Market Insights Health Pharmacies OTC Products

Pharmacy Usual Items - South Korea

South Korea

Revenue in the Pharmacy Usual Items market is projected to reach €3.68bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.35%, resulting in a market volume of €4.34bn by 2029.
In global comparison, most revenue will be generated in China (€44,560.00m in 2024).
In relation to total population figures, per person revenues of €71.14 are generated in 2024.

Key regions: Japan, France, China, Australia, Europe

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Analyst Opinion

The Pharmacy Usual Items market in South Korea has been experiencing steady growth in recent years. Customer preferences for convenience, affordability, and a wide variety of products have been driving this trend. Additionally, local special circumstances and underlying macroeconomic factors have contributed to the development of the market. Customer preferences in South Korea have played a significant role in the growth of the Pharmacy Usual Items market. South Korean consumers value convenience and efficiency in their shopping experience. As a result, there has been an increasing demand for pharmacies that offer a wide range of products, including over-the-counter medications, personal care items, and health supplements. Customers appreciate the convenience of being able to purchase these items in one location, rather than having to visit multiple stores. Additionally, affordability is an important factor for customers in South Korea, and pharmacies often offer competitive prices compared to other retail outlets. Trends in the market reflect the changing needs and preferences of South Korean consumers. One notable trend is the increasing popularity of online pharmacies. With the growth of e-commerce in South Korea, more customers are turning to online platforms to purchase their usual items. Online pharmacies offer convenience and a wider selection of products, making them an attractive option for busy consumers. Another trend in the market is the growing demand for natural and organic products. South Korean consumers are becoming more health-conscious and are seeking out products that are perceived as being more natural and environmentally friendly. Local special circumstances have also influenced the development of the Pharmacy Usual Items market in South Korea. The country has a rapidly aging population, which has led to an increased demand for healthcare products and services. As the elderly population grows, there is a greater need for pharmacies that cater to their specific needs, such as medications for chronic conditions and mobility aids. Additionally, South Korea has a strong healthcare system that emphasizes preventive care, which has contributed to the demand for health supplements and wellness products. Underlying macroeconomic factors have also played a role in the growth of the Pharmacy Usual Items market in South Korea. The country has a strong economy and a high standard of living, which has led to increased disposable income for many consumers. This has allowed them to spend more on healthcare and wellness products. Additionally, South Korea has a well-developed healthcare infrastructure, which includes a network of pharmacies that are easily accessible to the population. In conclusion, the Pharmacy Usual Items market in South Korea is developing due to customer preferences for convenience, affordability, and a wide variety of products. Trends in the market reflect the changing needs and preferences of South Korean consumers, including the growing popularity of online pharmacies and the demand for natural and organic products. Local special circumstances, such as an aging population and a focus on preventive care, have also contributed to the growth of the market. Underlying macroeconomic factors, such as a strong economy and a well-developed healthcare infrastructure, have further supported the development of the market.

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.