Multiple Sclerosis Drugs - South Korea

South Korea

Highlights

The Multiple Sclerosis Drugs market in South Korea is expected to witness significant growth in the coming years.
By 2024, the projected revenue in this market is estimated to reach US$250.60m.
This growth is forecasted to continue, with a compound annual growth rate (CAGR 2024-2029) of 1.65%.
As a result, the market volume is expected to reach US$272.00m by 2029.
When compared globally, it is worth noting that United States is expected to generate the highest revenue in the Multiple Sclerosis Drugs market.
In 2024, it is projected to reach an impressive US$11.77bn.
This highlights the significant market potential United States.
South Korea is seeing a growing demand for innovative Multiple Sclerosis drugs, as the country's healthcare system continues to prioritize access to advanced treatments.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The demand for Multiple Sclerosis drugs in South Korea has been on the rise in recent years.

Customer preferences: Patients suffering from Multiple Sclerosis in South Korea prefer drugs that are not only effective but also have minimal side effects. They also prefer drugs that are affordable and easily accessible.

Trends in the market: One of the major trends in the Multiple Sclerosis drugs market in South Korea is the increasing use of disease-modifying therapies (DMTs). DMTs are drugs that can modify the course of the disease and slow down its progression. This trend is driven by the increasing awareness of the benefits of early treatment and the availability of new DMTs in the market. Another trend is the growing use of biosimilars. Biosimilars are cheaper versions of biologic drugs that have the same efficacy and safety as the original drug. The use of biosimilars is driven by the need to reduce healthcare costs and increase access to treatment.

Local special circumstances: One of the unique features of the Multiple Sclerosis drugs market in South Korea is the dominance of local players. Local companies such as Celltrion, Samsung Bioepis, and LG Chem have a significant presence in the market and are competing with multinational companies such as Biogen and Novartis. This is driven by the government's policy of promoting local companies and the strong R&D capabilities of these companies.

Underlying macroeconomic factors: The Multiple Sclerosis drugs market in South Korea is driven by several macroeconomic factors such as the aging population, the increasing prevalence of Multiple Sclerosis, and the government's efforts to improve healthcare access and affordability. South Korea has one of the fastest aging populations in the world, and this has led to an increase in the prevalence of chronic diseases such as Multiple Sclerosis. The government has responded to this by increasing healthcare spending and promoting the use of generic and biosimilar drugs. Additionally, the government has implemented policies to encourage R&D and innovation in the pharmaceutical industry, which has led to the development of new drugs and therapies for Multiple Sclerosis.

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.