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(MoneyNewsWire.Net, October 06, 2017 ) According to the report South Korea OTC Drugs Industry, published by Market Data Forecast, The Industry is estimated at USD 4.1 billion in 2016 and is predicted to reach USD 5.78 billion by 2021, 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 Industry is ranked 13th in the world, in terms of revenue generated and the third largest in Asia.
Browse Market data tables and in-depth TOC of the South Korea OTC Drugs Industry to 2021 @ http://www.marketdataforecast.com/market-reports/south-korea-over-the-counter-drugs-market-802/
An increase in employment of self-medication is observed in recent times due to the growing awareness on various health conditions and treatments. This is propelling the Industry growth for OTC drugs. Further, increasing numbers of geriatric population is one of the factor driving the growth of South Korea OTC drug Industry. As increasing age is associated with 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 has forced stringent regulations for the use of certain categories of drugs, effecting the South Korea OTC Drugs Industry. 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 Industry growth. Anyways, the 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.
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The South Korea’s OTC drug’s Industry is segmented on the basis of product type into Cough, Cold and Flu Drugs, Analgesics, Dermatologics, Gastrointestinal Drugs, Antiseptics, Anti-Allergy Drugs, Smoking Cessation Aids, Ophthalmics, Vitamins and Minerals, Sleep Aids, Weight Loss/Diet Drugs and Others (Ear Drops & Diuretics). And on the basis of formulation, the Industry is analysed under Liquids, Ointments, Tablets and Sprays.
Further, based on distribution channel the OTC drugs Industry is segmented into Pharmacies, SuperIndustrys/HyperIndustrys and Convenience stores. As stated earlier, most of the OTC drugs in South Korea are distributed through Pharmacies. But with the efforts by government to ease the regulations, sales through superIndustrys and convenience stores are expected to pick up in the coming few years.
Some of the major companies offering OTC drugs in South Korea are GlaxoSmithKline, Johnson and Johnson, Novartis, Bayer, Pfizer, Sanofi, Takeda Pharmaceuticals, Boehringer Ingelheim, Yuhan Corporation, Hanmi Pharmaceuticals, Dong Wha Pharmaceuticals.
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Key Points from Table of Contents
Overview
• Executive Summary
• Key Inferences
• New Developments
Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
South Korea OTC Drugs Industry: Segmentation
• Product Type
o Analgesics
o Cough, Cold and Flu Products
o Vitamins and Minerals
o Dermatological Products
o Gastrointestinal Products
o Ophthalmic Products
o Sleep Aid Products
o Weight Loss/Diet Products
o Others
• By Formulation Type
o Tablets
o Liquids
o Ointments
o Sprays
• Distribution Channels
o Pharmacies
o SuperIndustrys/HyperIndustrys
o Convenience stores
o Others (Online Drug Stores)
Strategic Analysis
• PESTLE analysis
• Porter’s Five analysis
Industry Leaders' Analysis
Competitive Landscape
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