South Korea's Cancer Pain Management market is projected to grow from $95.27 Mn in 2022 to $155.31 Mn by 2030, registering a CAGR of 6.3% during the forecast period of 2022-30. The main factors driving the growth would be technological and pharmaceutical advancements, increasing awareness, and government support. The market is segmented by drug type and by disease. Some of the major players include Hanmi Pharmaceutical (KOR), Pfizer, Teva Pharmaceuticals, Abbott, and Sanofi.
South Korea's Cancer Pain Management market is projected to grow from $95.27 Mn in 2022 to $155.31 Mn by 2030, registering a CAGR of 6.3% during the forecast period of 2022-30. In 2019, South Korea's national health expenditures as a share of GDP reached 8.16%, amounting to $2,624.53 per person. Even while healthcare spending has been steadily rising over the years, it remains below the OECD average.
Cancer has been associated with a number of well-known acute and chronic pain disorders. The complicated and sometimes fatal illness known as cancer results in gene changes impacting vital cell-regulatory proteins. These modifications promote abnormal cell behavior, which in turn leads to unrestrained cell growth and the subsequent destruction of nearby normal tissues. These tumors impose pressure on the body and produce discomfort by pressing on bones, nerves, and other parts of the body. Especially in more advanced phases of the illness, cancer discomfort can also be experienced while receiving aggressive cancer therapy. In Korea, 81,277 cancer deaths and 274,488 new cancer cases were projected to occur in 2022. The thyroid is predicted to be the most prevalent location for cancer in South Korea, followed by the lung, colon and rectum, breast, and stomach.
Market Growth Drivers
The development of Innovative and more efficient pain management therapies for cancer patients as a result of technological and pharmaceutical advancements and government support are driving the growth of the cancer pain management market in South Korea. Moreover, the industry is expanding in part because more people are becoming aware of the value of pain management for cancer patients.
The development of cancer pain management in South Korea is expected to be constrained by the adverse side effects of opioids and competition between branded medications and less-priced generic medications.
The Ministry of Food and Drug Safety is in charge of overseeing the approval and distribution of medications in South Korea, particularly those used to treat cancer pain. The construction of specialized palliative care centers and the inclusion of palliative care in the national health insurance program are initiatives that the Korean government has put in place to increase access to pain management treatments for cancer patients. To guarantee that patients receive secure and efficient pain relief, there are additional rules for the proper use of potent analgesics like opioids.
The National Health Insurance (NHI) program in South Korea offers reimbursement for specific cancer painkillers. The medication must be safe, effective, and cost-effective in order to qualify for reimbursement, as determined by the Ministry of Food and Drug Safety (MFDS). The NHI sets the amount of a drug's reimbursement based on the drug's classification and the price agreed upon with the manufacturer.
1. Executive Summary
1.1 Service Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Healthcare Services Market in Country
1.6 Recent Developments in the Country
2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 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)
126.96.36.199 Product Applications and Services
188.8.131.52 Recent Developments
184.108.40.206 Partnerships Ecosystem
220.127.116.11 Financials (Based on Availability)
5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Services
5.3 Reimbursement Process for Treatment
6. Methodology and Scope
By Drug Type (Revenue, USD Billion):
Non-steroidal anti-inflammatory medicines relieve pain at the site of injury by blocking the cyclooxygenase enzyme, which prevents prostaglandin formation. NSAIDs are a class of medications that includes medications with analgesic, antipyretic, and, at higher doses, anti-inflammatory properties.
By Disease Indication (Revenue, USD Billion):
Based on disease Indication the market is segmented into:
Insights10 will provide you with the reports within 10 key parameters which are:
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)
Insights: Our reports deliver actionable insights backed with supporting facts and figures to assist you in achieving exemplary growth. Our in-depth analyses are interspersed with relevant insights and statistics to oﬀer an executive-level view of a given market. The description helps in correlating many minor factors affecting the market and their impact on the different segments within the market.
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.
We value your inquiry and offer free customization with every report to fulfil your exact research needs.
This report addresses