South Korea Dermatology Drugs Market Analysis Report 2022 to 2030

South Korea Dermatology Drugs Market Analysis

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By 2030, it is anticipated that the South Korean Dermatology drugs market will reach a value of $606 Mn from $248 Mn in 2022, growing at a CAGR of 11.8% during 2022-30. The market is primarily dominated by local players such as CosmoFarma Korea, JW Pharmaceuticals, and Samjeong Pharma. The market is driven by locally produced drugs, awareness about dermatological health, and government regulations. The dermatology drug market in South Korea is segmented by drug class, drug type, prescription mode, indication, route of administration, end-user, and distribution channel.

ID: IN10KRPH008 CATEGORY: Pharmaceuticals GEOGRAPHY: South Korea AUTHOR: Dr. Vishwa Modhia

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South Korea Dermatology Drugs Market Analysis Summary

By 2030, it is anticipated that the South Korean Dermatology drugs market will reach a value of $606 Mn from $248 Mn in 2022, growing at a CAGR of 11.8% during 2022-30.

With a particular emphasis on treatments for widespread skin conditions like acne and atopic dermatitis, South Korean companies are concentrating on creating novel and cutting-edge dermatology drugs. In South Korea, the most frequently prescribed drugs for dermatological complaints across all age groups were topical corticosteroids and antihistamines. Patients in South Korea can choose from a large selection of cutting-edge dermatology procedures, such as topical, systemic, laser, and light-based therapies.

The World Health Organization (WHO) estimates that total health spending in South Korea in 2018 was 7.2% of GDP, with the majority of spending coming from private sources (55.5%) and the remainder from public sources (44.5%).

Market Dynamics

Market Growth Drivers

The fact that a sizable portion of the dermatology medications used in South Korea is domestically produced encourages foreign companies to produce the medications there rather than importing them.

The use of digital tools and platforms, such as online consultations and telemedicine, is growing in popularity in South Korea, with consumers seeking out convenient and accessible options for their dermatology needs.

Market Restraints

In South Korea's rural areas, where there is a lack of medical facilities and staff, access to cutting-edge dermatology treatments and medications may be constrained. The availability of generic drugs presents a significant challenge to brand-name treatments in South Korea's fiercely competitive dermatology drug market. For new players looking to enter the market, these factors may present difficulties.

Competitive Landscape

Key Players

Samjeong Pharma (ROK)
JW Pharmaceuticals (ROK)
CosmoFarma Korea (ROK)
Hanlim Pharm Co. Ltd. (ROK)
GlaxoSmithKline
Pfizer
Sanofi
Johnson & Johnson

Healthcare Regulations and Reimbursement Policies

In South Korea, the regulatory body responsible for overseeing the approval and distribution of dermatology drugs is the Ministry of Food and Drug Safety (MFDS), formerly known as the Korea Food and Drug Administration (KFDA). The primary governmental organization in charge of ensuring the security, effectiveness, and caliber of pharmaceuticals and medical devices, including those utilized in dermatology, is the MFDS.

In South Korea, the National Health Insurance (NHI) system, a mandatory, universal health insurance program that covers all citizens, is primarily used to reimburse dermatology medications. The NHI system pays for various medical procedures, including dermatology medications. The National Health Insurance Service (NHIS), which sets drug prices based on efficacy, safety, and cost-effectiveness, determines the reimbursement policy for dermatology medications.

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

Dermatology Drugs Market Segmentation

The Dermatology Drugs Market is segmented as mentioned below

By Disease (Revenue, USD Billion):

Psoriasis
Acne Vulgaris
Atopic Dermatitis
Eczema
Rosacea
Itchthyosis
Vitiligo
Others

By Route Of Administration (Revenue, USD Billion):

Oral
Parenteral
Topical

By Distribution Channel (Revenue, USD Billion):

Hospital Pharmacies
Retail Pharmacies
Online Pharmacies
Others

Methodology for Database Creation

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How Do We Get It?

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Analyzing historical proprietary data collected from multiple projects.
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Searching through academic conferences, published research, citations, and social media platforms
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Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
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By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

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