pharmaceutical industry in Vietnam is the Ministry of Health (MOH), which is organized into several divisions, including the Drug Administration of Vietnam (DAV) and the Department of Medical Equipment and Construction (DMEC). The DAV is responsible for the overall management of pharmaceutical products, including their import, export, and manufacturing, while the DMEC monitors the manufacturing, registration, and trading of medical devices. The marketing authorization of drugs in Vietnam follows Circular No. 32/2018/TT-BYT, which outlines the requirements for marketing authorization and the process for obtaining it. The management of medical devices is regulated by the Ministry of Health through ministerial circulars and decrees.

The reimbursement system in Vietnam is managed by the Health Insurance Fund, which covers medicines, medical services, and health procedures that are specifically indicated by the government. Patients who undergo health examinations at healthcare establishments that are eligible for registration of initial health examination and treatment are covered for the examination and treatment expenses with the appropriate ratio. However, if a patient uses the services of a healthcare establishment that is not in the respective eligibility list, their expenses are not covered by the Health Insurance Fund.

Competitive Landscape

Key Players

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

• Boehringer Ingelheim
• AstraZeneca PLC
• Sanofi
• Sun Pharmaceutical Industries Ltd.
• Pfizer, Inc.
• GlaxoSmithKline plc
• Novartis AG
• Merck & Co., Inc.
• Amgen Inc.
• Takeda Pharmaceutical Company Limited
• AbbVie, Inc.
• Amgen Inc.
• Viatris
• Dr. Reddy’s Laboratories Ltd.