Vietnam Biosimilar Market (2024-2030) Outlook | Companies, Size, Analysis, Revenue, Industry, Forecast, Value, Trends, Share & Growth

Vietnam Biosimilar Market Synopsis

Government funding is one of the major drivers for medicines and government tenders and reimbursement programs have led to penetration of biosimilars in the public healthcare system and contributed to the Vietnam Biosimilar Market growth. The European Medicines Agency (EMA) has approved nearly 30 biosimilar medicines globally and more than 300 biosimilars are under development in Asia along with its upcoming simplification in streamlining of the application evaluation process, provides ample opportunities for the biosimilar industry. Moreover, Hai Duong province has recently collaborated with Indian partner Sri Avantika Contractor and SMS Pharmaceuticals for the construction of a pharmaceutical park project worth US$10-12 billion. The pharmaceutical park project is expected to cover nearly 900 hectares of land area in Binh Giang and Thanh Mien districts and aims at the development of new domestic pharmaceutical products as well as improving the competitiveness with imported products which would further accelerate the growth of the biosimilar industry in the coming years.

According to 6Wresearch, Vietnam Biosimilar Market size is projected to grow at a CAGR of 19.8% during 2023-2029. Vietnam’s increasing elderly population is expected to account for 25% of the total population by 2050 an increase from 12% in 2019 with the majority of the aged population more likely to suffer cardiovascular ailments, chronic diseases such as cancer, diabetes, and gastrointestinal disorders. Moreover, biosimilars are cheaper than their counterparts and more accessible drugs for diagnosis and treatment of a variety of illnesses in the aged population, thereby increasing aged people would positively impact the biosimilar market. Moreover, pharmaceutical spending per capita of Vietnam is predicted to increase from $60 in 2021 to $92 in 2026, accounting for around 5% of the country’s income per capita, and would propel the growth of the biosimilars market in the forecast period. The rising overall cost of biosimilar medicines owing to a dispersed distribution network led to operational duplication, poor coordination, and higher logistical costs would act as a restraint and can hamper the growth of the biosimilar market in Vietnam.

Market by Product Types

Insulin dominated the Vietnam biosimilar industry owing to the increasing diabetic population and change of lifestyle with diabetic patients increasing by 43% from 3.5 million cases in 2019 to roughly 5 million cases in 2022 in the country. Moreover, patient’s preference for cost-effective treatment has contributed to the insulin biosimilar growth.

Market by Application

By application, chronic and autoimmune disorders garnered maximum revenue share in 2022 owing to the high prevalence of heart disease, and kidney diseases among the population. For instance, currently, 55% of diabetes patients have complications involving cardiovascular health, eyes, and the nervous system, or kidneys which would increase the demand for biosimilars for chronic and autoimmune disorders application.

Market by Manufacturing

Outsourced acquired the highest revenue share in the overall Vietnam biosimilar market, mainly due to the emerging market, the country has more dependency on imports. Further, Chinese and Indian sources account for nearly 85% of pharmaceutical materials which contributes to outsourced market revenues.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 11 Years Market Numbers.
• Historical Data Starting from 2019 to 2022.
• Base Year: 2022
• Forecast Data until 2029.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report

• Vietnam Biosimilar Market Overview
• Vietnam Biosimilar Market Outlook
• Vietnam Biosimilar Market Forecast
• Vietnam Biosimilar Market Porter's Five Forces
• Vietnam Biosimilar Market Industry Life Cycle
• Historical Market Data and Forecast of Vietnam Biosimilar Revenues, By Product Types for the period 2019-2029F.
• Historical Market Data and Forecast of Vietnam Biosimilar Revenues, By Application for the period 2019-2029F.
• Historical Market Data and Forecast of Vietnam Biosimilar Revenues, By Manufacturing for the period 2019-2029F.
• Market Drivers and Restraints
• Market Opportunity Assessment
• Key Performance Indicators
• Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Market Scope and Segmentation

The report provides a detailed analysis of the following market segments:

By Product Types

• Insulin
• Follitropin
• Monoclonal Antibodies
• Erythroprotein
• Others

By Application

• Oncology
• Chronic and Autoimmune Disorders
• Blood Disorders
• Growth Hormonal Deficiency
• Others

By Manufacturing

• Outsourced
• In-House

Vietnam Biosimilar Market: FAQs