South Korea Cardiovascular Diseases Therapeutics Market Analysis

South Korea Cardiovascular Disease Therapeutics Market Executive Analysis

The South Korean cardiovascular disease therapeutics market is at around $2.37 Bn in 2022 and is projected to reach $4.47 Bn in 2030, exhibiting a CAGR of 8.22% during the forecast period. The fiscal imbalance is expected to decrease from 3.3% of gross domestic product (GDP) this year to 0.6% of GDP with the approved budget of South Korea, which is worth $498.89 Bn, or 6% less than this year's budget. According to the finance ministry, public health, welfare, and employment programs received the largest %age of the budget—35.4%—with 15.1% going to education and 8.9% going to national defence expenditures.

In South Korea, Cardiovascular Diseases (CVDs) are now one of the main sources of morbidity and mortality and are a significant financial burden on the healthcare system. Neoplasms accounted for 28.4% of all deaths recorded in South Korea while circulatory diseases (heart disease 12.8% and cerebrovascular disease 8.3%) accounted for 21.5%.

Plasma cholesterol, especially low-density lipoprotein (LDL) cholesterol, has been linked to the onset and progression of Atherosclerotic cardiovascular disease (ASCVD) across a number of genetic, epidemiologic, and clinical investigations. Although statins (3-hydroxy-3-methylglutaryl-coenzyme A reductase inhibitors) have long been the preferred method of treating dyslipidemia, high-risk patients still have a significant residual risk despite statin therapy. The understanding of lipoprotein metabolism has been drastically altered since the 2003 finding of proprotein convertase subtilisin/kexin type 9 (PCSK9). By encouraging the degradation of LDL receptors, PCSK9 reduces the clearance of LDL cholesterol from circulation. The findings of two recent cardiovascular outcomes trials suggest that patients with ASCVD may gain incrementally from taking a PCSK9 inhibitor in addition to statin therapy. Alirocumab has been authorized in South Korea to treat patients with clinical ASCVD or heterozygous familial hypercholesterolemia who need additional LDL cholesterol lowering in conjunction with other therapies, usually including a maximally tolerated statin. Patients with clinical ASCVD or homozygous or heterozygous familial hypercholesterolemia who need additional LDL cholesterol reduction in conjunction with other lipid-lowering therapies can use evolocumab.

Market Dynamics

Market Growth Drivers

The demand for therapeutics to control and treat these conditions is being driven by South Korea's high prevalence of cardiovascular diseases. The market is expanding in part due to the rising prevalence of risk factors like high blood pressure, high cholesterol, obesity, and diabetes. The prevalence of cardiovascular diseases rises as the populace ages. The rapidly ageing populace of South Korea is predicted to increase the demand for treatments for cardiovascular disease. The area of cardiovascular disease therapeutics is continually developing new technologies and treatment options. South Korea is renowned for its cutting-edge medicinal technology, which will probably aid in South Korea's cardiovascular disease therapeutics market expansion.

Market Restraints

The cost of cardiovascular disease therapies may prevent people with lower incomes from accessing them. This may hinder the South Korean cardiovascular disease therapeutics market expansion, especially considering the rising expense of healthcare. There are now generic versions of many cardiovascular disease treatments, which can result in price competition and reduced profit margins for businesses that manufacture branded medications. For businesses creating novel therapeutics for cardiovascular disease, the regulatory climate in South Korea can be difficult. Stringent criteria for clinical trials and approvals can result in delays and increased expenses for drug development.

Competitive Landscape

Key Players

• DanDi Bioscience (KOR)
• SparkBiopharma (KOR)
• Yuhan Corporation (KOR)
• Kolmar (KOR)
• Kwang Dong Pharmaceutical (KOR)
• AstraZeneca
• Bayer
• Sanofi
• Pfizer
• Eli Lilly
• Sanofi
• Bristol-Myers Squibb

Healthcare Policies and Regulatory Landscape

The National Health Insurance (NHI) program, part of South Korea's complete healthcare system, provides coverage for cardiovascular health services and medications. Over 98% of the population, including both citizens and legal residents, is covered by the NHI, a social insurance scheme that is required by law. To determine the health of their heart and blood arteries, patients can undergo diagnostic tests like electrocardiograms (ECGs), echocardiograms, stress tests, and angiograms. The NHI covers a variety of medications, such as antiplatelets, anticoagulants, beta-blockers, ACE inhibitors, and statins, for the therapy of cardiovascular diseases. For patients with more severe cardiovascular diseases, the NHI also provides procedures like percutaneous coronary intervention (PCI), coronary artery bypass grafting (CABG), and cardiac pacemaker implantation. The government sets the reimbursement rates for these services and medicines, which are open to adjustment based on elements like service costs, inflation, and advancements in medical technology. In order to assist patients with low incomes cover the cost of healthcare, the NHI also provides subsidies.