South Korea Cancer Immunotherapy Market Analysis

South Korea Cancer Immunotherapy Market Analysis

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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. The increase in the ageing population and the demand for new and innovative treatment options in South Korea have led to the growth of the market. The South Korean cancer immunotherapy market is segmented by type, application, and end user. Selecxine, Panolos Bioscience, and Bayer are the major players in the South Korean cancer immunotherapy market.

ID: IN10KRPH032 CATEGORY: Pharmaceuticals GEOGRAPHY: South Korea AUTHOR: Dr. Parul Choudhary

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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.

South Korea Cancer Immunotherapy Market Analysis

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.

1. Executive Summary
1.1 Disease Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Patient Journey
1.6 Health Insurance Coverage in Country
1.7 Active Pharmaceutical Ingredient (API)
1.8 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Epidemiology of Disease
2.2 Market Size (With Excel & Methodology)
2.3 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company Overview Product Applications and Services Recent Developments Partnerships Ecosystem Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Cancer Immunotherapy Segmentation

By Type (Revenue, USD Billion):

  • Monoclonal Antibodies
  • Cancer Vaccines
  • Checkpoint Inhibitors
  • Immunomodulators
  • PD-1/PD-L1
  • CTLA-4

By Application (Revenue, USD Billion):

  • Lung Cancer
  • Breast Cancer
  • Head and Neck Cancer
  • Prostate Cancer
  • Colorectal Cancer
  • Melanoma
  • Others

By End User (Revenue, USD Billion):

  • Hospitals
  • Clinics
  • Ambulatory Surgical Centers (ASCs)
  • Cancer Research Centers

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.


Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers, and researchers across countries through which we engage with local experts to gather key data points and assumptions about each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain a high level of accuracy and consistency. The market data is analyzed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, and market share as well as a segment-level analysis of the specific market. Our report includes precise, to-the-point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.

Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:



Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases, and company-level averages, etc.

We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.



Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
  • ​Analyzing current needs and determining penetration to estimate the market

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Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current, and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumption.

The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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Selecxine, Panolos Bioscience, and Bayer are the major players in the South Korea cancer immunotherapy market.

The South Korea 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 2022-2030.

The South Korea cancer immunotherapy market is segmented by type, application, and end user.

This report addresses

  • Intelligent insights to take informed business decisions
  • Qualitative, acute and result oriented market analysis
  • Market size and forecasts from 2022 to 2030
  • Opportunities for expansion and in-depth market analysis
  • Segmentation and regional revenue forecasts
  • Analysis of the market share and competitive landscape
  • Strategic Recommendations to chart future course of action
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Last updated on: 28 June 2023
Updated by: Vidhi Upadhyay

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