Anti-Hypertensive Drugs - South Korea

South Korea

The South Korean market for Anti-Hypertensive Drugs market is anticipated to witness significant growth in the coming years.
The projected revenue for this market is estimated to reach US$261.80m in 2024.
Moreover, it is expected to exhibit a steady annual growth rate of 0.44%, resulting in a market volume of US$267.60m by 2029.
In terms of global comparison, United States is expected to generate the highest revenue in the Anti-Hypertensive Drugs market, with a projected value of US$12,290.00m in 2024.
South Korea's anti-hypertensive drug market is experiencing significant growth due to the country's aging population and increasing prevalence of hypertension.

Key regions: Japan, India, Italy, Brazil, South Korea

Market

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Currency

Analyst Opinion

The demand for Anti-Hypertensive Drugs in South Korea has been steadily increasing over the past few years.

Customer preferences: South Korean consumers are becoming more health-conscious and are taking preventative measures to avoid chronic diseases such as hypertension. Additionally, the aging population in South Korea is also driving the demand for these drugs as hypertension is more prevalent in older adults.

Trends in the market: The Anti-Hypertensive Drugs market in South Korea is expected to experience significant growth in the coming years. This growth can be attributed to the increasing prevalence of hypertension in the country and the rising demand for effective treatments. Furthermore, the South Korean government is implementing policies to improve access to healthcare, which is expected to further drive the demand for these drugs.

Local special circumstances: One unique aspect of the South Korean Anti-Hypertensive Drugs market is the prevalence of traditional Korean medicine. Many South Koreans prefer to use traditional herbal remedies to treat hypertension, which can impact the demand for western medicine. However, as more consumers become aware of the effectiveness of western medicine, the demand for Anti-Hypertensive Drugs is expected to continue to rise.

Underlying macroeconomic factors: The South Korean economy has been growing steadily over the past few years, which has led to an increase in disposable income and healthcare spending. Additionally, the government has implemented policies to improve access to healthcare and increase the number of healthcare facilities in the country. These factors are expected to drive the demand for Anti-Hypertensive Drugs in South Korea.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.