South Korea Active Pharmaceutical Ingredients Market is Anticipated to Witness High Growth Owing to Increasing Production of Generic Drugs
Active Pharmaceutical Ingredients (APIs) are bulk chemical drug substances with therapeutic properties used in the manufacture of pharmaceutical drug products. APIs are relatively complicated organic compounds intended for administration to humans as part of pharmaceutical formulations. The key functions of APIs are diagnosis, treatment, prevention and cure of diseases. The South Korea APIs market is driven by the growing generic drug industry and increasing need for cost-effective treatment options. The production of branded drugs is becoming costly due to patent expiries and pressure to reduce healthcare costs is driving growth of generic drugs market in South Korea.
South Korea Active Pharmaceutical Ingredients Market is estimated to be valued at US$ 6.1 Bn in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the South Korea Active Pharmaceutical Ingredients are Teva Pharmaceutical Industries Ltd., Kyongbo Pharm, SAMOH Pharm. Co., Ltd., SHINPOONG.CO,.LTD, Kukjeon Pharmaceutical Co., Ltd., Hanmi Pharm.Co.,Ltd., abcr GmbH, Polpharma, Lupin, and JEIL PHARMACEUTICAL CO.,LTD. These players are focused on expanding their production capacities to cater to the growing demand for APIs.
Key opportunities in the market include increasing outsourcing of Active Pharmaceutical Ingredients production from major pharmaceutical companies to reduce manufacturing costs. The South Korean API manufacturers are well positioned to tap into this outsourcing opportunity.
Global pharmaceutical companies are also looking to expand their presence in South Korea to benefit from the strong generic drug market. Setting up manufacturing facilities in South Korea allows foreign drug makers to target both domestic as well as international markets like Japan, China and Southeast Asia.
Market Drivers
Growing generic drugs industry in South Korea is a major market driver. The patents of many blockbuster drugs have expired in recent years providing opportunities for local generic drug manufacturers. According to statistics, the South Korean generic drug market was valued at ~US$ 4 Bn in 2020 and is projected to grow at a CAGR of 6-7% during 2020-2025.
Market Restraints
Drug price control policies introduced by the South Korean government to reduce healthcare costs act as a key restraint. The government fixes prices and reimburses only a few generic drugs limiting profit margins of local drug makers. Stringent regulations surrounding API manufacturing is another challenge faced by players operating in this market.
Segment Analysis
The South Korea active pharmaceutical ingredients market is dominated by the oncology sub-segment due to the increasing prevalence of cancer in the country. One in four deaths in South Korea is caused due to cancer with stomach cancer being the most common followed by lung cancer. The demand for oncology drugs with new and advanced APIs is witnessing significant growth which is fuelling this sub-segment.
Global Analysis
Regionally, South East Asia is expected to witness the fastest growth in the South Korea active pharmaceutical ingredients market during the forecast period. This is attributed to the increasing investments by leading API manufacturers from China, India, and Japan to expand their presence in the region. Countries like Vietnam, Indonesia, and Malaysia are emerging as preferred commercial manufacturing destinations for pharmaceutical companies which is augmenting the regional market. Additionally, the growing generic drugs industry in the region driven by factors like high healthcare costs and growing middle-class population is positively impacting the demand for APIs from South East Asia.
What Are The Key Data Covered In This South Korea Active Pharmaceutical Ingredients Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the South Korea Active Pharmaceutical Ingredients's growth between 2024 and 2031.
:- Accurate calculation of the size of the South Korea Active Pharmaceutical Ingredients and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- South Korea Active Pharmaceutical Ingredients Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market's competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of South Korea Active Pharmaceutical Ingredients vendors
FAQ’s
Q.1 What are the main factors influencing the South Korea Active Pharmaceutical Ingredients?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top South Korea Active Pharmaceutical Ingredients companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the South Korea Active Pharmaceutical Ingredients’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
Get more insights on this topic: https://www.marketwebjournal.com/south-korea-active-pharmaceutical-ingredients-market-trend-size-and-demand/
Author Bio:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
Comments
0 comment