Market Trends of Korea Pharmaceutical Industry
The Prescription Drugs Segment is Expected to Hold a Significant Share Over the Forecast Period
The prescription drug segment is expected to hold the largest proportion of the pharmaceutical market over the forecast period in the country due to the high burden of chronic disease that is mainly treated by prescription drugs, growing demand, and adoption of prescription drugs among the population and increasing product launches in the country. For instance, in an article published in October 2021, it has been observed that the prevalence of dementia among people aged 65 years or older was 10.25% in 2020, and it is projected to increase to about 15.91% by 2050. Thus, the expected increase in the population suffering from dementia is expected to increase the demand for drugs, propelling the market's growth.
According to the GLOBOCAN 2020 report, about 287,973 new cases of cancer were recorded combinedly in North and South Korea, and as per the same source, this number is projected to reach 432,770 by 2040. Thus, owing to the high burden of chronic diseases, the demand for prescription drugs is expected to be high in the country, and the segment studied is expected to grow.
With the growing demand for pharmaceuticals, the companies operating in the country are engaged in various business expansion activities, such as launching new drugs, filing for new approval applications, and researching and developing agreements. This is anticipated to boost the segment's growth and the availability of prescription pharmaceuticals in the country. For instance, in December 2021, Pfizer received approval from the South Korean authorities for its antiviral prescription of viral pills against COVID-19. This is expected to to boost the growth of the segment as it will increase the availability of prescription pharmaceuticals in the country.
Therefore, owing to the above-mentioned factors, the prescription drugs segment is expected to grow over the forecast period.
Respiratory System Segment is Expected to Have the Significant Market Share Over the Forecast Period
The respiratory segment is expected to grow over the forecast period, owing to factors such as the increasing prevalence of respiratory diseases such as asthma, chronic obstructive respiratory diseases, and others. The rising pediatric and aging population is more susceptible to developing respiratory diseases due to weak immunity. For instance, an article published in the Journal of Thoracic Disease in April 2021 observed that the prevalence of chronic obstructive pulmonary disease was highest in people aged 60 years or over, followed by people aged 40 years or over in South Korea. Thus, the high burden of respiratory diseases among the population is anticipated to increase the demand for COPD drugs, propelling the market's growth.
The rising company activities in developing drugs are expected to increase the market's growth. For instance, in October 2022, Merck Biopharma Korea launched Tepmetko, a treatment for non-small cell lung cancer, in Korea. The increasing drug approvals in the country are also contributing to the market's growth. For instance, in October 2022, Ono Pharmaceutical, Korea received support for Opdivo (nivolumab) Intravenous Infusion (Opdivo), a human anti-human PD-1 monoclonal antibody (mAb), from the Ministry of Food and Drug Safety (MFDS) in South Korea, for neoadjuvant treatment of adult patients with resectable non-small cell lung cancer in combination with platinum-doublet chemotherapy. In September 2022, the Ministry of Food and Drug Safety approved Boryung's Zepzelca for treating small-cell lung cancer in Korea.
Therefore, due to the factors mentioned above, the segment studied is expected to grow over the forecast period.
