by The South Korea active pharmaceutical ingredients market is considered as one of the largest markets in Asia. Active pharmaceutical ingredients (APIs) are bulk pharmaceutical chemicals that serve as the basic ingredient for pharmaceutical drug manufacturing. APIs constitute the portion of any drug or medication that produces its therapeutic effect.
Increasing generic drugs consumption and adoption of Contract Manufacturing Organization (CMO) partnerships are the major factors driving the demand for Active Pharmaceutical Ingredients in South Korea. The healthcare expenditure in the country has increased significantly over the past few years, thereby augmenting the growth of the pharmaceutical sector.
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 key players are focusing on capacity expansions and strategic partnerships to strengthen their market presence.
There is significant growth opportunity for API manufacturing as South Korea transitions to generic drugs. The government is also promoting local manufacturing of APIs to reduce import dependence. This is encouraging domestic and global pharma players to set up or expand API manufacturing facilities in South Korea.
Globally, key players are exploring South Korea as an important market and manufacturing hub. Their focus on the region is attributed to factors such as established pharmaceutical industry, strong manufacturing capabilities, and strategic location serving other Asian markets. This is creating growth opportunities for participants across the value chain.
Market Drivers
The rising healthcare spending and growing consumption of generic drugs are the primary growth drivers for the South Korea active pharmaceutical ingredients market. According to sources, over 70% of pharmaceutical drugs sold in South Korea are generics. This high generic penetration is supplementing the demand for cost-effective APIs. Additionally, the government is undertaking various initiatives such as public-private partnerships and funding for research institutes to encourage local API production. This is expected to boost API manufacturing and exports from South Korea over the coming years.
PEST Analysis
Political: South Korea’s government policies play a major role in supporting and regulating the pharmaceutical industry. The government aims to enhance the industry’s competitiveness through initiatives like funding for R&D activities.
Economic: South Korea has a developed economy that is becoming more knowledge-based. Growth in healthcare expenditure is expected to fuel demand for active pharmaceutical ingredients. Companies aim to cater to both domestic and international markets.
Social: There is growing awareness about health and wellness in South Korea. A rapidly aging population and rise of lifestyle diseases have increased the demand for medicines and pharmaceutical products in the country.
Technological: South Korea is investing heavily in advancing pharmaceutical manufacturing technologies. Companies are adopting continuous manufacturing and digital tools like AI to enhance productivity, quality, and reliability of production processes. Advanced biologics and targeted therapies are key areas attracting R&D investments.
The geographical region where the South Korean active pharmaceutical ingredients market in terms of value is concentrated is South Korea itself. Being a major pharmaceutical producer and exporter, the domestic demand and supply accounts for a significant share of the overall market.
The fastest growing region for the South Korean active pharmaceutical ingredients market is expected to be Asia Pacific excluding South Korea. Companies in South Korea are focusing on expanding exports to emerging Asian countries where healthcare sectors are growing rapidly led by economic development and rising spending power of people. Countries like China, India, Indonesia, and Vietnam offer huge untapped market potential.
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?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
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. LinkedIn Profile
