Biologics Market- South Korea

Base Year: 2023

Historical Years: 2018-2023

Forecast Years: 2024-2032

Market Growth Rate: 7.06% (2024-2032)

The South Korea biologics market is expanding rapidly, owing to the growing investments in biotechnology as well as pharmaceutical research. According to the latest report by IMARC Group, the market size is projected to exhibit a growth rate (CAGR) of 7.06% during 2024-2032.

Download sample copy of the Report: https://www.imarcgroup.com/south-korea-biologics-market/requestsample

South Korea Biologics Industry Trends and Drivers:

South Korea Biologics Market Overview

Key Drivers for Market Growth

• Growing Demand for Innovative Treatments

  • The need for innovative treatments is a primary driver of the South Korea biologics market growth.
  • The expanding biopharmaceutical sector contributes to market acceleration.

• Popularity of Biologic Therapies

  • Biologics, including monoclonal antibodies, vaccines, and gene therapies, are increasingly favored for their effectiveness.
  • These therapies are effective in treating complex diseases such as:
    • Cancer
    • Autoimmune disorders
    • Infectious diseases

Market-Strengthening Factors

• Robust R&D Infrastructure

  • South Korea has a strong research and development framework.
  • Substantial government support enhances the country’s position as a hub for biologics manufacturing and innovation.

• Investment by Key Pharmaceutical Companies

  • Major companies like Samsung Biologics and Celltrion are heavily investing in:
    • Expanding production capacity
    • Developing technological advancements to meet the rising global demand for biologics

• Strategic Partnerships

  • Collaborations between South Korean firms and international pharmaceutical leaders are accelerating market expansion.

Focus on Biosimilars

• Rising Demand for Cost-Effective Biosimilars

  • Biosimilars, affordable alternatives to original biologic drugs, are a growing focus in the South Korea biologics market.
  • South Korean companies are prioritizing biosimilar development and commercialization to provide cost-effective treatments.

• Patent Expirations

  • With many biologic patents expiring, South Korea’s biosimilar market is expanding, offering affordable options without compromising efficacy and safety.

Impact of COVID-19

• Increased Vaccine Production
  • The COVID-19 pandemic has accelerated growth in the biologics sector, especially in vaccine manufacturing.
  • South Korea has become a critical player in the global vaccine supply chain.

Government Initiatives and Future Growth Drivers

• Government Support for Biotech Innovation

  • Proactive government initiatives are driving biotech advancements.
  • Increased healthcare spending and a growing incidence of chronic diseases support further market growth.

• Positive Growth Outlook

  • The combination of innovative approaches, robust partnerships, and government support is expected to drive the South Korea biologics market in the coming years.

We explore the factors driving the growth of the market, including technological advancements, consumer behaviors, and regulatory changes, along with emerging South Korea biologics market trends.

South Korea Biologics Industry Segmentation:

The report has segmented the market into the following categories:

Source Insights:

• Microbial
• Mammalian
• Others

Product Insights:

• Monoclonal Antibodies
• Vaccines
• Recombinant Proteins
• Antisense, RNAi and Molecular Therapy
• Others

Disease Insights:

• Oncology
• Immunological Disorders
• Cardiovascular Disorders
• Hematological Disorders
• Others

Manufacturing Insights:

• Outsourced
• In-House

Regional Insights:

• Seoul Capital Area
• Yeongnam (Southeastern Region)
• Honam (Southwestern Region)
• Hoseo (Central Region)
• Others

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Key highlights of the Report:

• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• COVID-19 Impact on the Market
• Porter’s Five Forces Analysis
• Strategic Recommendations
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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