Vietnam Biosimilar Market size is projected to grow at a CAGR of 19.8% during 2023-2029

On the basis of application, the chronic and autoimmune disorders segment obtained the maximum revenue share in the Vietnam Biosimilar Market – 6Wresearch

The chronic and autoimmune disorders segment registered the largest revenue share in the market in 2022 due to kidney diseases, and the high prevalence of heart diseases among the population in the country. The demand for this similar segment will grow more in the future. The oncology segment would also grow in the years to come due to the high prevalence of cancer in the country with more than 3,50,000 Vietnamese people suffering from cancer in H1 2023. Further, biosimilar versions of monoclonal antibodies offer more affordable treatment options for cancer patients, and the Clinton Health Access Initiative (CHAI) to expand access to lifesaving cancer biosimilars as a part of the Cancer Access Partnership (CAP) to more than 30 countries across Africa and Asia would further contribute to the biosimilar market growth.

According to 6Wresearch, Vietnam Biosimilar Market size is projected to grow at a CAGR of 19.8% during 2023-2029. With rapidly growing noncommunicable diseases among the population along with an increase in the aging population, there is a growing demand for biosimilars during the forecast period.  Vietnam is expected to witness a surge in healthcare spending from $17 billion in 2019 to $23.3 billion in 2025 which would augment the growth of biosimilars in the country for affordable treatment. The government of the nation is focusing more on enhancing and expanding its healthcare sector and it will create the demand for biosimilar in the country. The sector is also facing certain challenges which can hamper its growth in the future. One of the key challenges for foreign pharmaceutical businesses operating in Vietnam is logistics companies and foreign pharmaceutical companies are not allowed to distribute pharmaceutical products directly and must instead sell their products via domestic pharmaceutical distributors. The country lacks a proportionate number of sales representatives to cover the large number of retailers, distributors, and manufacturers scattered around, which multiplies the cost spent on sales activities per revenue generated. It is estimated that the number of sales representatives required to generate $10 million is 55 in Vietnam as compared to the US which demands only 3 sales representatives.

According to Shivankar, Research Manager, 6Wresearch, the insulin segment by product types captured the maximum share in 2022 owing to the rise in the number of diabetic populations. For instance, 3.5 million Vietnamese were afflicted with diabetes in 2019 and the number has increased to 5 million in 2022. Moreover, the potential cost savings associated with using biosimilars instead of originator (branded) insulin products have further contributed to the revenue share of biosimilars.

The Vietnam Biosimilar Market (2023-2029) report provides an in-depth analysis with 15 figures and 3 tables, covered in 63 pages. The report comprehensively covers the market by product types, application, and manufacturing. The report provides a detailed as well as unbiased analysis of the ongoing drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per the latest and future market dynamics.