Report Overview

The South Korea over the counter (OTC) drugs market size stood at around USD 21.43 billion in 2019 and is projected to reach xx billion by 2028, exhibiting a CAGR of around xx% during the forecast period.

The pharmaceutical industry in South Korea isa significant industry worth over USD 20 billionas of 2018. It is the third largest in Asia.

Over the counter drugs are the drugs that need no prescription to avail them. The availability and affordability of these medicines has further increased their adoption rates in the market. Rapidly expanding Koreas healthcare and pharmaceuticals industries is further expected to boost the growth of market over the next few years.



Market Drivers

With increase in awareness of various health conditions and their treatment an increase in employment of self-medication is observed in the population. This propels the growth of OTC drug market. Moreover, increase in geriatric population is associated with numerous chronic medical conditions. As a result, higher number of medications are used leading to higher demand for all medical services including OTC drug.

Rising issues of substance abuse have forced stringent regulations for use of certain categories of drugs affecting OTC drugs market. Under Koreas Pharmaceutical Law, only pharmacies have the rights to manage pharmaceutical products including OTC drugs. These factors act as impediments in drugs reaching the customers and also in growth of market.