South Korea Oncology Drugs Market Analysis

South Korea Oncology Drugs Market Analysis

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South Korea's oncology drugs market size is at around $2.89 Bn in 2022 and is projected to reach $7.41 Bn in 2030, exhibiting a CAGR of 12.6% during the forecast period 2022-2030. The oncology industry is being segmented into drug class, therapy, indication, and dosage. The driving factors for the oncology drug market are increasing awareness among people, cutting-edge technology, and increasing clinical trials. Company examples: Bristol-Myers Squibb, Roche, Merck & Co, Novartis, Johnson & Johnson

ID: IN10KRPH018 CATEGORY: Pharmaceuticals GEOGRAPHY: South Korea

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South Korea Oncology Drugs Market Executive Summary

South Korea's oncology drugs market size is at around $2.89 Bn in 2022 and is projected to reach $7.41 Bn in 2030, exhibiting a CAGR of 12.6% during the forecast period 2022-30. Oncology is the top therapeutic area for innovation in terms of the volume of clinical trial activity, the number of companies funding therapeutics, the size of the pipeline of therapies in clinical development, the introduction of novel active substances, and the amount of money spent on these medications.

In South Korea, the five-year relative survival rates are among the best in the world for some of the most common cancer types. South Korea ranks third among the Asia-Pacific countries with oncology trials, accounting for 8.6% of all trials.

In 2021, the total health expenditure in South Korea accounted for approximately 8.8% of South Korea's Gross Domestic Product (GDP). The overall medical expenditure in 2021 increased by around 7.5 percent compared to the previous year. Nearly 60 percent of the costs were covered by the government or the public health insurance system.

south korea oncology drugs market

Market Dynamics

Market Growth Drivers Analysis

The market for oncology drugs is expanding as a result of

  • Increasing incidence of cancer: The incidence of cancer in South Korea has been increasing in recent years, primarily due to an aging population and changing lifestyle patterns. This has led to a higher demand for oncology drugs.
  • Advancement in technology: The ongoing advancements in technology, such as targeted therapies and immunotherapies, are providing new treatment options for cancer patients and driving the growth of the oncology drug market in South Korea.
  • Government initiatives: The South Korean government has been actively promoting the development of the oncology drug market through various initiatives, such as funding for cancer research and the establishment of cancer centers.

Market Restraints

The oncology/cancer drug market's growth is constrained by the high development costs for new drugs, the risk of failure, and the negative side effects of cancer drug therapies.

The pandemic has had a direct impact on the availability of oncology drugs for cancer patients. In addition to making, it challenging to administer chemotherapy and some other treatments outside of a clinic, the spread of the coronavirus has decreased patients' willingness and ability to participate in clinical trials for new medications.

Competitive Landscape

Key Players

  • AnHeart (KOR)
  • Kwang Dong Pharmaceutical (KOR)
  • AstraZeneca Plc
  • F. Hoffmann-La Roche Ltd.
  • Bristol Mayers Squibb Company,
  • Merck & Co., Inc.
  • Novartis

Notable Recent Updates

September 2022: Taletrectinib, a next-generation tyrosine kinase inhibitor (TKI), has been designated as an orphan drug (ODD) by the Ministry of Food and Drug Safety (MFDS), Republic of Korea, for the treatment of adult patients with advanced or metastatic ROS1-positive non-small cell lung cancer (NSCLC). This information was released by AnHeart Therapeutics and NewG Lab Therapeutics, a division of NewG Lab Pharma. The Center for Breakthrough Medicines (CBM) received a $350 Mn equity financing commitment from South Korea's SK Inc. as part of the collaboration between the two organizations that was announced in an effort to create a global end-to-end cell and gene therapy for cancer CDMO (contract development and manufacturing organization).

Healthcare Policies and Regulatory Landscape

The South Korean government has introduced new regulatory initiatives to speed up approval processes in an effort to increase the appeal of their nation for clinical trials generally. Additionally, they currently grant conditional approvals to oncology therapies to speed up the market entry of these drugs by roughly 2-3 years, creating fantastic opportunities for pharmaceutical companies.

In 2013, the Korean government increased health insurance reimbursement for cancer patients' anti-cancer medications in an effort to lower out-of-pocket expenses. In Korea, the National Health Insurance ("NHI") scheme—a single-payer system run by the National Health Insurance Service ("NHIS")—is in charge of setting drug prices and reimbursement policies. Reduced co-payment rates by 5% instead of 30%–60% were implemented for cancer treatments to lessen the financial burden on patients.

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

Oncology Drugs Market Segmentation

By Drug class

  • Cytotoxic drugs
    • Alkylating agents
    • Antimetabolites
    • Others
  • Targeted drugs
    • Monoclonal antibodies
    • Others
  • Hormonal drugs
  • Others

By Therapy

  • Chemotherapy
  • Targeted therapy
  • Immunotherapy

By Indication

  • Lung cancer
  • Stomach cancer
  • Colorectal cancer
  • Breast cancer
  • Prostate cancer
  • Others

By Dosage form

  • Solid
    • Tablets
    • Capsules
  • Liquid
  • Injectable
    • Prefilled syringes
    • Others

By Distribution channel

  • Hospital Pharmacies
  • Retail Pharmacies
  • Online Pharmacies
  • ?Others

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”.


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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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Stage III: Interpretation and Presentation

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  • 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: 08 June 2023

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