Market Insights Health OTC Pharmaceuticals

Other OTC Pharmaceuticals - South Korea

South Korea

In South Korea, the revenue in the Other OTC Pharmaceuticals market reached a significant sum of US$1.39bn in 2024.
Looking ahead, the market is projected to experience an annual growth rate of 1.53% (CAGR 2024-2029).
When compared to other countries worldwide, the in the United States stands out as the highest revenue generator in this market, with a staggering US$7,171.00m in 2024.
In terms of per capita figures, each person in South Korea contributed approximately US$26.91 in revenue during the same year.
South Korea's Other OTC Pharmaceuticals market is experiencing a surge in demand for traditional herbal remedies.

Key regions: United States, Brazil, Europe, Canada, United Kingdom

Market

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Currency

Analyst Opinion

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

Customer preferences: South Korean consumers have shown a growing preference for over-the-counter (OTC) pharmaceutical products. This can be attributed to several factors. Firstly, there is a high level of trust in the quality and safety of OTC products in South Korea. Consumers believe that these products are effective and reliable, and they are more willing to use them for minor health issues. Secondly, South Korean consumers value convenience and accessibility. OTC products are readily available in pharmacies, supermarkets, and convenience stores, making them easily accessible to consumers. Finally, the cost-effectiveness of OTC products is also a major factor driving consumer preferences. OTC products are generally more affordable than prescription medications, making them an attractive option for consumers.

Trends in the market: One of the key trends in the Other OTC Pharmaceuticals market in South Korea is the increasing demand for 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 desire for holistic healthcare and a preference for products that have fewer side effects. As a result, there has been a surge in the demand for herbal supplements, traditional medicines, and natural remedies in the market.Another trend in the market is the growing popularity of online sales channels. The rise of e-commerce platforms has made it easier for consumers to purchase OTC pharmaceutical products online. This trend has been accelerated by the COVID-19 pandemic, as consumers have increasingly turned to online shopping for their healthcare needs. Online sales channels offer convenience, a wide range of product options, and competitive pricing, which has contributed to their popularity among South Korean consumers.

Local special circumstances: South Korea has a well-developed healthcare system and a strong pharmaceutical industry. The country has a high level of healthcare expenditure and a well-established regulatory framework for pharmaceutical products. This has created a favorable environment for the growth of the Other OTC Pharmaceuticals market. Additionally, South Korea has a rapidly aging population, which has led to an increased demand for healthcare products and services. The government has implemented various policies to support the elderly population, including the provision of subsidies for healthcare expenses. This has further contributed to the growth of the OTC pharmaceutical market in the country.

Underlying macroeconomic factors: South Korea is one of the largest economies in Asia and has a strong consumer market. The country has a high standard of living and a relatively high level of disposable income. This has enabled South Korean consumers to spend more on healthcare products and services, including OTC pharmaceuticals. Furthermore, the government has implemented policies to promote the development of the healthcare industry, including the expansion of healthcare coverage and the promotion of medical tourism. These factors have created a favorable environment for the growth of the Other OTC Pharmaceuticals market 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.