Market Trends of South Korea Drug Delivery Devices Industry
Injectable Segment Expected to Register High Market Growth in the Forecast Period
The injectable segment is poised for rapid growth driven by several factors, including the rising burden of chronic diseases, the benefits and convenience of self-injectors, and the growth of the biologics market. In particular, the increasing prevalence of chronic diseases such as diabetes in South Korea is driving the overall use of syringes and self-injectable devices.
Market participants are actively developing new products and pursuing acquisitions and partnerships to capitalize on this growth opportunity. For example, in April 2022, GC Pharma began supplying HugPEG, an injection aid for Neulapeg (pegfilgrastim), to neutropenia patients who must administer the drug themselves. HugPEG enables users to attach and administer the pre-filled syringe combined with a needle guard, providing a more convenient and efficient way to administer injections compared to existing devices that give injections indirectly.
Further, the increasing development of injectable drug formulations is expected to boost demand for drug delivery devices and is likely to contribute to the segment’s growth over the forecast period. For instance, in May 2024, Sciwind Biosciences Co. Ltd and HK Corporation entered a licensing and partnership agreement. The collaboration aims to develop and commercialize ecnoglutide injection (XW003), a cutting-edge GLP-1 analog designed to address type 2 diabetes, obesity, and MASH, specifically in the South Korean market.
Overall, the injectable segment is expected to experience significant growth over the forecast period owing to factors such as growing demand for injectables and increasing development of injectable formulations and product launches of injectable drug delivery devices.
Topical Segment Expected to Grow Further During the Forecast Period
Topical drug delivery devices are designed to deliver medication through the skin of the patient. Various research studies conducted by South Korean researchers have demonstrated the high effectiveness and widespread use of topical drug delivery devices, which are expected to create more demand and growth opportunities for these devices in South Korea.
Topical drug delivery devices are widely used in South Korea, as demonstrated by research studies showing their high effectiveness and widespread use. For instance, a study published in July 2022 by the researchers of Pusan National University in Biomaterials Research emphasized the advantages of transdermal drug delivery systems such as hyaluronic acid-based dissolving microneedle patches. These patches offer a low rejection rate, ease of administration, persistence, and convenience for patients.
The study also noted that the transdermal drug delivery system is used for pharmaceuticals as well as for cosmetics, and it avoids the local build-up of the medicine concentration and nonspecific delivery to non-targeted tissue. Topical transdermal patches have applications in the management of diabetes, dermatitis, metabolic dysfunctions, and other conditions.
In October 2022, a study published in the Archives of Dermatological Research by researchers of Dongshin University, South Korea, highlighted the high efficacy of transdermal drug delivery using biodegradable hyaluronic acid MN patches (BHMN patches) for delivering drugs through the dry and sensitive skin of atopic dermatitis (AD) patients. The study demonstrated that BHMN patches can be an effective way to manage AD.
Furthermore, in March 2022, Futura Medical licensed its transdermal DermaSys drug delivery technology for an ED treatment to Menarini Korea for commercialization in South Korea. Similarly, in November 2022, ORAMED Pharmaceuticals signed an exclusive distribution deal with Medicox Co. in South Korea for its oral insulin delivery platform. Thus, such strategic activities by market players in the country are expected to contribute to the growth of the segment over the forecast period.
Therefore, due to the wide-ranging applications and high efficacy of topical drug delivery devices, the topical segment is expected to witness significant growth over the forecast period.
