OTC Pharmaceuticals - South Korea

South Korea

Revenue in the OTC Pharmaceuticals market amounts to US$4.84bn in 2024. The market is expected to grow annually by 4.60% (CAGR 2024-2029).
The market's largest segment is the segment Other OTC Pharmaceuticals with a market volume of US$1.39bn in 2024.
In global comparison, most revenue is generated in the United States (US$41,240m in 2024).
In relation to total population figures, per person revenues of US$93.52 are generated in 2024.
In the OTC Pharmaceuticals market, 17.7% of total revenue will be generated through online sales by 2024.

Key regions: Worldwide, India, Philippines, United States, Europe

Definition:
The Over-the-Counter Pharmaceuticals market includes non-prescription medications, treatments, and healthcare products that are available directly to consumers without a prescription from a licensed healthcare professional. It includes both products which are exclusively sold in pharmacies and products which can be purchased elsewhere such as supermarkets, and online retailers. Sales by hospitals are not included.

Structure:
The market is subdivided into Analgesics, Cold and Cough Remedies, Digestives and Intestinal Remedies, Skin Treatment, Vitamins and Minerals, Hand Sanitizer, Eye care, Sleep aids, Wound care, and Other OTC Pharmaceuticals. The Analgesics market covers non-prescription pain-relief medications which help to relief aches, pains and fevers. Cold & Cough market covers non-prescription remedies aimed at relieving nasal congestion, coughing, sore throat, and related cold discomforts. The Digestives and Intestinal Remedies market encompasses non-prescription products designed to alleviate symptoms related to digestive discomfort and intestinal issues. The Skin Treatment market includes non-prescription medications formulated to address various dermatological concerns such as acne, eczema and dryness. The Vitamins and Minerals market comprises non-prescription dietary supplements containing essential nutrients such as vitamins and minerals. The Hand sanitizer market covers sanitizing products which are applied on hands to effectively reduce the presence of bacteria and viruses. The Eye Care market covers non-prescription products to address common eye-related discomforts such as dryness, irritation or redness. The Sleep Aids market covers non-prescription products designed to promote relaxation, alleviate insomnia, and improve sleep quality. The Wound Care market includes non-prescription products designed to facilitate wound healing and prevent infection.

Additional information:
OTC Pharmaceuticals comprises revenues, average revenue per capita. Sales channels show online and offline revenue. Revenues include VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.
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Analyst Opinion

The OTC Pharmaceuticals market in South Korea is experiencing significant growth and development in recent years.

Customer preferences: South Korean consumers are increasingly seeking self-care options and are becoming more proactive in managing their health. This shift in consumer behavior is driving the demand for over-the-counter (OTC) pharmaceuticals. Customers prefer OTC medications for minor ailments and common health issues, such as cold and flu symptoms, pain relief, and digestive problems. They value the convenience and accessibility of OTC products, as they can be easily purchased without a prescription from pharmacies, supermarkets, and convenience stores.

Trends in the market: One of the key trends in the South Korean OTC Pharmaceuticals market is the growing popularity of herbal and traditional remedies. Traditional Korean medicine, known as Hanbang, has a long history and is deeply rooted in the culture. Consumers are increasingly turning to herbal remedies for their perceived natural and holistic benefits. This trend is driving the demand for OTC herbal medicines, such as ginseng supplements, herbal teas, and herbal patches. Another trend in the market is the increasing availability of OTC medications through online platforms. E-commerce has gained significant traction in South Korea, and consumers are increasingly comfortable purchasing healthcare products online. Online platforms offer a wide range of OTC pharmaceuticals, providing consumers with convenience and competitive pricing. This trend is further fueled by the COVID-19 pandemic, as consumers are more inclined to shop online to avoid crowded places.

Local special circumstances: South Korea has a well-developed healthcare system with a strong emphasis on preventive care and self-medication. The government has implemented policies to promote self-care and has made efforts to educate the public about the appropriate use of OTC medications. This focus on self-care has created a favorable environment for the growth of the OTC Pharmaceuticals market in the country.

Underlying macroeconomic factors: The South Korean economy has been steadily growing, and the disposable income of consumers has been increasing. This has led to higher healthcare spending and a greater willingness to invest in OTC pharmaceuticals. Additionally, the aging population in South Korea is driving the demand for OTC medications, as older individuals often require medications for chronic conditions and age-related health issues. In conclusion, the OTC Pharmaceuticals market in South Korea is experiencing growth due to changing customer preferences, including a preference for self-care and herbal remedies. The market is also benefiting from the increasing availability of OTC medications through online platforms. The local special circumstances, such as the emphasis on self-care and the government's efforts to promote OTC medication use, further contribute to the market's development. The underlying macroeconomic factors, including a growing economy and an aging population, also play a role in driving the demand for OTC pharmaceuticals in South Korea.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.