Oncology Cancer Drugs Market size was valued at USD 200 Billion in 2024 and is forecasted to grow at a CAGR of 4.5% from 2026 to 2033, reaching USD 300 Billion by 2033.
The Oncology Cancer Drugs Market in South Korea is projected to reach USD 4.65 billion by 2031, growing at a CAGR of 5.07%. This growth is driven by the rising incidence of cancers such as lung, breast, and hematopoietic-lymphoid cancers, which have seen significant increases in both patient numbers and pharmaceutical expenditures between 2013 and 2022.
Key Drug Types:
Targeted Therapy: Leading the market with a projected value of USD 1.63 billion by 2031, growing at a CAGR of 5.52%.
Hormonal Therapy: Expected to reach USD 504.1 million by 2031, registering the highest CAGR of 6.45% among all segments.
Immunotherapy: Along with targeted therapy, it accounted for approximately 62.5% of the market share in 2022.
These therapies are increasingly favored due to their efficacy and specificity in treating various cancer types.
Industry Requirements:
Regulatory Approval: The Health Insurance Review and Assessment Service (HIRA) mandates robust clinical data demonstrating improved efficacy and acceptable cost-effectiveness for reimbursement approvals.
Economic Evaluation: While HIRA does not have a formal cost-effectiveness threshold, an implicit threshold of approximately KRW 50 million (USD 22,000) is considered for oncology drugs.
Risk-Sharing Agreements: These agreements are encouraged to improve patient accessibility, especially for drugs without alternatives in life-threatening conditions.
Pharmaceutical companies must navigate these requirements to ensure successful market entry and reimbursement in South Korea.
Market Trends:
Clinical Trials: South Korea's advanced healthcare infrastructure and regulatory support have made it a hub for global clinical trials, offering speed and efficiency in research.
Innovation: The FDA approval of Yuhan's lazertinib, a novel lung cancer drug, marks a significant milestone, showcasing South Korea's growing role in oncology drug development.
Digital Health: The integration of digital therapeutics and AI-driven drug development is gaining momentum, supported by government initiatives and investments.
These trends indicate a dynamic and evolving landscape for oncology cancer drugs in South Korea, presenting opportunities for innovation and growth in the pharmaceutical industry.
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the South Korea Oncology Cancer Drugs Market
Chemotherapy Agents
Targeted Therapy
Immunotherapy
Hormonal Therapy
Others
Monoclonal Antibodies
Tyrosine Kinase Inhibitors
Cytotoxic Agents
Immune Checkpoint Inhibitors
Cell Cycle Inhibitors
Breast Cancer
Lung Cancer
Colorectal Cancer
Prostate Cancer
Leukemia
Other Solid Tumors
Oral
Intravenous
Subcutaneous
Intramuscular
Topical
Hospital Pharmacies
Retail Pharmacies
Online Pharmacies
Specialty Pharmacies
Others
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Oncology Cancer Drugs Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. South Korea Oncology Cancer Drugs Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Oncology Cancer Drugs Market, By Type
6. South Korea Oncology Cancer Drugs Market, By Application
7. South Korea Oncology Cancer Drugs Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Oncology Cancer Drugs Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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