Anti-Rheumatic Drugs - South Korea

South Korea

The Anti-Rheumatic Drugs market in South Korea is expected to witness significant growth in the coming years.
By 2024, the projected revenue is estimated to reach US$0.33bn.
This growth is further expected to continue with an annual growth rate (CAGR 2024-2029) of 1.18%, resulting in a market volume of US$0.35bn by 2029.
In global comparison, United States is anticipated to generate the highest revenue in the Anti-Rheumatic Drugs market, with an estimated revenue of US$34,700.00m in 2024.
In South Korea, there is a growing demand for innovative and personalized anti-rheumatic drugs to cater to the diverse needs of the population.

Key regions: Germany, United States, India, Japan, United Kingdom

Market

Region

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Currency

Analyst Opinion

The Anti-Rheumatic Drugs market in South Korea has been experiencing significant growth in recent years.

Customer preferences: South Korean customers have been showing a growing interest in Anti-Rheumatic Drugs due to the increasing prevalence of rheumatoid arthritis in the country. Additionally, the aging population has also contributed to the growth of the market as older individuals are more susceptible to developing rheumatoid arthritis.

Trends in the market: One of the major trends in the Anti-Rheumatic Drugs market in South Korea is the increasing use of biologic drugs. Biologic drugs have been gaining popularity due to their effectiveness in treating rheumatoid arthritis and other autoimmune diseases. Additionally, the market has been witnessing the introduction of new drugs with improved efficacy and safety profiles.

Local special circumstances: South Korea has a well-developed healthcare system with a high level of government support. The government has been actively promoting the use of generic drugs to reduce healthcare costs. This has led to an increase in the use of generic Anti-Rheumatic Drugs in the country.

Underlying macroeconomic factors: The South Korean economy has been growing steadily in recent years, which has led to an increase in healthcare spending. Additionally, the country has a high level of healthcare infrastructure and a well-educated population, which has contributed to the growth of the Anti-Rheumatic Drugs market.

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.