Pharmacies - South Korea

South Korea

The Pharmacies market in South Korea is projected to reach a revenue of €28.12bn by 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 3.54%, resulting in a market volume of €33.46bn by 2029.
In a global comparison, United States generates the highest revenue in the Pharmacies market, with €355.40bn in 2024.
In South Korea, the revenue per person in the Pharmacies market is €543.50 in 2024.
The pharmacy market in South Korea is experiencing a surge in demand for traditional Korean herbal remedies.

Key regions: United States, China, Germany, Japan, Europe

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Analyst Opinion

The Pharmacies market in South Korea is experiencing significant growth and development due to various factors.

Customer preferences: South Korean customers have shown a strong preference for convenience and accessibility when it comes to healthcare services. Pharmacies in South Korea are often located in easily accessible areas such as shopping centers, subway stations, and residential neighborhoods. This allows customers to easily access over-the-counter medications, health supplements, and other healthcare products without having to travel far. Additionally, South Korean customers also value personalized and knowledgeable service from pharmacists, who are often seen as trusted advisors in the healthcare field.

Trends in the market: One notable trend in the Pharmacies market in South Korea is the increasing demand for health and wellness products. As the awareness of the importance of self-care and preventive healthcare grows, customers are seeking out pharmacies that offer a wide range of health supplements, vitamins, and other wellness products. This trend is driven by the desire to maintain good health and prevent illnesses, as well as the influence of popular health and beauty trends. Another trend in the market is the integration of technology and digital solutions. Many pharmacies in South Korea are adopting digital platforms and mobile applications to enhance the customer experience. This includes features such as online ordering, home delivery services, and virtual consultations with pharmacists. These digital solutions not only provide convenience for customers but also allow pharmacies to expand their reach and serve a larger customer base.

Local special circumstances: South Korea has a rapidly aging population, which presents both challenges and opportunities for the Pharmacies market. With an aging population, there is an increased demand for medications and healthcare products to manage chronic conditions and age-related ailments. Pharmacies in South Korea are adapting to this demographic shift by expanding their offerings to include specialized products and services for the elderly, such as home healthcare equipment and medication management services.

Underlying macroeconomic factors: The South Korean government has implemented policies to support the growth of the healthcare sector, including the Pharmacies market. These policies include the expansion of the national health insurance system, which provides coverage for prescription medications and encourages individuals to seek medical treatment. This has resulted in increased demand for medications and healthcare products, driving the growth of the Pharmacies market. In conclusion, the Pharmacies market in South Korea is developing and evolving to meet the changing needs and preferences of customers. The focus on convenience, health and wellness, and the integration of technology are driving growth in the market. Additionally, the aging population and government policies are also contributing to the expansion of the Pharmacies market in South Korea.

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.