OTC Pharmaceuticals - South Korea

South Korea

The OTC Pharmaceuticals market in South Korea is set to reach a revenue of ₩US$4.84bn in 2024.
This market is projected to experience an annual growth rate of 4.60% (CAGR 2024-2029).
Among the various submarkets, the largest market is Other OTC Pharmaceuticals, which is expected to have a market volume of ₩US$1.39bn in 2024.
When compared globally, the in the United States leads in revenue generation, with an estimated ₩US$41,240.00m in 2024.
In terms of per capita revenue, in South Korea is expected to generate ₩US$93.52 per person in 2024.
Furthermore, online sales are predicted to contribute 17.74% of the total revenue in the OTC Pharmaceuticals market by 2024.
South Korea's OTC Pharmaceuticals market is witnessing a surge in demand for traditional herbal remedies due to the country's rich cultural heritage and belief in natural healing methods.

Key regions: United States, China, Germany, Japan, 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.
For more information on the data displayed, use the info button next to the boxes.

Market

Region

Region comparison

Currency

Analyst Opinion

The OTC Pharmaceuticals market in South Korea has been experiencing steady growth in recent years.

Customer preferences: South Korean consumers have shown a growing preference for self-medication and over-the-counter (OTC) pharmaceutical products. This can be attributed to several factors, including increasing healthcare costs, busy lifestyles, and a desire for convenience. Consumers are increasingly relying on OTC medications to treat common ailments and minor health issues, such as headaches, colds, and allergies. They appreciate the accessibility and ease of purchasing these products without the need for a prescription.

Trends in the market: One of the key trends in the OTC Pharmaceuticals market in South Korea is the growing demand for natural and herbal remedies. Consumers are becoming more health-conscious and are seeking products that are perceived as safer and more natural. This has led to an increase in the availability and popularity of herbal supplements and traditional Korean medicine products. Manufacturers are responding to this trend by introducing new OTC products that cater to the demand for natural remedies.Another trend in the market is the increasing popularity of online retail channels for purchasing OTC pharmaceuticals. South Korea has a high internet penetration rate and consumers are increasingly turning to online platforms to buy healthcare products, including OTC medications. Online retail offers convenience, competitive pricing, and a wide range of products, making it an attractive option for consumers. This trend has prompted both traditional brick-and-mortar retailers and online pharmacies to expand their online presence and offer a seamless shopping experience for OTC pharmaceuticals.

Local special circumstances: South Korea has a well-established healthcare system that provides universal coverage and access to prescription medications. However, the government has been taking steps to encourage self-medication and reduce the burden on the healthcare system. This includes promoting the use of OTC medications for common ailments and minor health issues. The government has also implemented regulations to ensure the safety and quality of OTC pharmaceutical products, which has further boosted consumer confidence in these products.

Underlying macroeconomic factors: South Korea has a strong economy and a high standard of living, which has contributed to the growth of the OTC Pharmaceuticals market. Increasing disposable incomes have allowed consumers to spend more on healthcare products, including OTC medications. Additionally, the aging population in South Korea has led to a higher demand for healthcare products and services, including OTC pharmaceuticals. As the population continues to age, the demand for OTC medications is expected to further increase.In conclusion, the OTC Pharmaceuticals market in South Korea is experiencing steady growth due to changing customer preferences, including a preference for self-medication and natural remedies. The increasing popularity of online retail channels and the government's efforts to promote self-medication have also contributed to the market's growth. With a strong economy and an aging population, the demand for OTC medications is expected to continue to rise in the coming years.

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.