Market Trends of South Korea Oral Anti-Diabetic Drug Industry
The Metformin Segment Has Occupied the Highest Market Share in the South Korean Oral Anti-diabetic Drugs Market in the Current Year
In terms of revenue, the metformin segment is anticipated to lead the South Korean oral anti-diabetic drugs market with an annual growth rate of over 1% during the forecast period. Among the several oral anti-diabetes drugs available, metformin constitutes one of the key pharmacotherapeutic agents in the management of T2DM. Diabetes is a major health issue that poses considerable problems to healthcare systems in South Korea.
The prevalence of recognized type 1 and type 2 diabetes in the South Korean adult population is relatively high, with many individuals still undiagnosed. The prevalence of type 2 diabetes is expected to rise steadily over the next few years due to an aging population and an unhealthy lifestyle (the percentage of energy intake from carbohydrates is higher in diabetes patients than in those without diabetes, while that from protein and fat is lower in diabetics). High-quality treatment, including proper monitoring, risk factor reduction, and active self-management, is critical for avoiding complications in type 2 diabetes patients in South Korea.
All public health insurance in Korea is covered under the National Health Insurance Act. This act applies to the whole population, and all Korean nationals earning a living must contribute a portion of their monthly earnings. Employers are also obligated to match employee contributions. The MOHW oversees two health insurance agencies: the Health Insurance Review Agency (HIRA) and the National Health Insurance Corporation (NHIC). The HIRA, in particular, is in charge of examining reimbursement coverage or non-coverage, as well as price applications from pharmaceutical and medical drugs companies. The company can extend its market and increase its sales volume if it receives payment.
The Increasing Diabetes Population in South Korea is Driving the Market
Diabetes is more prevalent among adults in South Korea, and the economic cost of diabetes is more than that of general cancer. Diabetes problems or related comorbidities, as well as hospitalization, have considerable expenditures. Effective techniques are required to control diabetes complications, use healthcare resources, and decrease the financial burden. Increased knowledge of the scale and particular components of the economic burden of diabetes in Korea will likely persuade health officials to prioritize its prevention and management and commit more healthcare resources to diabetes.
Diabetic pharmaceuticals are medications designed to stabilize and manage blood glucose levels in people with diabetes. Diabetes medications are routinely used to control the disease. Diabetes medications are classified into several types. Each drug class has a unique method of lowering blood sugar. A medication may function by stimulating the pancreas to produce and release more insulin, reducing the liver's capacity to produce and release sugar, inhibiting the action of intestinal enzymes that break down carbs, and many other mechanisms. It also raises cell sensitivity to insulin, decreasing the kidneys' capacity to absorb sugar and increasing the quantity of sugar excreted in the urine. The prevalence of recognized type 1 and type 2 diabetes in the adult South Korean population is significant, as is the number of individuals who have not yet been diagnosed. The prevalence of type 2 diabetes is expected to rise steadily over the next few years due to an aging population and an unhealthy lifestyle (the percentage of energy intake from carbohydrates is higher in diabetes patients than in those without diabetes, while that from protein and fat is lower). High-quality treatment, including proper monitoring, risk factor reduction, and active self-management, is critical for reducing complications in type 2 diabetes patients.
For the aforementioned reasons, the market is expected to increase during the forecast period.
