South Korea Cancer Pain Management Market Report 2022 to 2030

South Korea Cancer Pain Management Market Analysis

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South Korea's Cancer Pain Management market is projected to grow from $95.27 Mn in 2022 to $155.31 Mn by 2030, registering a CAGR of 6.3% during the forecast period of 2022-30. The main factors driving the growth would be technological and pharmaceutical advancements, increasing awareness, and government support. The market is segmented by drug type and by disease. Some of the major players include Hanmi Pharmaceutical (KOR), Pfizer, Teva Pharmaceuticals, Abbott, and Sanofi.

ID: IN10KRHS002 CATEGORY: Healthcare Services GEOGRAPHY: South Korea AUTHOR: Neha Davda

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South Korea Cancer Pain Management Market Executive Summary

South Korea's Cancer Pain Management market is projected to grow from $95.27 Mn in 2022 to $155.31 Mn by 2030, registering a CAGR of 6.3% during the forecast period of 2022-30. In 2019, South Korea's national health expenditures as a share of GDP reached 8.16%, amounting to $2,624.53 per person. Even while healthcare spending has been steadily rising over the years, it remains below the OECD average.

Cancer has been associated with a number of well-known acute and chronic pain disorders. The complicated and sometimes fatal illness known as cancer results in gene changes impacting vital cell-regulatory proteins. These modifications promote abnormal cell behavior, which in turn leads to unrestrained cell growth and the subsequent destruction of nearby normal tissues. These tumors impose pressure on the body and produce discomfort by pressing on bones, nerves, and other parts of the body. Especially in more advanced phases of the illness, cancer discomfort can also be experienced while receiving aggressive cancer therapy. In Korea, 81,277 cancer deaths and 274,488 new cancer cases were projected to occur in 2022. The thyroid is predicted to be the most prevalent location for cancer in South Korea, followed by the lung, colon and rectum, breast, and stomach.

south korea cancer pain management market

Market Dynamics

Market Growth Drivers

The development of Innovative and more efficient pain management therapies for cancer patients as a result of technological and pharmaceutical advancements and government support are driving the growth of the cancer pain management market in South Korea. Moreover, the industry is expanding in part because more people are becoming aware of the value of pain management for cancer patients.

Market Restraints

The development of cancer pain management in South Korea is expected to be constrained by the adverse side effects of opioids and competition between branded medications and less-priced generic medications.

Competitive Landscape

Key Players

Hanmi Pharmaceutical (KOR)
Pfizer
Teva Pharmaceuticals
Abbott
Sanofi

Healthcare Policies and Regulatory Landscape

The Ministry of Food and Drug Safety is in charge of overseeing the approval and distribution of medications in South Korea, particularly those used to treat cancer pain. The construction of specialized palliative care centers and the inclusion of palliative care in the national health insurance program are initiatives that the Korean government has put in place to increase access to pain management treatments for cancer patients. To guarantee that patients receive secure and efficient pain relief, there are additional rules for the proper use of potent analgesics like opioids.

Reimbursement Scenario

The National Health Insurance (NHI) program in South Korea offers reimbursement for specific cancer painkillers. The medication must be safe, effective, and cost-effective in order to qualify for reimbursement, as determined by the Ministry of Food and Drug Safety (MFDS). The NHI sets the amount of a drug's reimbursement based on the drug's classification and the price agreed upon with the manufacturer.

1. Executive Summary
1.1 Service Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Healthcare Services Market in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Services
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Cancer Pain Management Market Segmentation

By Drug Type (Revenue, USD Billion):

Non-steroidal anti-inflammatory medicines relieve pain at the site of injury by blocking the cyclooxygenase enzyme, which prevents prostaglandin formation. NSAIDs are a class of medications that includes medications with analgesic, antipyretic, and, at higher doses, anti-inflammatory properties.

Opioids
Morphine
- Fentanyl
- Others
Non-Opioids
Acetaminophen
Non-Steroidal Anti-Inflammatory Drugs (NSAIDs)
Nerve Blockers

By Disease Indication (Revenue, USD Billion):

Based on disease Indication the market is segmented into:

Lung Cancer
Colorectal cancer
Breast cancer
Prostate cancer
Blood cancer
Others

Methodology for Database Creation

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How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

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Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.