South Korea Oncology Drugs Market Analysis Report 2022 to 2030

South Korea Oncology Drugs Market Analysis

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South Korea's oncology drugs market size is at around $2.89 Bn in 2022 and is projected to reach $7.41 Bn in 2030, exhibiting a CAGR of 12.6% during the forecast period 2022-2030. The oncology industry is being segmented into drug class, therapy, indication, and dosage. The driving factors for the oncology drug market are increasing awareness among people, cutting-edge technology, and increasing clinical trials. Company examples: Bristol-Myers Squibb, Roche, Merck & Co, Novartis, Johnson & Johnson

ID: IN10KRPH018 CATEGORY: Pharmaceuticals GEOGRAPHY: South Korea

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South Korea Oncology Drugs Market Executive Summary

South Korea's oncology drugs market size is at around $2.89 Bn in 2022 and is projected to reach $7.41 Bn in 2030, exhibiting a CAGR of 12.6% during the forecast period 2022-30. Oncology is the top therapeutic area for innovation in terms of the volume of clinical trial activity, the number of companies funding therapeutics, the size of the pipeline of therapies in clinical development, the introduction of novel active substances, and the amount of money spent on these medications.

In South Korea, the five-year relative survival rates are among the best in the world for some of the most common cancer types. South Korea ranks third among the Asia-Pacific countries with oncology trials, accounting for 8.6% of all trials.

In 2021, the total health expenditure in South Korea accounted for approximately 8.8% of South Korea's Gross Domestic Product (GDP). The overall medical expenditure in 2021 increased by around 7.5 percent compared to the previous year. Nearly 60 percent of the costs were covered by the government or the public health insurance system.

south korea oncology drugs market

Market Dynamics

Market Growth Drivers Analysis

The market for oncology drugs is expanding as a result of

Increasing incidence of cancer: The incidence of cancer in South Korea has been increasing in recent years, primarily due to an aging population and changing lifestyle patterns. This has led to a higher demand for oncology drugs.
Advancement in technology: The ongoing advancements in technology, such as targeted therapies and immunotherapies, are providing new treatment options for cancer patients and driving the growth of the oncology drug market in South Korea.
Government initiatives: The South Korean government has been actively promoting the development of the oncology drug market through various initiatives, such as funding for cancer research and the establishment of cancer centers.

Market Restraints

The oncology/cancer drug market's growth is constrained by the high development costs for new drugs, the risk of failure, and the negative side effects of cancer drug therapies.

The pandemic has had a direct impact on the availability of oncology drugs for cancer patients. In addition to making, it challenging to administer chemotherapy and some other treatments outside of a clinic, the spread of the coronavirus has decreased patients' willingness and ability to participate in clinical trials for new medications.

Competitive Landscape

Key Players

AnHeart (KOR)
Kwang Dong Pharmaceutical (KOR)
AstraZeneca Plc
F. Hoffmann-La Roche Ltd.
Bristol Mayers Squibb Company,
Merck & Co., Inc.
Novartis

Notable Recent Updates

September 2022: Taletrectinib, a next-generation tyrosine kinase inhibitor (TKI), has been designated as an orphan drug (ODD) by the Ministry of Food and Drug Safety (MFDS), Republic of Korea, for the treatment of adult patients with advanced or metastatic ROS1-positive non-small cell lung cancer (NSCLC). This information was released by AnHeart Therapeutics and NewG Lab Therapeutics, a division of NewG Lab Pharma. The Center for Breakthrough Medicines (CBM) received a $350 Mn equity financing commitment from South Korea's SK Inc. as part of the collaboration between the two organizations that was announced in an effort to create a global end-to-end cell and gene therapy for cancer CDMO (contract development and manufacturing organization).

Healthcare Policies and Regulatory Landscape

The South Korean government has introduced new regulatory initiatives to speed up approval processes in an effort to increase the appeal of their nation for clinical trials generally. Additionally, they currently grant conditional approvals to oncology therapies to speed up the market entry of these drugs by roughly 2-3 years, creating fantastic opportunities for pharmaceutical companies.

In 2013, the Korean government increased health insurance reimbursement for cancer patients' anti-cancer medications in an effort to lower out-of-pocket expenses. In Korea, the National Health Insurance ("NHI") scheme—a single-payer system run by the National Health Insurance Service ("NHIS")—is in charge of setting drug prices and reimbursement policies. Reduced co-payment rates by 5% instead of 30%–60% were implemented for cancer treatments to lessen the financial burden on patients.

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

Oncology Drugs Market Segmentation

By Drug class

Cytotoxic drugs
- Alkylating agents
- Antimetabolites
- Others
Targeted drugs
- Monoclonal antibodies
- Others
Hormonal drugs
Others

By Therapy

Chemotherapy
Targeted therapy
Immunotherapy

By Indication

Lung cancer
Stomach cancer
Colorectal cancer
Breast cancer
Prostate cancer
Others

By Dosage form

Solid
- Tablets
- Capsules
Liquid
Injectable
- Prefilled syringes
- 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.