Digestive & Intestinal Remedies (Pharmacies) - South Korea

Revenue in the Digestives & Intestinal Remedies market is projected to reach US$295.80m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.20%, resulting in a market volume of US$346.20m by 2029.
In global comparison, most revenue will be generated China (US$3.37bn in 2024).
In relation to total population figures, per person revenues of US$5.72 are generated in 2024.

Definition:
The Digestives and Intestinal Remedies market encompasses a range of over-the-counter (OTC) natural and synthetic digestive agents and remedies designed to address gastrointestinal concerns. These products are available through pharmacies and are provided in various forms such as pills, powder, capsules, liquids, solutions, suspensions, drops, and suppositories. The market excludes prescription medications, substances contravening state regulations, or items not explicitly categorized as digestive medications (e.g., pain relievers). Notable among the best-selling products in this category are Perenterol, Iberogast, Dulcolax, and Buscopan Plus. This market exclusively covers product sales through pharmacies.

Additional information:
The Digestives and Intestinal Remedies market comprises revenues, average revenue per capita and average revenue per pharmacy. Revenues include VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.
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Natural and synthetic agents
Digestive medicines
Remedies against gastrointestinal complaints

Prescription medicines
Homeopathic remedies
Tea

The Digestive & Intestinal Remedies (Pharmacies) market in South Korea has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development. Customer preferences play a crucial role in the growth of the Digestive & Intestinal Remedies market in South Korea. With a rising awareness of digestive health and an increasing focus on preventive healthcare, consumers are seeking remedies that can alleviate digestive issues and promote overall gut health. This shift in consumer preferences has led to a higher demand for Digestive & Intestinal Remedies in pharmacies across the country. Trends in the market further support the growth of the Digestive & Intestinal Remedies market in South Korea. The market has witnessed a surge in the popularity of natural and herbal remedies, as consumers are becoming more conscious of the potential side effects of synthetic medications. This has led to a rise in the availability and sales of natural digestive remedies in pharmacies. Additionally, there has been a growing interest in probiotics and other gut-friendly supplements, as consumers recognize the role of a healthy gut in overall well-being. Pharmacies have responded to these trends by expanding their product offerings and dedicating more shelf space to Digestive & Intestinal Remedies. Local special circumstances also contribute to the development of the Digestive & Intestinal Remedies market in South Korea. The country has a high prevalence of digestive disorders, such as irritable bowel syndrome and gastritis, which has created a significant market for digestive remedies. Furthermore, the aging population in South Korea has led to an increased demand for digestive remedies, as older individuals are more prone to digestive issues. Pharmacies have capitalized on these circumstances by stocking a wide range of Digestive & Intestinal Remedies to cater to the specific needs of the local population. Underlying macroeconomic factors have also played a role in the growth of the Digestive & Intestinal Remedies market in South Korea. The country has experienced steady economic growth, which has resulted in higher disposable incomes and increased healthcare spending. As a result, consumers are more willing to invest in their health and purchase Digestive & Intestinal Remedies from pharmacies. Additionally, South Korea has a well-developed healthcare system, with easy access to pharmacies and a strong emphasis on preventive healthcare. This supportive healthcare infrastructure has further fueled the growth of the Digestive & Intestinal Remedies market. In conclusion, the Digestive & Intestinal Remedies market in South Korea is experiencing significant growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The rising awareness of digestive health, the popularity of natural remedies, the high prevalence of digestive disorders, and the supportive healthcare infrastructure have all contributed to the development of this market.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

The global online pharmacy sector was estimated at 32 billion U.S. dollars by the end of 2023. In the United States, forecasts indicate that this figure would reach approximately 5.7 billion, solidifying its position as one of the largest online pharmacy markets. However, China dominates the pharma e-commerce industry worldwide, generating nearly 8.5 billion dollars in revenue. With China at the forefront, it is no wonder digital pharmacies make up the fastest-growing segment in the Asian digital health market.