Considering the current scenario, the Over the Counter (OTC) Drugs Market in South Korea is estimated at USD 5.03 billion in 2022 and is predicted to reach USD 7.10 billion by 2027, growing at a CAGR of 7.11%.
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.
An increase in employment of self-medication is observed in recent times due to the growing awareness of various health conditions and treatments. This is propelling the market growth for OTC drugs. Further, increasing numbers of geriatric populations are one of the factors driving the growth of the South Korea OTC drug market. As increasing age is associated with the 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 have forced stringent regulations for the use of certain categories of drugs, affecting 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, 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.
This research report is segmented & sub-segmented the South Korea OTC Drugs Market into the following categories:
Notable companies in South Korea Over the Counter Drugs market are Eu Yan Sang International Ltd, Bayer AG, Johnson & Johnson, GlaxoSmithKline plc, Merck Pte Ltd, Sunward Pharmaceutical Pte Ltd, Beacons Pharmaceuticals (Pte) Ltd.
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