Pharmaceuticals - South Korea

South Korea

The South Korean Pharmaceuticals market is expected to witness significant growth in the coming years.
According to projections, the market's revenue is set to reach US$13.18bn in 2024.
Among the various markets, Oncology Drugs is expected to be the largest, with a projected market volume of US$2.56bn in the same year.
This indicates the growing demand for oncology treatments in South Korea.
Moreover, the Pharmaceuticals market in South Korea is anticipated to display a compound annual growth rate (CAGR) of 6.85% between 2024 and 2028.
This steady growth trajectory is expected to result in a market volume of US$17.18bn by 2028.
When compared globally, it is worth mentioning that United States is projected to generate the highest revenue in the Pharmaceuticals market.
In 2024, United States is estimated to generate a staggering US$636.90bn in revenue.
This highlights the strong market presence and dominance of the United States in the global pharmaceutical industry.
In conclusion, the Pharmaceuticals market in South Korea is poised for substantial growth, driven by factors such as the increasing demand for oncology drugs.
However, it is important to keep in mind the global context, with United States leading in terms of revenue generation.
South Korea is witnessing a surge in the research and development of innovative pharmaceuticals, leading to advancements in healthcare and increased international collaboration.

Key regions: United States, China, Germany, Japan, Europe

Definition:
The Pharmaceuticals market covers remedies used to cure, treat, prevent, and diagnose diseases. These small molecule drugs or biologic medical products may be called drugs, medications, or medicines. Prescription drugs and over-the-counter (OTC) drugs are both included. Depending on the regulations in each country, these products are provided by pharmacies, hospitals, physicians, and/or drug stores, and/or they can be bought elsewhere. They may be administered in the form of pills, capsules, gels, ointments, injections, infusions, lozenges, or aerosols/sprays.

Structure:
The market is subdivided into Oncology Drugs, Anti-Diabetes Drugs, Anti-Rheumatic Drugs, Vaccines, Dermatological Drugs, Antiviral Drugs, Immunosuppressants, Bronchodilator Drugs, Sensory Organ Drugs, Anti-Hypertensive Drugs, Anti-Coagulants, Anti-Fibrinolytic Drugs, Multiple Sclerosis Drugs, Lipid-Lowering Agents and Other Pharmaceuticals. The Pharmaceuticals market is organized in markets that cover drugs used in specific medical fields, i.e., medicines for a specific disesase or a certain type of medicine. They include original brands, biosimilars, generics, and orphan drugs.The Oncology Drugs market covers pharmaceutical products specifically developed for the treatment and management of various cancers. The Anti-Diabetes Drugs market covers medications designed to manage blood glucose levels and improve insulin sensitivity in individuals with diabetes. The market Anti-Rheumatic Drugs includes pharmaceuticals specifically developed to alleviate symptoms, reduce inflammation, and modify the progression of rheumatic diseases. The Dermatological Drugs market covers pharmaceuticals formulated to treat and manage a wide range of skin conditions such as eczema, acne, and rosacea. The Antiviral Drugs market includes medications designed to treat viral infections and reducing the severity and duration of symptoms. The Immunosuppressants market covers pharmaceuticals that suppress the immune system's activity. The Bronchodilator Drugs market covers pharmaceuticals designed to relax and widen the airways in the lungs. The Sensory Organ Drugs market covers pharmaceuticals targeting the treatment of disorders and conditions affecting sensory organs such as the eyes, ears and nose. The Anti-hypertensive Drugs market covers pharmaceuticals designed to lower blood pressure levels. The Anti-Coagulants Drugs market covers pharmaceuticals developed to prevent the formation of blood clots or to dissolve existing clots. The Anti-Fibrinolytics Drugs market covers pharmaceuticals designed to inhibit the breakdown of blood clots. The Multiple Sclerosis Drugs market covers pharmaceuticals aimed at managing and modifying the course of multiple sclerosis. The Lipid-Lowering Agents market covers pharmaceuticals developed to reduce levels of cholesterol and other lipids in the blood. The Other Pharmaceuticals market provides information on additional specialties that are not covered by the main markets.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Novartis, Roche, Pfizer, Merck & Co, Johnson & Johnson, AbbVie, Sanofi.

Market

Region

Region comparison

Currency

Analyst Opinion

The Pharmaceuticals market in South Korea has been experiencing substantial growth in recent years.

Customer preferences: South Korean consumers are increasingly interested in preventative healthcare, leading to a rise in demand for over-the-counter medications and supplements. Additionally, the aging population has created a higher demand for prescription medications.

Trends in the market: One trend in the South Korean Pharmaceuticals market is the increasing use of technology in healthcare. This includes telemedicine and mobile health apps, which allow patients to receive medical advice and prescriptions without leaving their homes. Another trend is the rise of biosimilars, which are similar but not identical versions of biologic drugs. Biosimilars are becoming more popular due to their lower cost compared to the original biologic drugs.

Local special circumstances: South Korea has a strong government-led healthcare system, with the government playing a significant role in regulating drug prices and approving new drugs. Additionally, cultural beliefs around healthcare may differ from other countries, with a greater emphasis on traditional medicine and natural remedies.

Underlying macroeconomic factors: The South Korean economy has been growing steadily in recent years, with a focus on innovation and technology. This has led to increased investment in the healthcare sector and the development of new drugs and treatments. Additionally, the government has implemented policies to encourage research and development in the pharmaceutical industry. However, the market is also facing challenges such as increasing competition and regulatory hurdles.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.