By 2030, it is anticipated that the South Korean infectious disease therapeutics market will reach a value of $2.66 Bn from $1.75 Bn in 2022, growing at a CAGR of 5.4% during 2022-2030. Infectious Disease Therapeutics in South Korea is dominated by a few domestic pharmaceutical companies such as Green Cross Corporation, SK Bioscience and GC Pharma. The Infectious Disease Therapeutics market in South Korea is segmented into different therapeutic areas and different diseases type. The major factors affecting the South Korean infectious disease therapeutics market are the increasing disease burden of communicable diseases like TB, hepatitis, and COVID-19 and the amount of healthcare funding for infectious disease treatment in various areas of South Korea.
By 2030, it is anticipated that the South Korean infectious disease therapeutics market will reach a value of $2.66 Bn from $1.75 Bn in 2022, growing at a CAGR of 5.4% during 2022-2030.
South Korea is a high-income, developed country in Eastern Asia occupying the southern half of the Korean Peninsula. Infectious diseases are a major public health concern in South Korea, with diseases such as tuberculosis, hepatitis, and COVID-19 affecting a part of the population. The South Korean government has established a variety of programmes and regulations to promote access to infectious disease treatment, including free treatment for specific infectious diseases such as tuberculosis. In terms of pharmaceutical consumption, South Korea has a sizable and expanding pharmaceutical market.
According to a 2020 estimate, the South Korean pharmaceutical market was valued at over $20.2 Bn in 2020, with medications for infectious diseases being one of the most important therapeutic categories. Many medications used to treat infectious disorders, including antivirals and antibiotics, are available in generic form in South Korea. South Korea's government spends 8.4 % of its GDP on healthcare.
Market Growth Drivers Analysis
South Korea has seen several advances in infectious illness therapies in recent years. For example, with the release of new medications such as sofosbuvir and ledipasvir, the country has achieved great progress in the treatment of hepatitis C. South Korea has also been attempting to develop new diagnostic tools for infectious diseases, such as a COVID-19 quick diagnostic test. South Korea, being a developed country, has high private and state R&D spending, as well as a diverse industrial base. These aspects could boost the South Korean infectious disease therapeutics market.
Market Restraints
Developing new pharmaceuticals and treatments necessitates adherence to regulatory rules established by agencies such as South Korea's Ministry of Food and Drug Safety (MFDS). These requirements can be complicated and time-consuming, resulting in delays and higher expenses. South Korea has a great track record of enforcing intellectual property laws, although international enterprises may face difficulties in enforcing patents and other intellectual property rights. South Korea has a high youth unemployment rate, and the country's proximity to North Korea makes doing business challenging. These factors may deter new entrants into the South Korean infectious disease therapeutics market.
Key Players
January 2023: SK Bioscience, a global innovative vaccine and biotech company committed to promoting human health from prevention to cure around the world, introduced a new global partnership model at the Riyadh Global Medical Biotechnology Summit 2023 (RGBMS 2023) in the Kingdom of Saudi Arabia (KSA) as the first and only Korean biopharmaceutical company participating in the session.
February 2022: Curevo Vaccine (Curevo), a privately held clinical-stage biotechnology business dedicated to lowering the burden of infectious disease via the development of safe and highly effective vaccinations, announced the completion of a $60 Mn Series A fundraising transaction today. Janus Henderson Investors, EN Investment, and GC Pharma, a South Korean biopharmaceutical business focusing on the research and commercialization of vaccines, protein treatments, and therapeutic antibodies, were among the other investors.
The Ministry of Food and Drug Safety regulates infectious illness medicines in South Korea (MFDS). The MFDS oversees assessing the safety, efficacy, and quality of all medications and medical devices, including those used to treat infectious diseases. South Korea has a national health insurance system that covers most of the population in terms of reimbursement. The National Health Insurance Service (NHIS) is in charge of handling the national health insurance programme, which covers a variety of healthcare services, including pharmaceuticals and infectious disease treatments.
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
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 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
By Mode of Treatment (Revenue, USD Billion):
By Applications (Revenue, USD Billion):
By Disease Type (Revenue, USD Billion):
By Target Organism (Revenue, USD Billion):
By End User (Revenue, USD Billion):
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By 2030, it is anticipated that the South Korean infectious disease therapeutics market will reach a value of $2.66 Bn from $1.75 Bn in 2022, growing at a CAGR of 5.4% during 2022-2030.
The Ministry of Food and Drug Safety regulates infectious illness medicines in South Korea (MFDS). The National Health Insurance Service (NHIS) is in charge of handling the national health insurance programme.
Infectious Disease Therapeutics in South Korea is dominated by domestic pharmaceutical companies such as Green Cross Corporation, SK Bioscience and GC Pharma.
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