South Korea Radiotherapy Market Analysis

South Korea Radiotherapy Market Analysis


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By 2030, it is anticipated that the South Korea Radiotherapy Market will reach a value of $173 Mn from $101 Mn in 2022, growing at a CAGR of 7% during 2022-30. The Radiotherapy Therapeutics Market in South Korea is dominated by a few domestic players such as HANRAY, Dongbang Medical, and Neusoft Medical Systems Korea. The radiotherapy market in South Korea is segmented into different types, technology, procedures, application, and end-user. The major risk factors associated with awareness of radiotherapy shortage of skilled staff, government initiatives and reimbursement policy. The demand for South Korea Radiotherapy is increasing on account of the rise in cancer cases in the country.

ID: IN10KRPH043 CATEGORY: Pharmaceuticals GEOGRAPHY: South Korea AUTHOR: Dr. Vishwa Modhia

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South Korea Radiotherapy Market Analysis Summary

By 2030, it is anticipated that the South Korean radiotherapy Market will reach a value of $173 Mn from $11 Mn in 2022, growing at a CAGR of 7% during 2022-30.

South Korea is without a doubt one of the most modern and industrialized countries in the world since it is home to multiple tech titans that drive advancement in a wide range of disciplines. Cancer incidence rates in South Korea remain slightly higher than the OECD average for both men and women. In 2010, there were 208,154 cancer patients in South Korea, which gradually climbed to 235,072 in 201.

There were 254,718 new cancer cases identified in 2019 and 81,203 cancer deaths reported. South Korea's total health expenditure will account for approximately 8.8% of the country's GDP in 2021. Global medical expenditure is predicted to increase by 7.5% over the previous year in 2021. Over 60% of the costs were covered by the government or the public health insurance system.

South Korea Radiotherapy Market Analysis

Market Dynamics

Market Growth Drivers Analysis

South Korea has among the best five-year relative survival rates in the world for some of the most common cancer types. South Korea is the Asia-Pacific region's third most active cancer trial site, accounting for 8.6% of all trials. From 2014 to 2019, the country ranked first among the most imaginative countries according to the Bloomberg Innovation Index. The Korea International Medical Association released a report saying that medical tourism has expanded as a result of the foreign patient legislation statute established in 2009. This regulation allows international patients to obtain longer-term medical visas and allows local facilities to offer medical tourism. These aspects could boost South Korea, Radiotherapy Market.

Market restrains.

In South Korea, systemic therapy is generally dependent on pharmacological approval from the Ministry of Food and Drug Safety (MFDS), but there is no similar provision for radiotherapy. The rate of RT use was 24.5% in 2010, and it climbed to 36.1% in 2019, which is not much in comparison to other countries, suggesting an oversupply scenario. These factors may deter new entrants into the South Korea Radiotherapy Market.

Competitive Landscape

Key Players

  • Neusoft Medical Systems Korea- Neusoft Medical Systems Korea is a subsidiary of Neusoft Medical Systems, a Chinese medical equipment manufacturer. The company produces radiotherapy equipment such as linear accelerators and treatment planning systems
  • Dongbang Medical- Dongbang Medical is a South Korean company that produces and distributes medical equipment, including radiation therapy equipment such as linear accelerators and CT simulators
  • HANRAY- HANRAY is a South Korean company that specializes in radiation therapy equipment such as linear accelerators, CT simulators, and brachytherapy equipment
  • Noninvasive Medical System- Noninvasive Medical System is a South Korean company that develops and manufactures radiation therapy equipment such as gamma knife systems and proton therapy systems

Notable Recent Deals

November 2022: TAE Life Sciences (TLS), a biological-targeted radiation treatment firm based in the United States, has announced a collaboration with HDX Corporation (HDX) to deliver TLS's targeted radiation therapy to South Korea. According to the terms of the agreement, HDX, a leading distributor of radiation therapy medical equipment and clinical services based in Seoul, will be the primary sales, marketing, service, and distribution channel in South Korea for the TLS Alphabeam System, which includes radiation oncology equipment, software, and boron target drugs.

Healthcare Policies and Reimbursement Scenarios

In South Korea, the regulations and reimbursement of radiotherapy are overseen by the Ministry of Health and Welfare (MOHW) and the National Health Insurance Service (NHIS). The MOHW is responsible for regulating the use of radiation in South Korea, including the use of radiotherapy. The Korean Society for Radiation Oncology (KOSRO) is the main professional organization for radiation oncologists in South Korea and works closely with the MOHW to develop guidelines and standards of practice for radiotherapy. The Korean Society for Radiation Oncology (KOSRO) is the main professional organization for radiation oncologists in South Korea and works closely with the MOHW to develop guidelines and standards of practice for radiotherapy.

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

Radiotherapy Segmentation

By Type (Revenue, USD Billion):

  • External Beam Radiation Therapy
  • Linear Accelerators
  • Compact Advanced Radiotherapy Systems
  • Cyberknife
  • Gamma Knife
  • ?Tomotherapy
  • Proton Therapy
  • Cyclotron
  • ?Synchrotron
  • Internal Beam Radiation Therapy
  • Brachytherapy
  • Seeds
  • Applicators and Afterloaders
  • Electronic Brachytherapy
  • Systemic Radiation Therapy
  • ?Others

?By Technology (Revenue, USD Billion):

  • External Beam Radiotherapy
  • Intensity-Modulated Radiation Therapy (IMRT)
  • Image-Guided Radiation Therapy (IGRT)
  • Stereotactic Radiation Therapy (SRT)
  • 3D Conformal Radiation Therapy (3D-CRT)
  • Particle Therapy
  • Internal Beam Radiotherapy
  • Brachytherapy
  • High-Dose Rate Brachytherapy
  • Low-Dose Rate Brachytherapy
  • Image-Guided Brachytherapy
  • Pulse-Dose Rate Brachytherapy
  • Systemic Radiation Therapy
  • Intravenous Radiotherapy
  • Oral Radiotherapy?

By Application (Revenue, USD Billion):

  • Breast Cancer
  • Cervical Cancer
  • Colon and rectum Cancers
  • Stomach Cancer
  • Lung Cancer
  • Prostate Cancer
  • Skin Cancer
  • Liver Cancer
  • Other types of cancer

By End User (Revenue, USD Billion):

  • Hospitals
  • Radiotherapy Centers & Ambulatory Surgery Centers
  • ?Cancer Research Institutes

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”.

 

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.

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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.

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)

  • 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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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.

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Last updated on: 29 January 2024
Updated by: Vidhi Upadhyay

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