The South Korea active pharmaceutical ingredients market involves the production of active pharmaceutical ingredients and their intermediates, which are then sold to pharmaceutical manufacturers. Active pharmaceutical ingredients are the biologically active component of drugs intended to produce the intended effects. Some key active pharmaceutical ingredients produced in South Korea include small molecule APIs, peptides & proteins APIs, vaccines APIs, and antibody drug conjugates. The demand for high-quality, cost-effective active pharmaceutical ingredients has been increasing across various therapeutic areas such as oncology, cardiovascular, central nervous system, and infectious diseases. Furthermore, South Korea has emerged as a key producer of biologics drugs globally.
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 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 players are focusing on expanding their production capacity to cater to the growing demand for active pharmaceutical ingredients.
The demand for active pharmaceutical ingredients is growing rapidly primarily due to the increasing prevalence of chronic diseases and growing geriatric population globally. Growing reliance on generics and biologics is further contributing to the growth of the active pharmaceutical ingredients market.
The South Korea active pharmaceutical ingredients market is expanding globally with exports of active pharmaceutical ingredients and their intermediates growing at a considerable rate. South Korea has emerged as one of the leading exporters of active pharmaceutical ingredients across regions such as North America, Europe, and Asia Pacific.
Market Drivers
One of the key drivers of the South Korea active pharmaceutical ingredients market is the growing biologics drug production in the country. South Korea is emerging as a major producer and exporter of biologics drugs such as monoclonal antibodies, therapeutic proteins, and vaccines globally. This is increasing the demand for active pharmaceutical ingredients used in biologics drugs. Furthermore, growing investment by major pharmaceutical companies in biologics drug production facilities in South Korea is expected to drive the demand for active pharmaceutical ingredients over the forecast period.
Geopolitical Situation And South Korea Active Pharmaceutical Ingredients Market Growth
The South Korea Active Pharmaceutical Ingredients market is facing uncertainties due to the ongoing geopolitical tensions and trade disputes between some of the major economies. Any escalation in conflicts could negatively impact raw material supply chains and exports from South Korea. However, the growing political instability is also prompting domestic manufacturers to strengthen local production capabilities and reduce dependence on imports. South Korea government is providing incentives for developing indigenous API manufacturing infrastructure to ensure long term supply security. Local companies are investing in R&D andprocess optimization to offer price competitive alternatives to imports in the future.
Geographical Concentration Of South Korea Active Pharmaceutical Ingredients Market
Over 50% of the Active Pharmaceutical Ingredients market in South Korea in terms of value is concentrated in the Seoul Capital Region. The region is a major hub for pharmaceutical companies as well as API manufacturing facilities. Proximity to research facilities, availability of skilled workforce and focus of major players have ensured dominance of Seoul Capital Region. However, other regions like Busan, Daegu and Incheon are also emerging as important manufacturing centers, driven by supportive industry policies and infrastructure development programs of regional governments.
Fastest Growing Region For South Korea Active Pharmaceutical Ingredients Market
The Busan region is projected to be the fastest growing region for South Korea's Active Pharmaceutical Ingredients market over the forecast period. Initiatives to develop Busan as a biotech hub coupled with investment incentives are attracting API manufacturers. Lower manufacturing and operating costs compared to Seoul are prompting expansion of existing facilities as well as new units in Busan. Proactive participation of regional authorities to resolve logistic and land issues is further strengthening growth. Rising foreign investments and local collaborations indicate strong growth potential of Busan region in the coming years.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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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
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