by The South Korea active pharmaceutical ingredients (API) market is primarily driven by the exponential growth of the generic drugs segment in the country. Active pharmaceutical ingredients are an integral part of any drug as they are responsible for the physiological action of pharmaceutical formulations. The South Korean government is promoting generic drugs production through several initiatives to reduce healthcare costs. This has increased the demand for API from domestic generic drug manufacturers. The country has also emerged as an API exporting hub and various local companies are engaged in API production for both domestic as well as international markets.
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 – Key players operating in the South Korea API 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.
Key opportunities – Increasing cooperation between domestic and multinational companies, technological advancements in API production, and favorable government support are offering new growth opportunities in the South Korea API market.
Global expansion – Major South Korean API manufacturers are expanding their global footprint through acquisitions and greenfield projects to gain access to new markets and raw material sources outside the country.
Market drivers – The rising elderly population, increasing healthcare spending, easy registration process for generic drugs, and implementation of various trade agreements are the major drivers propelling the growth of the South Korea API market. The country’s growing expertise in contract manufacturing is also attracting several global drug makers.
PEST Analysis
Political: South Korea has established strict regulations for the pharmaceutical industry to ensure safety and efficacy of APIs. Government approval is required for new drugs and manufacturing facilities.
Economic: Growing healthcare spending in South Korea is driving demand for APIs as more medications become available and affordable. Expansion of health insurance coverage is another supportive factor.
Social: An aging society is a major social trend in South Korea leading to higher consumption of medicines. Changing lifestyles have also increased the burden of chronic diseases which require long-term treatment using APIs.
Technological: South Korean API makers are investing heavily in R&D to develop advanced manufacturing processes using robotic automation, artificial intelligence and big data analytics. This helps improve efficiency and compliance with global quality standards.
The market in South Korea is concentrated primarily in major cities like Seoul, Busan and Daegu where pharmaceutical companies have their major production facilities located in order to address the domestic demand efficiently. The northern regions have fewer manufacturing sites because of their relatively smaller populations and economic activities.
The southern region bordering Busan is emerging as the fastest growing in terms of API production and sales value. Major players are investing in expanding and establishing new facilities in cities like Ulsan and Gyeongsangbuk-do taking advantage of corporate tax incentives, availability of skilled workforce and proximity to ports for exports. This is expected to make the southern region the largest for the South Korean APIs market over the coming years.
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?
About Author - Vaagisha Singh
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
