Oncology Drugs - South Korea | Statista Market Forecast

South Korea's Oncology Drugs market is projected to reach US$2.32bn in 2024.
The market is expected to display an annual growth rate (CAGR 2024-2029) of 7.28%, leading to a market volume of US$3.29bn by 2029.
In comparison to other countries worldwide, United States is projected to generate the highest revenue of US$103.90bn in 2024.
South Korea is at the forefront of developing innovative oncology drugs, leveraging its advanced healthcare infrastructure and strong research capabilities.

Definition:
The Oncology Drugs market covers drugs to treat cancer, including chemotherapy and immunotherapy. These therapies are used for solid tumors and hematologic cancer. The medications in this market are mainly physician-administered drugs.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Bristol-Myers Squibb, Roche, Merck & Co, Novartis, Johnson & Johnson

Treatment for different types of cancer, including skin cancer, leukemia, lymphoma, and multiple myeloma
Chemotherapeutic agents
Immuno-oncology drugs
Oncology orphan drugs

Radiation therapy
Medical devices

The Oncology Drugs market in South Korea has been experiencing significant growth in recent years.

Customer preferences: South Korean customers have been increasingly demanding personalized medicine and targeted therapies. This has led to a rise in the development of innovative oncology drugs that cater to specific types of cancer. Additionally, there has been a growing interest in immunotherapy drugs that boost the body's natural defenses against cancer.

Trends in the market: One of the major trends in the South Korean Oncology Drugs market is the shift towards biologics. Biologics are drugs made from living cells and are often more effective than traditional chemotherapies. This trend has been driven by advancements in biotechnology and a growing understanding of the underlying biology of cancer. Another trend in the market is the increasing use of combination therapies. This involves using multiple drugs in combination to target different aspects of cancer and improve treatment outcomes.

Local special circumstances: South Korea has a well-developed healthcare system, with a strong emphasis on preventative care. This has led to a high rate of cancer screening and early detection, which in turn has increased demand for oncology drugs. Additionally, the South Korean government has been actively promoting the development of the biotechnology industry, which has led to a thriving ecosystem of biotech startups and research institutions.

Underlying macroeconomic factors: South Korea is one of the fastest-growing economies in the world, with a strong focus on innovation and technology. This has created a favorable environment for the development of the biotechnology industry and the Oncology Drugs market in particular. Additionally, South Korea has a large aging population, which has contributed to the rising incidence of cancer and increased demand for oncology drugs.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Cancer is one of the leading causes of death worldwide, with lung cancer alone ranked the sixth leading cause of death in 2021. Cancer, also known as malignant tumors and neoplasms, is the result of interactions between personal genetic factors and external agents causing abnormal transformations of cells into tumors over time. As the global population has increased in age, the incidence of new cancer cases has also risen, contributing to a higher number of deaths each year. In 2022, nearly 10 million deaths were caused by cancer worldwide- a number which is expected to reach over 15 million by 2040.