Overview of the Market:
South Korea’s rapid economic growth has nurtured 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. Considering the current scenario, South Korea Over the Counter (OTC) Drugs market is estimated at USD 4.70 billion in 2018 and is predicted to reach USD 6.63 billion by 2023, growing at a CAGR of 7.11%.
An increase in employment of self-medication is observed in recent times due to the growing awareness on various health conditions and treatments. This is propelling the market growth for OTC drugs. Further, increasing numbers of geriatric population is one of the factor driving the growth of South Korea OTC drug market. As increasing age is associated with prevalence of chronic medical conditions, a higher number of medicines are used, leading to higher demand for all medical services, including alternative services like self-medication etc.
Similar to the global scenario, rising issues of substance abuse has forced stringent regulations for the use of certain categories of drugs, effecting the South Korea OTC Drugs market. Further, under South Korea’s Pharmaceutical Law, only pharmacies have exclusive rights to manage pharmaceutical products, including OTC drugs. This has been limiting the reach of various products to consumers, which acts as a hurdle for market growth. Anyways, the Korea’s Ministry of Health and Welfare has initiated negotiations between groups representing pharmacists, doctors, consumers, and the government to ease these restrictions on sales of over-the-counter (OTC) drugs.
The South Korea’s OTC drug’s market is segmented on the basis of product type into Cough, Cold and Flu Drugs, Analgesics, Dermatologics, Gastrointestinal Drugs, Antiseptics, Anti-Allergy Drugs, Smoking Cessation Aids, Ophthalmics, Vitamins and Minerals, Sleep Aids, Weight Loss/Diet Drugs and Others (Ear Drops & Diuretics). And on the basis of formulation, the market is analysed under Liquids, Ointments, Tablets and Sprays.
Geographical Analysis:
Further, based on distribution channel the OTC drugs market is segmented into Pharmacies, Supermarkets/Hypermarkets and Convenience stores. As stated earlier, most of the OTC drugs in South Korea are distributed through Pharmacies. But with the efforts by government to ease the regulations, sales through supermarkets and convenience stores are expected to pick up in the coming few years.
key players in the market:
Some of the major companies offering OTC drugs in South Korea are GlaxoSmithKline, Johnson and Johnson, Novartis, Bayer, Pfizer, Sanofi, Takeda Pharmaceuticals, Boehringer Ingelheim, Yuhan Corporation, Hanmi Pharmaceuticals, Dong Wha Pharmaceuticals.
1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Product Type
5.1.1 Analgesics
5.1.2 Cough, Cold and Flu Products
5.1.3 Vitamins and Minerals
5.1.4 Dermatological Products
5.1.5 Gastrointestinal Products
5.1.6 Ophthalmic Products
5.1.7 Sleep Aid Products
5.1.8 Weight Loss/Diet Products
5.1.9 Others
5.2 By Formulation Type
5.2.1 Tablets
5.2.2 Liquids
5.2.3 Ointments
5.2.4 Sprays
5.3 Distribution Channels
5.3.1 Pharmacies
5.3.2 Supermarkets/Hypermarkets
5.3.3 Convenience stores
5.3.4 Others (Online Drug Stores)
6. Strategic Analysis
6.1 PESTLE analysis
6.1.1 Political
6.1.2 Economic
6.1.3 Social
6.1.4 Technological
6.1.5 Legal
6.1.6 Environmental
6.2 Porter’s Five analysis
6.2.1 Bargaining Power of Suppliers
6.2.2 Bargaining Power of Consumers
6.2.3 Threat of New Entrants
6.2.4 Threat of Substitute Products and Services
6.2.5 Competitive Rivalry within the Industry
7. Market Leaders' Analysis
7.1 GlaxoSmithKline
7.1.1 Overview
7.1.2 Product Analysis
7.1.3 Strategic Evaluation and Operations
7.1.4 Financial analysis
7.1.5 Legal issues
7.1.6 Recent Developments
7.1.7 SWOT analysis
7.1.8 Analyst View
7.2 Johnson and Johnson
7.3 Novartis
7.4 Bayer
7.5 Pfizer
7.6 Boehringer Ingelheim
7.7 Sanofi
7.8 Takeda
7.9 Yuhan Corporation
7.10 Hanmi Pharmaceuticals
7.11 Dong Wha Pharmaceuticals
8. Competitive Landscape
8.1 Market share analysis
8.2 Merger and Acquisition Analysis
8.3 Agreements, collaborations and Joint Ventures
8.4 New Product Launches
9. Expert Opinions
9.1 Market Outlook
9.2 Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
