Increasing prevalence of digestion disorders, common flu, and cold is driving gr

Posted by rohan on August 23rd, 2018

South Korea over-the-counter (OTC) drugs market is predicted at USD 4.70 billion in 2018 and is anticipated to reach USD 6.63 billion by using 2023, developing at a CAGR of 7.11%. Over-the-counter (OTC) drugs also called as non-prescription drugs are drug treatments that don't require the prescription from healthcare experts for selling it to customers. The clients can follow the instructions mentioned on label and those drugs are safe to apply. Those drugs are available at pharmacies, supermarkets, popular stores, and fuel stations throughout numerous international locations.

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Escalating awareness on treatments is to thrive the market growth

Factors affecting market growth:

•   Increase in employment of self-medication  (+)
•   Rising prevalence of chronic medical conditions (+)
•   Escalating awareness on treatments (+)
•   Growing geriatric population (+)
•   Intensifying higher demand for all medical services (+)
•   Restrictions by the government (-)
•   Only pharmacies have exclusive rights to manage pharmaceutical products (-)

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Pharmacies hold the largest segment of the market

Market Segmentation

The Global over-the-counter (OTC) drugs market is segmented on the basis of

 Product Type                             

•          Analgesics
•          Cough, Cold and Flu Products         
•          Vitamins and Minerals       
•          Dermatological Products   
•          Gastrointestinal Products 
•          Ophthalmic Products          
•          Sleep Aid Products              
•          Weight Loss/Diet Products               
•          Others      

By Formulation Type                              

•          Tablets      
•          Liquids      
•          Ointments               
•          Sprays       

Distribution Channels                             

•          Pharmacies             
•          Supermarkets/Hypermarkets         
•          Convenience stores            
•          Others (Online Drug Stores)            

 As stated in advance, most of the OTC drugs in South Korea are distributed through Pharmacies. But with the efforts of authorities to ease the regulations, income by supermarkets and convenience stores are expected to choose up within the coming few years.

Key players:

Some of the main companies of the market include GlaxoSmithKline, Johnson and Johnson, Novartis, Bayer, Pfizer, Sanofi, Takeda Pharmaceuticals, Boehringer Ingelheim, Yuhan Corporation, Hanmi Pharmaceuticals, Dong Wha Pharmaceuticals.

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