South Korea Drug Delivery Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

South Korea Drug Delivery Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The South Korean Drug Delivery Devices Market is expected to register a CAGR of 7.8% over the forecast period.

With the emergence of the COVID-19 pandemic, most pharmaceutical companies and governments have been/are working to provide effective medical therapy to COVID-19 patients, and drug delivery devices are likely to play an important role in this context. For instance, large-scale vaccination programs are being implemented around the world to immunize people against the SARS-CoV-2 virus, but many companies are still working on more efficient ways of delivering COVID-19 therapeutics to patients and investing heavily in it, which is expected to have a significant impact on the drug delivery market. For instance, in August 2020, Mankind Pharma and Daewoong Pharmaceutical of South Korea collaborated to perform clinical studies on the anti-parasitic medication niclosamide for Covid-19. Hence, COVID-19 is expected to have a significant impact on the growth of the drug delivery market over the forecast period.

Drug delivery devices are specialized tools for the delivery of a drug or therapeutic agent via a specific route of administration. In South Korea, the demand for these devices has increased primarily owing to the increased prevalence of chronic diseases. As there is also a rise in the number of cardiovascular patients and an increase in the incidence of cancer and diseases the use of drug delivery devices among patients and physicians. For instance, as per the article titled "Prediction of Cancer Incidence and Mortality in Korea, 2022" published in PubMed Central, in 2022, it was concluded that in Korea, 274,488 new cancer cases are anticipated to occur in the year 2022. Thyroid cancer is predicted to be the most common type of cancer, followed by the lung, colon and rectum, breast, and stomach. Thus, the growing prevalence of chronic diseases such as cancer required targeted drug therapy in which various types of drug delivery devices play an important role, thereby boosting the growth of the market.

The market players are focusing on developing new products and are engaging in acquisitions and collaborations, which are anticipated to fuel the market growth during the forecast period. For instance, in November 2021, Innovation Zed, a developer of novel diabetes management technologies (the InsulCheck range), reported the arrival of the much-anticipated InsulCheck DOSE technology (pen Injectable), which is expected to be launched in 2022. However, the increase in the risk of infections and stringent regulatory guidelines for the approval of drug delivery devices have been restraining the growth of this market.

Key Market TrendsInjectable Segment is expected to Register High Growth in the Forecast Period

The injectable segment is expected to show rapid growth due to the growing burden of chronic diseases, benefits, and convenience, leading to increased demand for self-injectors and growth of the biologics market leading increased demand for injectors.

The growing burden of chronic diseases like diabetes in South Korea has led to a rise in the overall use of syringes and self-injectable devices. As per the International Diabetes Federation 10th Edition 2021, 3,511.8 thousand South Koreans were suffering from diabetes in 2021 and the number is estimated to reach 3,860.9 thousand by the year 2045. Additionally, the growing burden of diseases is driving the market growth in South Korea.

Market participants are focused on the development of new products as well as acquisitions and partnerships, which are expected to drive market growth during the forecast period. For instance, in April 2022, GC Pharma has begun supplying HugPEG, an injection aid for Neulapeg (ingredient: pegteograstim), to neutropenia patients who have to administer the drug themselves HugPEG allows users to attach and administer the pre-filled syringe combined with a needle guard, unlike the existing devices that give injections indirectly.

Thus, due to the above-mentioned factors, the segment is anticipated to witness significant growth over the forecast period.

Competitive Landscape

The market studied is moderately competitive and comprises of the international as well as local players. South Korea being a highly developed country with a well-structured healthcare system in the country. As a result, many global players in the drug delivery devices market are present in the country. This has made the region very competitive.

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• The market estimate (ME) sheet in Excel format
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