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
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.
Market Growth Drivers Analysis
The market for oncology drugs is expanding as a result of
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.
Key Players
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).
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
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 Drug class
By Therapy
By Indication
By Dosage form
By Distribution channel
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
Need more?