According to the report South Korea “Over the Counter Drugs Market” by Product Type, by Formulation Type and by Distribution Channel – Industry Analysis, Size, Share, Growth, Trends, and Forecast (2016-2021), published by Market Data Forecast, the market is projected to reach USD 5,782 million by 2021, at a CAGR of 7.11% from 2016 to 2021.
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South Korea’s rapid economic growth has fostered the development of a robust healthcare sector in a short period. Its pharmaceutical market is ranked 13th in the world, in terms of revenue generated and the third largest in Asia.
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Growing awareness about various health conditions and necessary treatments, rise in geriatric population are the few factors propelling the growth of South Korea OTC Drugs Market. Vitamins and Minerals segment sales has majorly benefited with these trends in geriatric population.
However, issues of substance abuse and current restrictions for direct distribution of certain OTC drugs through supermarket/hypermarkets and convenience stores are acting as a hurdle for rise of South Korea OTC Drugs market.
The South Korea OTC Drugs Market is segmented as follows:
•Cough, Cold and Flu Drugs
•Smoking Cessation Aids
•Vitamins and Minerals
•Weight Loss/Diet Drugs
•Others (Ear Drops & Diuretics)
2)By Formulation Type
3)By Distribution Channels
•Others (Online Drugstores)
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Some of the major companies offering OTC drugs in South Korea are GlaxoSmithKline, Johnson and Johnson, Novartis, Bayer, Pfizer, Sanofi, Boehringer Ingelheim, Takeda Pharmaceuticals, Yuhan Corporation, Hanmi Pharmaceuticals, Dong Wha Pharmaceuticals.
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