South Korea Cardiovascular Drugs Market Report 2022 to 2030

South Korea Cardiovascular Drugs Market Analysis

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South Korea Cardiovascular Drug Market is at around $2.02 Bn in 2022 and is projected to reach $2.94 Bn in 2030, exhibiting a CAGR of 4.8% during the forecast period. The main elements propelling this industry's growth include the incidence of cardiovascular diseases, changing lifestyles, and government programs. The market is dominated by key players like Hanmi Pharmaceutical, Bristol-Myers Squibb Company, Pfizer Inc., Bayer AG, Janssen Pharmaceuticals, Inc., AstraZeneca, Sanofi, Novartis AG, Merck & Co., Inc., Gilead Sciences, Inc., and F. Hoffmann-La Roche Ltd.

ID: IN10KRPH007 CATEGORY: Pharmaceuticals GEOGRAPHY: South Korea AUTHOR: Aneri Parekh

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South Korea Cardiovascular Drug Market Executive Summary

South Korea Cardiovascular Drug Market is at around $2.02 Bn in 2022 and is projected to reach $2.94 Bn in 2030, exhibiting a CAGR of 4.8% during the forecast period.

The Discovery, manufacturing, and distribution of pharmaceuticals intended to treat cardiovascular disorders within the framework of the South Korean healthcare system is the focus of the country's cardiovascular drug market. It includes several medications intended to prevent, cure, and control ailments like high blood pressure and heart disease. The needs of the South Korean population concerning cardiovascular health are largely met by this market, which is impacted by variables such as changing healthcare regulations, technological developments, and demographic shifts. In South Korea, the cardiovascular healthcare landscape is shaped by the interactions between patients, healthcare professionals, regulatory authorities, and pharmaceutical corporations.

Heart disease is the second leading cause of death in Korea. The number of deaths from ischemic heart disease, which makes up almost half of all heart diseases, rose from 12,893 in 2009 to 13,699 in 2019. The World Heart Federation estimates that the cost of cardiovascular disease worldwide was $863 Bn in 2010 and is projected to reach over $1 Tr by 2030.

Research, development, production, and distribution are under the purview of the pharmaceutical business. Global pharmaceutical sales reached $138.33 Bn in 2022, a huge increase over the previous 20 years. The pharmaceutical business has experienced a dramatic shift as a result of the advent of new technology and more affordable and efficient manufacturing processes. Additionally, a significant amount of capital is entering this industry, which has helped the market grow.

Top companies in the market are Hanmi Pharmaceutical, Bristol-Myers Squibb Company, Pfizer Inc., Bayer AG, Janssen Pharmaceuticals, Inc., AstraZeneca, and Sanofi. Hanmi holds a significant share of the South Korean cardiovascular market, estimated at around 15-20%.

South Korea cardiovascular drug market

Market Dynamics

Market Growth Drivers:

Incidence of Cardiovascular Diseases: Cardiovascular disorders have become more common in South Korea as the population ages leading to expansion in the market.

Changing Lifestyle: Increased occurrence of cardiovascular diseases can be attributed to changes in lifestyle, such as poor eating habits, inactivity, and stress levels. The need for cardiovascular medications may increase as a result.

Governmental Programs: The market for cardiovascular drugs may benefit from government programs that enhance healthcare facilities, raise public awareness of cardiovascular disease, and provide easier access to healthcare services.

Market Restraints:

Regulatory Obstacles: Strict approval procedures and regulations may make it more difficult for novel cardiovascular medications to reach the market. The prompt availability of novel treatments may be impacted by delays in receiving regulatory authorization.

Healthcare Infrastructure: Problems with the infrastructure, such as restricted access to medical facilities, may affect how cardiovascular illnesses are diagnosed and treated. The overall market reach may be impacted by the restricted availability of cardiovascular medications in rural locations.

Budget Restraints in Healthcare: The national healthcare system's budgetary restraints may restrict the amount of money allocated for cardiovascular medications. Reimbursement limitations or decreased healthcare spending on heart medicines could arise from this.

Healthcare Policies and Regulatory Landscape

Ministry of Food and Drug Safety (MFDS) oversees matters on food safety, functional food safety, drug and narcotics safety, cosmetics safety, quasi-drug safety, medical device safety, etc. Management Division for Drug Approval & Review (MFDS) receives the application dossier for drug approval, reviews it, and then forwards it to the MFDS Drug & Evaluation Department after performing a preliminary evaluation of the application. Difficulties with drug approval in South Korea could be brought about by strict regulations, convoluted paperwork, and protracted review periods. During the approval process, companies may encounter difficulties adhering to strict safety and efficacy regulations, negotiating complex regulatory processes, and resolving potential linguistic or cultural hurdles.

Competitive Landscape

Key Players:

Hanmi Pharmaceutical
Bristol-Myers Squibb Company
Pfizer Inc.
Bayer AG
Janssen Pharmaceuticals, Inc.
AstraZeneca
Sanofi
Novartis AG
Gilead Sciences, Inc.
F. Hoffmann-La Roche Ltd

1. Executive Summary
1.1 Disease Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Patient Journey
1.6 Health Insurance Coverage in Country
1.7 Active Pharmaceutical Ingredient (API)
1.8 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Epidemiology of Disease
2.2 Market Size (With Excel & Methodology)
2.3 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 Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

South Korea Cardiovascular Drug Market Segmentation

By Drug Type

Cephalosporins
Antihypertensive
Antihyperlipidemic
Anticoagulants
Antiplatelet Drug
Others

By Disease Indication

Hypertension
Hyperlipidemia
Coronary Artery Disease
Arrhythmia
Others

By Distribution Channel

Hospital Pharmacies
Retail Pharmacies
Online Pharmacies
Others

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

How Do We Get It?

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

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

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.