South Korea Cancer Pain Management Market Forecast 2024-2032

South Korea Cancer Pain Management Market Forecast 2024-2032

The South Korea cancer pain management market is anticipated to develop with a CAGR of 5.92% during the forecast period 2024-2032.

MARKET INSIGHTS

According to the Korean Cancer Association, an estimated 273,076 new cancer cases and 81,818 cancer deaths were expected in Korea in 2023. The most common cancer types include thyroid, lung, breast, rectum, colon, and stomach cancers, which together account for half of the overall cancer burden in the country. Lung cancer is anticipated to be the leading cause of cancer-related deaths, followed by liver, colorectal, pancreatic, and gallbladder cancers.

Growing cancer prevalence and enhanced government support for cancer care have significantly influenced the cancer pain management market in South Korea. Each year, between 10,000 and 20,000 individuals are diagnosed with cancer. Advances in diagnostic tools and pharmaceutical developments have increased the number of cancer survivors and improved their 5-year relative survival rates. This growing population of survivors underscores the need for effective pain management solutions to improve their quality of life.

Additionally, South Korea is experiencing rapid population aging, with a significant increase in the number of elderly individuals. According to World Bank data, in 2022, the total population aged 65 and above was 9,030,344 in South Korea. As older adults are more susceptible to cancer, this demographic shift further drives the demand for comprehensive cancer pain management solutions. The rising incidence of cancer among the elderly necessitates specialized pain management approaches to meet their unique needs.

Innovations in palliative care are crucial to the cancer pain management market in South Korea. The development and implementation of advanced hospice palliative care (HPC) services, including policy changes that allow terminally ill patients to refuse life-sustaining treatments, highlight the country's commitment to improving end-of-life care. These advancements in cancer treatment aim to enhance the quality of life for cancer patients by addressing their physical, emotional, and spiritual needs.

SEGMENTATION ANALYSIS

The report on the South Korea cancer pain management market includes the segmentation analysis based on drug type and disease indication.

Market by Drug Type:
• Opioids
• Morphine
• Fentanyl
• Other Morphines
• Non-Opioids
• Acetaminophen
• Non-Steroidal Anti-Inflammatory Drugs (NSAIDS)
• Nerve Blockers

Market by Disease Indication:
• Lung Cancer
• Colorectal Cancer
• Breast Cancer
• Prostate Cancer
• Blood Cancer
• Other Disease Indications

Inkwood Research’s report on the South Korea cancer pain management market provides in-depth insights as well as the market’s segmentation analysis. The detailed evaluation of the market includes Competitive Landscape and Value Chain Analysis.

COMPETITIVE ANALYSIS

Key players operating in the South Korea cancer pain management market include Daiichi Sankyo Company Ltd, Pfizer, Teva Pharmaceutical Industries Limited, Mundipharma International, Hanmi Pharmaceutical Co, etc.

Teva Pharmaceutical Industries Limited, founded in 1901 and headquartered in Tel Aviv, Israel, is a global pharmaceutical company that produces a variety of medicines and biopharmaceutical products. The company specializes in cytotoxic substances, sterile products, hormones, and high-potency drugs. Teva offers medications in multiple forms, including tablets, capsules, injectables, inhalants, liquids, transdermal patches, ointments, and creams. It focuses on therapeutic areas such as respiratory, central nervous system (CNS), pain, and oncology. Teva operates in North America, Europe, Israel, and other international markets.