The South Korea Active Pharmaceutical Ingredients Market Poised For Strong Growth By 2024

 

The South Korea active pharmaceutical ingredients market involves manufacturing of bulk drugs or drugs without any excipients which are used as raw materials by pharmaceutical companies to produce finished dosage formulations like tablets, capsules, injectables, ointments etc. Active pharmaceutical ingredients provide therapeutic benefits and are responsible for the physiological action of pharmaceutical drugs. With growing healthcare expenditure and increasing demand for generic drugs and biologics, the market for active pharmaceutical ingredients is gaining significant traction in South Korea.

South Korean 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 market 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 focusing on strategies such as expansions, mergers, and acquisitions to increase their market share in South Korea.

The increasing demand for generic drugs due to their cost-effectiveness presents significant opportunities for players in the South Korea active pharmaceutical ingredients market. According to the Korea Health Industry Development Institute, the South Korean generic drug market was valued at over $2.7 billion in 2020 and is expected to grow at a CAGR of 8-10% during 2021-2025.

Major players in the South Korea active pharmaceutical ingredients market are focusing on global expansion by setting up manufacturing facilities in other Asian countries and developing economies. For instance, in 2021, Hanmi Pharm.Co.,Ltd. started construction of a new active pharmaceutical ingredients manufacturing plant in Vietnam with an investment of $85 million.

 
Market Drivers

Rising healthcare expenditure- Healthcare expenditure in South Korea has been steadily growing over the past few years. This increase in healthcare budget is driving the demand for affordable drugs like generics, thereby fuelling growth of the active pharmaceutical ingredients market.

Growth of the biopharmaceuticals industry- South Korea has emerged as a major hub for biologics research and manufacturing. The growth of the biologics segment is creating opportunities for suppliers of innovative active pharmaceutical ingredients used in biologics.

Market Restraints

Stringent regulations- Manufacturers of active pharmaceutical ingredients need to adhere to strict regulations imposed by the Korean Food and Drug Administration regarding manufacturing approvals and standards. This increases compliance costs.

High capital requirement- Setting up manufacturing facilities for active pharmaceutical ingredients involves large capital investments which can restrain small players from entering this capital-intensive market.

Segment Analysis

The South Korea active pharmaceutical ingredients market is dominated by the cardiovascular sub-segment. Being a leading cause of death in South Korea, cardiovascular diseases account for over 31% of the total deaths. As per government data, over 4 million South Koreans suffer from hypertension or high blood pressure. This has increased the demand for active pharmaceutical ingredients used in manufacturing cardiovascular drugs like statins, beta blockers, etc. The anti-infective sub-segment is the second largest owing to increasing prevalence of infectious diseases and emergence of antibiotic-resistant bacteria.

Global Analysis

The Asia Pacific region is projected to be the fastest growing market for South Korean active pharmaceutical ingredients during the forecast period. This is attributed to rising healthcare expenditures, increasing generic drug production, and expanding pharmaceutical industry in countries like China, India, and Japan. South Korea exports a large percentage of its API production to other Asian countries having emerging markets. Europe currently dominates the imports of South Korean APIs due to stringent regulatory standards for manufacturing and quality assurance. However, growing regional collaborations are helping South Korea increase supply to other markets and develop as a key API exporter.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

Get more insights on this topic: https://www.pressreleasebulletin.com/south-korea-active-pharmaceutical-ingredients-market-to-gain-significant-traction-due-to-increasing-outsourcing-of-pharmaceutical-manufacturing/

 

Author Bio

Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups. (LinkedIn: https://www.linkedin.com/in/vaagisha-singh-8080b91)

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?

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