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The South Korea Active Pharmaceutical Ingredients Market Driven By Rise In Local Drug Formulation
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The South Korea active pharmaceutical ingredients (API) market is expected to witness significant growth over the forecast period 2024-2031. API are the raw materials used in manufacturing of drugs for medicinal purposes. APIs are used in pharmaceutical formulations to provide their intended effects. Key advantages of APIs include high therapeutic efficacy, reduced side effects as compared to generic drugs, and quality assured manufacturing.
The growing local drug formulation industry in South Korea has increased the need for high-quality and affordable APIs. This has encouraged domestic production of Active Pharmaceutical Ingredients, thereby driving the South Korea API market.
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 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. These key players account for major share of the market and are focused on expanding their production capacities and capabilities to meet the growing demand.
The demand for APIs is growing significantly owing to the expanding pharmaceutical industry in South Korea. Rapid urbanization, rising healthcare expenditures, and increasing prevalence of chronic diseases are fueling the demand for pharmaceutical drugs, hence driving the need for APIs.
Globally, South Korea has emerged as a key exporter of APIs. Major players based in South Korea are focused on expanding their international footprint and catering to the growing demand from foreign drug formulation companies and generic manufacturers across regions like North America, Europe, and Asia Pacific. This is positively impacting the global expansion of the South Korea API market.
Market Drivers
One of the key drivers for the South Korea API market is the rising focus of domestic pharmaceutical companies on Active Pharmaceutical Ingredient (API) manufacturing. South Korea aims to reduce dependency on imports for key starting materials, intermediates, and APIs. This has encouraged local production of a variety of APIs. Additionally, the South Korean government provides favorable policies and incentives for API production to make the country a global API manufacturing hub. This is significantly boosting the South Korea API market.
The geopolitical tensions between South Korea and North Korea have impacted the growth of the South Korea Active Pharmaceutical Ingredients (API) market. Any hostilities or conflicts between the two nations creates uncertainties that hampers investments in the pharmaceutical sector. The API market is dependent on a stable political and economic environment to ensure uninterrupted supply of critical drug materials. However, the ongoing peace negotiations between the two Koreas and diplomatic outreach with other countries offers hope for reducing cross-border tensions. If long-term peace is established, it will boost confidence among pharma companies to invest more in API facility expansion and research & development activities. Collaborations with international players can also help South Korean API makers reduce geographic risks and hedge against any supply disruptions due to unexpected political rifts. The API industry needs to closely monitor the geopolitical climate and have business continuity plans to mitigate risks arising from volatility in international relations.
The South Korea API market in terms of value is currently concentrated in the Seoul metropolitan region owing to the presence of several major pharmaceutical companies and research facilities. The capital houses the headquarters of leading drug makers and most innovative medicine production occurs in laboratories located in and around Seoul. The high economic growth of Seoul has attracted global pharma giants to set up base in the city for partnerships with local players. The concentration of pharma expertise and infrastructure makes Seoul the natural hub for the South Korea API industry.
The Busan region in South Korea is emerging as the fastest growing market for APIs due to proactive efforts to promote the pharmaceutical sector. The local government is incentivizing API manufacturing plants to be established in Busan through subsidies and tax breaks. Research institutes are being set up in collaboration with leading universities to nurture pharmaceutical talent and encourage outsourcing of R&D activities. Busan has an advantage of proximity to ports that facilitates import-export of drug materials, making it an attractive investment destination. If policy support continues, Busan is well-positioned to significantly increase its share in the South Korean API industry over the next few 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?
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Author Bio:
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. (https://www.linkedin.com/in/money-singh-590844163)
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