Vaccination against COVID-19 started in earnest in South Korea in early 2021 and continued throughout the year. This is expected to lead adult acetaminophen to see the strongest current value growth in 2021, as acetaminophen is well-known for reducing the side-effects of the COVID-19 vaccine, such as fever.
Due to COVID-19, consumers are taking more care of their health. This is leading more people to keep a stock of more types of OTC products at home.
Topical analgesics/anaesthetic, which is by far the largest category within analgesics, is also expected to maintain solid growth in South Korea in 2021. Domestic players have a strong presence in this category, and due to its large size, the leading brands Ketotop and Antiphlamine are also the leaders in overall analgesics, and are set to extend their shares in 2021.
Topical analgesics/anaesthetic is expected to see the strongest current value CAGR within analgesics in the forecast period. Patch-type products are more popular compared with spray, paste and lotion products, and this is expected to continue in the forecast period, with part of the preference for patches being that lotions and gels can often stain clothing.
Due to COVID-19, prescription medicine saw a poor performance in 2020-2021, as consumers hesitated to visit their doctor during the pandemic. However, providing the vaccination process goes smoothly in South Korea, OTC analgesics is expected to see a slowdown in growth in the forecast period.
Many acetaminophen brands have been active in terms of marketing their efficacy after having had the COVID-19 vaccine. For instance, Sam Jin and Daewoong have been actively promoting their products by highlighting how they can reduce the side-effects of the vaccine.
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