Other Pharmaceuticals - South Korea

South Korea

Highlights

The Other Pharmaceuticals market in South Korea is expected to achieve a revenue of US$5.55bn in 2024.
Furthermore, it is projected that the market will display a compound annual growth rate (CAGR 2024-2029) of 4.40%, leading to a market volume of US$6.88bn by 2029.
When compared globally, United States is anticipated to generate the highest revenue of US$260.50bn in 2024.
South Korea's thriving biotech industry is driving innovation in the other pharmaceuticals market, with a focus on advanced therapies and personalized medicine.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other Pharmaceuticals market in South Korea has been experiencing steady growth in recent years.

Customer preferences: South Koreans have a strong preference for natural and traditional remedies, which has led to an increase in demand for herbal and alternative medicine. However, there is also a growing demand for Western medicine, particularly for chronic diseases such as diabetes and hypertension.

Trends in the market: One notable trend in the Other Pharmaceuticals market in South Korea is the increasing focus on research and development of new drugs. The government has implemented policies to encourage innovation and investment in the pharmaceutical sector, leading to a rise in the number of clinical trials and new drug approvals. Additionally, there has been a shift towards personalized medicine, with companies investing in technologies such as genomics and precision medicine.

Local special circumstances: South Korea has a rapidly aging population, which has led to an increase in demand for pharmaceuticals. The government has implemented policies to support the elderly, including expanding the national health insurance program to cover more medications. Additionally, South Korea has a strong healthcare infrastructure, with a high number of hospitals and clinics, which has contributed to the growth of the pharmaceutical market.

Underlying macroeconomic factors: South Korea has a strong economy, with a high GDP per capita and a highly educated workforce. The government has implemented policies to support innovation and entrepreneurship, which has led to the growth of the pharmaceutical sector. Additionally, South Korea has a strong export market, with many pharmaceutical companies exporting their products to other countries. However, there are also challenges facing the pharmaceutical industry in South Korea, including increasing competition and regulatory hurdles.

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.