The South Korea oncology therapeutics market size stood at USD xx billion in 2019 and is estimated to be around USD 8.5 billion in 2019. It is projected to reach USD xx billion by 2028, exhibiting a CAGR of xx% during the forecast period.
Since 1983, Cancer has been the leading cause of death in South Korea. The incidence of cancer is on a constant rise. Compared with other OECD countries, South Korea remains slightly above average in cancer incidence rates for both males and females. For males, the three leading types of cancer are stomach cancer, lung cancer, and colon and rectum cancer; for females, they are breast cancer, thyroid cancer, and colon and rectum cancer. While the incidence of cancer in Korea is on the rise, the survival rate has also increased because of developments made in medical technologies over the past few decades. According to a report published by IMS Health, anticancer drugs and immunotherapies will record the highest growth rate of 8.5% a year.
Increase in incidence rate of various types of cancers is the major driving factor for this market. Two major reasons for increase in incidence are the aging population and changes in lifestyle. Increased research and development, also advances in technology are the other major drivers for this market. There have been a lot of advances in the treatment of cancer not only in Korea but around the globe over these years. Companies involved are increasing their product innovation. To sustain in the increasingly competitive immuno-oncology drugs market, companies are developing innovative products as well as sharing skills and expertise with other companies. Increasing healthcare expenditure is another factor contributing to the market growth.
The adverse effects caused by several oncology therapeutics and unawareness of people, socioeconomic background and high cost of these therapies might restraining market growth.