SOUTH KOREA DIABETES DRUGS MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027)

SOUTH KOREA DIABETES DRUGS MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027)

The South Korea Diabetes Drugs Market is set to witness a CAGR of more than 4% during the forecast period 2022-2027. The market is estimated to reach a value of more than USD 1 billion by 2027.

The COVID-19 pandemic positively impacted the Diabetes Drugs market growth in South Korea. Patients with diabetes, infected with COVID-19 may experience elevated blood glucose, abnormal glucose variability, and diabetic complications. The prevalence of diabetes in people with COVID-19 caused a significant increase in severity and mortality of COVID-19 in people with either type 1 (T1DM) or type 2 diabetes mellitus (T2DM), especially in association with poor glycemic control. While new-onset hyperglycemia and new-onset diabetes (both T1DM and T2DM) have been increasingly recognized in the context of COVID-19 and have been associated with worse outcomes. To avoid aggravation, a patient's blood glucose should be monitored and managed regularly.

Diabetic drugs are medicines developed to stabilize and control blood glucose levels amongst people with diabetes. Diabetic drugs are commonly used to manage diabetes. Diabetic drugs have been potential candidates for treating diabetic patients affected by SARS-CoV-2 infection during the COVID-19 pandemic. Diabetes is associated with many health complications. Patients with diabetes require many corrections throughout the day to maintain nominal blood glucose levels, such as administering additional insulin or ingesting additional carbohydrates by monitoring their blood glucose levels. Diabetes poses an emerging healthcare burden across the country and is one of the leading causes of premature death, morbidity, and loss of economic growth.

In South Korea, the prevalence of diabetes in adults is higher and the economic burden of diabetes is higher than that of overall cancer. Diabetic complications or related comorbidities and hospitalization are associated with high costs. Effective strategies are needed to manage patients with diabetic complications and use healthcare resources and reduce the economic burden. It is expected that increased information regarding both the magnitude and the specific components of the economic burden of diabetes in Korea will influence health policymakers to prioritize its prevention and management and to allocate more health care resources to diabetes.

Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period.

Key Market TrendsThe Oral Anti-Diabetic Drugs Segment Held the Highest Market Share in the South Korea Diabetes Drugs Market in 2021

The Oral Anti-Diabetic Drugs Segment held the highest market share of about 56% in 2021 and is expected to register a CAGR of about 2.95% with a revenue of around USD 600 million.

Oral Anti-Diabetic Drugs have been available internationally and are recommended for use when escalation of treatment for type 2 diabetes is required along with lifestyle management. Oral agents are typically the first medications used in the treatment of type 2 diabetes due to their wide range of efficacy, safety, and mechanisms of action. Antidiabetic drugs help diabetes patients to keep their condition under control and lower the risk of diabetes complications. People with diabetes may need to take antidiabetic drugs for their whole lives to control their blood glucose levels and avoid hypoglycemia and hyperglycemia. Oral anti-diabetic agents present the advantages of easier management and lower cost, so they became an attractive alternative to insulin with better acceptance, which enhances adherence to the treatment.

Diabetes is a significant health problem and one of the astounding challenges for healthcare systems all over South Korea. The prevalence of known type 1 & 2 diabetes in the South Korean adult population is very high along with a high number of patients who are not yet diagnosed with the disease. Due to an aging population and unhealthy lifestyle (the percentage of energy intake from carbohydrates is higher in diabetes patients than in those without diabetes, while that from protein and fat is lower in subjects with diabetes), the prevalence of type 2 diabetes is expected to increase steadily over the next few years. High-quality care, including adequate monitoring, control of risk factors, and active self-management are the key factors for preventing complications in South Korean patients with type 2 diabetes.

Awareness of diabetes and glycemic control requires significant improvements in South Korea. The new national-level action plan is required to raise awareness about diabetes and prediabetes, improve glycemic control and minimize the occurrence of adverse health outcomes. With growing awareness, the adoption of antidiabetic drugs is expected to improve. Penetration of diabetes drugs in the South Korean market will support local clinical research organizations (CROs) in their clinical research trials and ensures ease of management, which facilitates the discovery process.

Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period.

Glucagon-like peptide -1 receptor agonist Segment is expected to witness a healthy CAGR in the South Korean Diabetes Drugs Market

Glucagon-like peptide -1 receptor agonist drugs are expected to register a CAGR of around 8% in the forecast period with a revenue of about USD 100 million.

Glucagon-like peptide-1 receptor agonists (GLP-1RAs) are a class of medications used for the treatment of type 2 diabetes and some drugs are also approved for obesity. One of the benefits of this class of drugs over older insulin secretagogues, such as sulfonylureas or meglitinides, is that they have a lower risk of causing hypoglycemia. Besides being important glucose-lowering agents, GLP-1RAs have significant anti-inflammatory and pulmonary protective effects and an advantageous impact on gut microbes’ composition. Therefore, GLP-1RAs have been potential candidates for treating patients affected by COVID-19 infection, with or even without type 2 diabetes, as well as excellent antidiabetic (glucose-lowering) agents during COVID-19 pandemic times.

The high prevalence of type 2 diabetes is associated with a significant economic burden. The costs of diabetes are increased in patients with co-morbidities such as hypertension and hyperlipidemia and in patients who develop complications. Costs increase with an increasing number of complications.

The National Health Insurance (NHI) Act covers all public health insurance in Korea. This Act covers the entire population and all citizens earning an income in Korea must contribute a percentage of their monthly salary. Employers are also responsible for matching employee contributions. There are two health insurance agencies under the MOHW, namely, the Health Insurance Review Agency (HIRA) and the National Health Insurance Corporation (NHIC). In particular, the HIRA is responsible for reviewing reimbursement coverage/non-coverage and pricing applications from pharmaceutical and medical device companies. If reimbursement is obtained, the company may be able to expand its market and obtain a larger sales volume, thereby enhancing the market prospects in the years to come.

Competitive Landscape

The South Korean Diabetes Drugs Market is consolidated, with major manufacturers namely Eli Lilly, Sanofi, Novo Nordisk, and AstraZeneca. A major share of the market is held by manufacturers that are concomitant with strategy-based M&A operations and are constantly entering the market to generate new revenue streams and boost existing ones.

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