South Korea Cancer Immunotherapy Market Analysis

South Korea Cancer Immunotherapy Market Executive Analysis

South Korean cancer immunotherapy market is expected to grow from $1.64 Bn in 2022 to $3.06 Bn in 2030 with a CAGR of 8.1% for the forecasted year 2022-30. South Korea's fiscal deficit is expected to decrease from 3.3 % of GDP this year to 0.6 % of GDP under the approved budget, which is $498.89 Bn less than this year's budget. 35.4 % of the total was devoted primarily to public health. Yoon has promised to repair the government's finances, which have been undermined recently by increased public spending to extend welfare programs and combat the COVID-19 outbreak. Yoon took office this year.

In South Korea, cancer was still the leading cause of death in 2020. According to Statistics Korea, cancer contributed to 160.1 deaths per 100,000 persons in this country in 2020, an increase of 1.2 % from the previous year. Lung cancer had the highest mortality rate (36.4% per 100,000), accounting for the majority of deaths from cancer. Following it were pancreatic cancer at 13.2, liver cancer at 20.6, colorectal cancer at 17.4, and gastric cancer at 14.

Functionalized nanoparticles in conjunction with cancer immunotherapy have become a highly effective alternative treatment strategy. It is important to not undervalue the importance of stimuli-responsive nanosystems and cancer immunotherapy based on nanomaterials. A novel form of treatment called cancer immunotherapy urges the immune system to attack cancer cells. Despite the availability of a variety of immunotherapeutic medications for the treatment of cancer, poor patient response rates and the potential for immune-related side effects remain two significant barriers to effective treatment. Both of these problems might be solved with the help of developing cancer immunotherapies that are activatable. Numerous nanomaterials have been created and applied in the field of cancer immunotherapy as a result of the quick development and integration of nanotechnology, material science, and biomedical engineering. The convergence of stimuli-responsive nanomedicine and immunotherapy has led to the development of activatable immunotherapeutic nanomagnets. To work, reorganize the tumour microenvironment, and activate anticancer immunity, immunotherapeutic nano agents need to be activated by internal or external stimuli while reducing the risk of immune-related adverse effects. The advantages of immunotherapeutic nano agents include controlled immune activation, selective cell targeting, and excellent biodistribution.

Market Dynamics

Market Growth Drivers

Due to a number of causes, including an ageing population and changes in lifestyle, South Korea, like many other nations, is experiencing an increase in the prevalence of cancer. This is increasing the need for cutting-edge cancer treatments like immunotherapy. The government of South Korea has actively promoted the growth of the biotech sector, especially cancer immunotherapy. It has started several projects to draw funding and encourage business and academic partnerships. Technology development has resulted in the creation of newer, more creative immunotherapies that are both safer and more efficient than conventional cancer treatments. Due to this, immunotherapy is now being used more frequently, which is anticipated to fuel the South Korean cancer immunotherapy market expansion.

Market Restraints

Some patients may struggle to pay for cancer immunotherapy therapies since they might be highly expensive. This is especially true for more recent immunotherapy medications that insurance companies have not yet begun to pay. Despite having a national healthcare system, South Korea does not cover all cancer immunotherapies. For some patients who cannot afford to pay for treatment out of pocket, this may restrict their access to care. The South Korean cancer immunotherapy market is extremely competitive, and many businesses are working on brand-new medications and treatments. This rivalry may result in price wars and decreased earnings for businesses, which could slow down investment in R&D.

Competitive Landscape

Key Players

• Chong Kun Dang Pharmaceutical (KOR)
• Samsung Biologics (KOR)
• Ticaros (KOR)
• Selecxine (KOR)
• Panolos Bioscience (KOR)
• Bayer
• Bristol-Myers Squibb
• ELI Lilly
• F Hoffman-La Roche
• Janssen
• Merck
• Novartis
• Pfizer

Healthcare Policies and Regulatory Landscape

All citizens and residents of South Korea are covered by the country's universal healthcare system, which covers the majority of medical services, including cancer treatments. The National Health Insurance (NHI) program, which covers around 97% of the population, is South Korea's main healthcare insurance program. The NHI program covers cancer treatments, including immunotherapy. The extent of coverage, however, may change based on the particular treatment and cancer stage. Most cancer treatment expenses, including hospitalization, surgery, chemotherapy, radiation therapy, and targeted therapies, are typically covered by the NHI. The National Cancer Screening Program (NCSP), a separate system from the NHI in South Korea, offers cancer screening services to qualified people. For persons over 40, the NCSP will pay for specific cancer screenings, such as those for breast, cervical, and colorectal cancer. Depending on the type of therapy and the particular insurance plan, South Korea's cancer treatment reimbursement policies may change. A fee-for-service reimbursement approach is typically used to pay healthcare professionals for the cost of cancer treatments and any related services. Some insurance plans could also include limitations on the number of procedures or the kinds of procedures that qualify for payment.