Bronchodilator Drugs - South Korea

South Korea

The Bronchodilator Drugs market in South Korea is forecasted to achieve a revenue of US$0.37bn in 2024.
It is expected to exhibit a compound annual growth rate (CAGR) of 3.99% from 2024 to 2029, leading to a market volume of US$0.45bn by 2029.
When compared globally, United States is projected to generate the highest revenue of US$17,340.00m in 2024.
The demand for bronchodilator drugs in South Korea is rising steadily due to the increasing prevalence of respiratory diseases.

Key regions: United States, Europe, Brazil, Japan, United Kingdom

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Analyst Opinion

Bronchodilator drugs are a crucial component of respiratory therapy, which helps patients with breathing difficulties. South Korea's Bronchodilator Drugs market has been experiencing significant growth in recent years.

Customer preferences: Bronchodilator drugs are in high demand in South Korea due to the country's high pollution levels and an increasing number of respiratory diseases. The aging population also drives the demand for these drugs, as older people are more susceptible to respiratory diseases.

Trends in the market: The South Korean market for Bronchodilator drugs is witnessing a shift towards combination therapies, which combine multiple drugs in a single inhaler. This trend is driven by the convenience of using a single inhaler for multiple medications. Additionally, the market is seeing an increase in the adoption of long-acting bronchodilators, which provide sustained relief from respiratory symptoms.

Local special circumstances: South Korea has a high incidence of respiratory diseases, such as chronic obstructive pulmonary disease (COPD) and asthma. This high prevalence is due to the country's high pollution levels, which are caused by industrialization and urbanization. The South Korean government has taken measures to address this issue, such as implementing stricter regulations on industrial emissions and promoting the use of public transportation.

Underlying macroeconomic factors: South Korea has a rapidly aging population, which is driving the demand for healthcare services, including respiratory therapy. The country's healthcare system is also well-developed, with universal health coverage and a high level of government spending on healthcare. Additionally, South Korea has a highly educated population, which is driving innovation and research in the healthcare sector. These factors are contributing to the growth of the Bronchodilator Drugs market 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.