South Korea Neurology Clinical Trials Market Analysis

South Korea Neurology Clinical Trials Market Analysis


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The South Korea Neurology Clinical Trials market is projected to grow from $76.4 Mn in 2022 to $126.5 Mn by 2030, registering a CAGR of 6.5% during the forecast period of 2022 - 2030. The market will be driven by the supportive regulatory environment and increasing interest from pharmaceutical companies investing in neurology clinical trials. The market is segmented by phase, by study design & by indication. Some of the major players include Hoffmann-La Roche, Biogen & Chong Kun Dang Pharmaceutical.

ID: IN10KRCT005 CATEGORY: Clinical Trials GEOGRAPHY: South Korea AUTHOR: Vidhi Upadhyay

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South Korea Neurology Clinical Trials Market Executive Summary

The South Korea Neurology Clinical Trials market is projected to grow from $76.4 Mn in 2022 to $126.5 Mn by 2030, registering a CAGR of 6.5% during the forecast period of 2022 - 2030. In 2020, South Korea had 799 authorised clinical trials for drug treatments, 432 of which were local trials and the remainder were global. The number of both local and global trials grew over the previous year. Korea is one of the world's fastest ageing nations, and the rising incidence of dementia will place a significant strain on Korean society. For example, by 2050, the old-age dependency ratio is expected to rise from 20% to about 70%.

Alzheimer's disease is an increasing problem around the globe, including in South Korea. Numerous South Korean research institutions and pharmaceutical businesses are now focusing on creating novel Alzheimer's disease therapies. Patients with mild cognitive impairment, early-stage Alzheimer's disease, or mild to moderate Alzheimer's disease may be included in clinical trials for novel Alzheimer's medications. Moreover, In South Korea, several clinical trials are ongoing to investigate new therapies for Parkinson's disease, such as deep brain stimulation, gene therapy, and stem cell therapy. Seoul National University, Asan Medical Center, Samsung Medical Center, and Yonsei University Severance are four of the top ten worldwide clinical investigator sites. The country's combination of clinical trial competence, superior healthcare infrastructure, large population concentration, and a very receptive, investment-minded administration has propelled the country to the forefront of clinical trial venues globally.

South Korea Neurology Clinical Trials Market

Market Dynamics

Market Growth Drivers

South Korea boasts a comprehensive medical system that is outfitted with cutting-edge equipment and facilities. This infrastructure facilitates clinical trial conduct by giving access to specialised equipment and medical staff. South Korea has a huge number of qualified medical workers, including physicians, nurses, and researchers who have received clinical trial training. South Korea's regulatory procedure is streamlined, fast, and transparent, making it an appealing place for conducting clinical trials.  The South Korean government has aggressively promoted the expansion of clinical trials in the nation. The Ministry of Food and Drug Safety has built a framework to promote the research and approval of novel pharmaceuticals and medical devices.  Pharmaceutical firms are highly keen on carrying out clinical trials in South Korea. The country's superior medical infrastructure, qualified workforce, and supportive regulatory framework are driving this interest.

Market Restraints

South Korea has a population of about 51 million people, which is very little compared to other nations. This restricted patient pool may make recruiting enough participants for clinical trials difficult, especially for uncommon or complicated neurological illnesses. Although much medical personnel in South Korea know English, some patients may choose to participate in clinical studies performed in their native language. This may reduce the number of people who are eligible to participate in clinical studies. Other nations in the area, like China and Japan, are also substantially investing in clinical research. South Korea may find it difficult to recruit clinical trials and investment as a result of this competition. Although the regulatory climate in South Korea is typically supportive of clinical trials, regulatory hurdles may nevertheless impede the clearance process.  Although the South Korean government supports clinical research, financing for clinical trials remains low, especially for uncommon disorders. This may make it difficult for researchers to undertake the studies required to bring novel therapies to market.

Competitive Landscape

Key Players

  • Hoffmann-La Roche
  • Biogen
  • Chong Kun Dang Pharmaceutical (KOR)
  • SK Biopharmaceuticals
  • Merck
  • AstraZeneca
  • Janssen
  • Daewoong Pharmaceutical (KOR)
  • Novo Nordisk
  • AbbVie
  • Hanmi Pharmaceutical (KOR)

Notable Deals

January 2023, Daewoong Pharmaceutical Co., a renowned South Korean pharmaceutical, announced a collaboration agreement with Oncorus Inc., a biotech business based in the United States, to develop and commercialise messenger RNA (mRNA) therapeutics for cancer patients.

August 2021, Novartis announced the termination of a partial clinical trial hold and the launch of a new pivotal Phase 3 investigation of intrathecal OAV-101 in elderly SMA patients.

1. Executive Summary
1.1 Disease Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Clinical Trials Regulation 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)

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

6. Methodology and Scope

Neurology Clinical Trials Market Segmentation

By Phase (Revenue, USD Billion):

  • Phase I
  • Phase II
  • Phase III
  • Phase IV

By Study Design Outlook (Revenue, USD Billion):

  • Epilepsy
  • Parkinson's Disease (PD)
  • Huntington's Disease
  • Stroke
  • Traumatic Brain Injury (TBI)
  • Amyotrophic Lateral Sclerosis (ALS)
  • Muscle regeneration
  • Others

By Indication Outlook (Revenue, USD Billion):

  • Interventional
  • Observational
  • Expanded Access

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

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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.

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

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Last updated on: 14 March 2023
Updated by: Ritu Baliya

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