Medical and Health

South Korea OTC Drugs Market is poised to reach USD 5.78 Bn by 2021 with a CAGR of 7.11%


19kb logo3263.jpg

South Korea’s rapid economic growth has nurtured the development of a robust healthcare sector in a short period. Its pharmaceutical market 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 Over the Counter (OTC) Drugs Market 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 market growth for OTC drugs. Further, increasing numbers of geriatric population is one of the factor driving the growth of South Korea OTC drug market. 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 market. 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 market 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.

Free sample of the report is available @http://www.marketdataforecast.com/market-reports/south-korea-over-the-counter-drugs-market-802/request-sample

South Kora Over the Counter (OTC) Drugs Market: Segmentation

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)

Further, based on distribution channel the OTC drugs market is segmented into Pharmacies, Supermarkets/Hypermarkets 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 supermarkets 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.

Inquire before buying @ http://www.marketdataforecast.com/market-reports/south-korea-over-the-counter-drugs-market-802/inquire

Reasons to buy South Korea Over the Counter (OTC) Drugs Market Report:

  • Country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • Segment-level analysis in terms of technology, component, and type along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market

Avail discount @http://www.marketdataforecast.com/market-reports/south-korea-over-the-counter-drugs-market-802/request-discount

About Us:

Market Data Forecast is a firm working in the area of market research and business intelligence. With rich experience in research across various business domains, we cater to the needs of both individual and corporate clients. Our analyst team comprises expert professionals in market research, who with their collective knowledge and skillset dedicatedly serve clients from various industries and regions.

Contact:

Abhishek Shukla

Sales Manager (International Business Development)

Market Data Forecast

Direct Line: +1-888-702-9626

Mobile: +91 998 555 0206

Mail:[email protected]

Visit MarketDataForecast Blog @ http://www.marketdataforecast.com/blog/

View latest Press Releases of MDF @ http://www.marketdataforecast.com/press-releases

 





Market Data Forecast



Market Data Forecast is a firm working in the area of market research and business intelligence. With rich experience in research across various business domains, we cater to the needs of both individual and corporate clients. Our analyst team comprises expert professionals in market research, who with their collective knowledge and skillset dedicatedly serve clients from various industries and regions.