Market Insights Health Pharmacies OTC Products

Other OTC Pharmaceuticals (Pharmacies) - South Korea

South Korea

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$1.10bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 1.34%, resulting in a market volume of US$1.16bn by 2028.
In global comparison, most revenue will be generated in the United States (US$4,981.00m in 2024).
In relation to total population figures, per person revenues of US$21.17 are generated in 2024.

Key regions: United Kingdom, Canada, France, Europe, Japan

Market

Region

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Currency

Analyst Opinion

The Other OTC Pharmaceuticals (Pharmacies) market in South Korea has been experiencing significant growth in recent years.

Customer preferences: South Korean consumers have shown a strong preference for over-the-counter (OTC) pharmaceutical products. This can be attributed to several factors. Firstly, the convenience and accessibility of OTC products make them a popular choice among consumers who prefer to self-medicate for minor ailments. Additionally, the lower cost of OTC medications compared to prescription drugs is appealing to price-conscious consumers. South Koreans also place a high value on preventive healthcare, and OTC products that promote wellness and address common health concerns are in high demand.

Trends in the market: One of the key trends in the Other OTC Pharmaceuticals (Pharmacies) market in South Korea is the increasing popularity of natural and herbal remedies. South Korean consumers are becoming more health-conscious and are seeking out products that are perceived to be more natural and less chemically-based. This trend is driven by a growing awareness of the potential side effects of traditional pharmaceuticals and a desire for more holistic approaches to healthcare. Another trend in the market is the rise of online pharmacies. With the increasing prevalence of e-commerce and the convenience it offers, more consumers are turning to online platforms to purchase OTC pharmaceutical products. Online pharmacies provide a wide range of products and competitive pricing, making them an attractive option for consumers. Additionally, the COVID-19 pandemic has accelerated the adoption of online shopping, further fueling the growth of online pharmacies in South Korea.

Local special circumstances: South Korea has a highly developed healthcare system, with a strong emphasis on preventive care and wellness. The government has implemented various initiatives to promote healthy living and preventive healthcare, which has created a favorable environment for the growth of the Other OTC Pharmaceuticals (Pharmacies) market. Additionally, South Korea has a well-established network of pharmacies, making OTC products easily accessible to consumers.

Underlying macroeconomic factors: The South Korean economy has been experiencing steady growth in recent years, which has contributed to increased consumer spending power. Rising disposable incomes have enabled consumers to allocate more of their budget towards healthcare products, including OTC pharmaceuticals. Furthermore, the aging population in South Korea is driving demand for OTC products that address age-related health concerns, such as joint pain and digestive issues. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in South Korea is developing rapidly due to customer preferences for convenient and cost-effective healthcare solutions. The market is characterized by a growing demand for natural and herbal remedies, as well as the increasing popularity of online pharmacies. The country's focus on preventive healthcare and the favorable macroeconomic environment are also contributing to the market's growth.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. 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 relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.