South Korea Pharmaceutical Market Analysis

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  • Type: Service area
  • Published : June 2021
  • Region: Asia
  • Country: South Korea
  • Report ID : 4854

  • Format: PPT, PDF

South Korea Pharmaceutical Market: Segmented By Therapeutic Category (Oncology, Cardiovascular, CNS, Respiratory, Rheumatology, Diabetes, Musculoskeletal Organ, Blood and Hemopoietic Organ, Digestive Organ and Metabolism, Hormonal Drugs) and By Prescription Type (Prescription drugs, Over The Counter (OTC) Drugs)- Growth, Trends, and Forecasts (2019 – 2028)

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Report Overview

The South Korea pharmaceutical market size stood at around USD 21.47 billion in 2019 and is projected to reach xx billion by 2028, exhibiting a CAGR of xx% during the forecast period.

According to the OECD, South Korea’s gross healthcare spending in 2018 amounted to nearly 8.1% of Korea’s GDP. Healthcare expenditure has grown at an even faster pace than GDP.

According to the Ministry of Food and Drug Safety (MFDS) South Korea’s pharmaceutical market size was approximately USD 21.47 billion in 2019, which is 5.2% more from 2018. Korea’s pharmaceutical market in 2019 was mainly characterized by an increased share of finished drug manufacturing and domestic production of new drugs; a steady growth of drug exports; the growth of the domestic biopharmaceutical market, the expansion of exports focused on biosimilars; and a continued rise in drug imports. The share of finished drug products rose 87.5% in 2015 to 88.9% in 2019.

The export amount of pharmaceuticals increased to USD 5,195.15 million, hitting a record high and up by 11.2% compared to USD 4,673.11 million in 2018. The annual average export growth rate has remained high with 15.2% in the last 5 years.

Market Drivers

During the forecasted period major driver for pharmaceutical industry would be the aging population and rising life expectancy.

Furthermore, government has increased the spending on R&D they are focusing on new medicines and Bio- similars which is also boosting the market growth. Korea Health Industry Development Institute (KHIDI) in a recent report mentioned that, a total of 46 research and development based Korean drug manufacturers recently identified as revolutionary pharmaceutical organizations by the Health Ministry of Korea, which will enhance R&D spending by 2020. In fact, Korea has the potential to perform medicines R&D for molecules and industrial innovations, agents, including organic synthesis, and multinational clinical trials. This potential has been achieved by the advancement of generic drugs. Korea is already a pioneer in the field of biotechnological pharmaceutical research. Therefore, all of these variables would boost the pharmaceutical demand in the country during the forecast period.

1. South Korea Pharmaceutical Market Overview………………………………
A. Market Size
2. Market Growth Drivers………………………………………………………………….
A. Aging Population and Rising Life Expectancy
B. Increased Government Funding in R&D
C. Higher Per Capita Healthcare Expenditure
3. South Korea Pharmaceutical Market by Drug Type……………………………
A. Branded Drugs
B. Generic Drugs
I. Simple Generic Drugs
II. Super Generic drugs
III. Biosimilars
4. Pharmaceutical Market Segmentation…………………………………
A. Therapeutic Category
I. Oncology
II. Cardiovascular
III. CNS
IV. Respiratory
V. Rheumatology
VI. Diabetes
VII. Musculoskeletal Organ
VIII. Blood and Hemopoietic Organ
IX. Digestive Organ and Metabolism
X. Hormonal Drugs
B. Prescription type
I. Prescribed Drugs
II. Over the Counter Drugs (OTC)
5. Pharmaceutical Major Products Market Share………………………………
A. Market Analysis, Insights and Forecast – By Revenue
6. Competitive Landscape…………………………………………………………………
A. Major Players
B. Products in Pipeline
7. Key Company Profiles………………………………………………………………….
A. Hanmi Pharm Company overview, Product & Services, Strategies & Financials
B. Chong Kun Dang Pharmaceutical Corp Company overview, Product & Services, Strategies & Financials
C. Daewoong Pharmaceutical Company overview, Product & Services, Strategies & Financials
8. Healthcare Policies and Regulatory Landscape………………………………
A. Policy changes and Reimbursement scenario
9. Factors Driving Future Growth……………………………………………………
A. New Trends and Development of Pharmaceutical Market
B. Future Opportunities
10. Conclusion

 

Market Segmentation

By Therapeutic Category:

According to therapeutic category pharmaceutical market is segmented as – oncology, cardiovascular, CNS, respiratory, rheumatology, diabetes, musculoskeletal organ, blood and haemopoietic organ, digestive organ and metabolism, hormonal Drugs. Prevalence of chronic diseases is rising in South Korea due to its aging population. As per Ministry of Health and Welfare of South Korea (2017), 51% of seniors suffered from more than three diagnosed chronic diseases.

By Prescription Type:

According to the end user market can be segmented as prescribed drugs and over-the-counter drugs (OTC).

Koreas’ prescription drugs segment is expected to constitute the largest proportion of the pharmaceutical market in the forecast period.

 

Top Players

Pharmaceutical market of Korea has many major players with very high competition. In terms of market share, few of the major players are currently dominating the market some of them are Hanmi Pharm, Chong Kun Dang Pharmaceutical, Daewoong Pharmaceutical, Green Cross, Celtrion. Apart from these major players others are also striving continuously to rise in the market. Some of the other major players are AbbVie Inc., AstraZeneca plc, Bayer AG, Samsung Pharm. Co., LTD., and GlaxoSmithKline. In 2018 Japan was the largest drug export destination for Korea followed by Germany and U.S.

Research Methodology

Insights10 will provide you reports within 10 key parameters which are:

  1. Market overview
  2. Market growth drivers & restraints
  3. Epidemiology or disease type
  4. Market segmentation
  5. Market share
  6. Competitive landscape
  7. Key company profiles
  8. Healthcare policies & regulatory framework
  9. Reimbursement scenario
  10. Factors driving future growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision making for business stakeholders. Our focused approach to develop reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

Our analysis methodology involves three critical stages:

Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers and researchers across countries through which we engage with local experts to gather key data points and assumptions around each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain the high level of accuracy and consistency. The market data is analysed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, market share as well as segment-level analysis of the specific market. Our report includes precise, to the point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.

Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:

  • Statistical Databases
  • Company Websites/Annual Reports
  • Trade Publications
  • Online Databases
  • Published Research Reports
  • Whitepapers
  • Press Releases of Key Market Players

Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameter and micro indicators. The macro parameters includes changes in government policies, demand and supply of the market, government intervention programs and major market share. The micro indicators GDP growth, market size, market volume etc. We also understand nuances specific to each country like US, Canada, India, Germany, etc. and have worked across 60+ countries and hence no only understand global trends, but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. start with large overall market and segment different areas and bottom-up approach i.e. start with population and epidemiology and roll up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach mainly used for new product forecasting and bottom-up approach is used for demand estimation of any product for different countries summed up to form total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as North America, Europe, Asia-Pacific, and Africa for the period of 2020 to 2028. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape and policy and regulatory scenario and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases and the company level averages etc.

We make sure to finalize the numbers in alignment to the market research. Firstly, our internal experts ensure thorough validation and checking to ensure the accurate and precise analysis and then validation is also done using multiple data analysis model.  Two level validation is done and entails finalization of report scope and to way of representation pattern.

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analysed and synthesized. A second series of interviews are done if necessary to check and validate. The future opportunities are analysed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results are then, interpreted by considering following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue / volume
  • Analyzing current needs and determining penetration to estimate market

Insights: Our reports deliver actionable insights backed with supporting facts and figures to assist you in achieving exemplary growth. Our in-depth analyses are interspersed with relevant insights and statistics to offer an executive-level view of a given market. The description helps in correlating many minor factors affecting the market and its impact to the different segments within the market.
Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumptions.
The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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