Market Insights Health Pharmacies OTC Products

Analgesics (Pharmacies) - South Korea

South Korea

Revenue in the Analgesics market is projected to reach €0.67bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.84%, resulting in a market volume of €0.89bn by 2029.
In global comparison, most revenue will be generated in China (€4,663.00m in 2024).
In relation to total population figures, per person revenues of €12.90 are generated in 2024.

Key regions: China, South Korea, Canada, India, France

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Analyst Opinion

The Analgesics (Pharmacies) market in South Korea has been experiencing steady growth in recent years.

Customer preferences: South Korean consumers have shown a growing preference for over-the-counter analgesics, which can be easily purchased at pharmacies without a prescription. This preference is driven by several factors. Firstly, the convenience of purchasing analgesics without the need for a doctor's visit appeals to busy consumers who may not have the time or inclination to seek medical advice for minor aches and pains. Additionally, the increasing awareness of self-care and a desire for immediate relief has led consumers to seek out analgesics that are readily available at pharmacies.

Trends in the market: One key trend in the South Korean analgesics market is the rising demand for natural and herbal remedies. Consumers are becoming more conscious of the potential side effects of conventional analgesics and are seeking alternative options. This has led to the introduction of a variety of natural analgesic products in the market, including those made from traditional Korean medicinal herbs. These products are marketed as being gentler on the body and appealing to consumers who prefer a more holistic approach to healthcare. Another trend in the market is the increasing availability of analgesics specifically formulated for different age groups. Manufacturers are recognizing the unique needs of different age demographics and are developing products tailored to their specific requirements. For example, analgesics targeting the elderly population may focus on joint pain relief, while those marketed towards younger consumers may emphasize relief from headaches and muscle aches.

Local special circumstances: South Korea has a well-developed healthcare system, with a high number of pharmacies located throughout the country. This accessibility to pharmacies makes it easy for consumers to access analgesics and contributes to the growth of the market. Additionally, the South Korean government has implemented policies to promote self-care and over-the-counter medication use, further driving the demand for analgesics.

Underlying macroeconomic factors: The growing middle class in South Korea has led to increased disposable income, allowing consumers to spend more on healthcare products, including analgesics. Additionally, an aging population has contributed to the rising demand for analgesics, as older individuals are more likely to experience aches and pains associated with age-related conditions. In conclusion, the Analgesics (Pharmacies) market in South Korea is experiencing growth due to customer preferences for over-the-counter options, the rising demand for natural and age-specific products, the accessibility of pharmacies, and underlying macroeconomic factors such as increased disposable income and an aging population.

Methodology

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.