Anti-Diabetes Drugs - South Korea

South Korea

The Anti-Diabetes Drugs market in South Korea is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is estimated to reach €0.80bn by 2024.
Furthermore, it is anticipated that there will be a steady annual growth rate (CAGR 2024-2029) of 8.08%, leading to a market volume of €1.18bn by 2029.
When compared to other countries worldwide, it is noteworthy that United States is predicted to generate the highest revenue in the Anti-Diabetes Drugs market, with a staggering €35,090.00m expected in 2024.
South Korea's market for anti-diabetes drugs is rapidly expanding due to the country's aging population and increasing prevalence of diabetes.

Key regions: India, Australia, Italy, Europe, Brazil

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Región

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Analyst Opinion

The Anti-Diabetes Drugs market in South Korea has been experiencing steady growth in recent years.

Customer preferences: South Korea has a high prevalence of diabetes, with approximately 10% of the population suffering from the disease. As a result, there is a high demand for anti-diabetes drugs in the country. Customers in South Korea tend to prefer drugs that are effective, have minimal side effects, and are affordable.

Trends in the market: The market for anti-diabetes drugs in South Korea has been growing steadily due to the increasing prevalence of diabetes in the country. The market is also being driven by the introduction of new drugs that are more effective in treating diabetes. There has been a shift towards the use of combination therapy, where two or more drugs are used together to manage diabetes. This approach has been found to be more effective in controlling blood sugar levels than using a single drug.

Local special circumstances: South Korea has a unique healthcare system that is largely funded by the government. The government provides universal healthcare coverage to all citizens, which includes coverage for anti-diabetes drugs. This has made it easier for patients to access the drugs they need to manage their diabetes. However, the government has been trying to control healthcare costs and has implemented measures to encourage the use of generic drugs. This has led to a shift towards the use of generic anti-diabetes drugs in the country.

Underlying macroeconomic factors: South Korea has a strong economy and a high standard of living. The country has a well-educated population and a high level of technological development. These factors have contributed to the growth of the anti-diabetes drugs market in the country. The government has also been investing in research and development, which has led to the development of new and more effective drugs for the treatment of diabetes. However, the aging population in the country is expected to put a strain on the healthcare system in the coming years, which could impact the growth of the anti-diabetes drugs market.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.