The South Korea rheumatology therapeutics market size stood at around USD 663.8 million in 2019 and is projected to reach xx million by 2028, exhibiting a CAGR of around xx% during the forecast period.
Rheumatic diseases cause inflammation that affects joints, tendons, ligaments, bones and sometimes organs. These diseases are also known as musculoskeletal diseases causing severe pain, deformity, and morbidity. The treatment tends to be highly expensive. Several types of rheumatic diseases with different symptoms are seen all across all age groups.
According to data from the World Bank Group, the proportion of South Korean population aged 65 and above was 14.42% in 2018. Since this age group is more prone to rheumatic diseases like rheumatic arthritis, therefore the rising geriatric population in South Korea will continue to boost the market growth of antirheumatic drugs in the country.
Furthermore, supportive government policies and measures in order to provide affordable healthcare services is also influencing the antirheumatic drugs market growth in South Korea. Growth and innovations in biopharmaceuticals sector is also positively impacting the rheumatology therapeutics market.
High cost associated with the treatment and rising demand for biosimilar products are the factors expected to impede the rheumatology therapeutics market growth.