South Korea Drug Delivery Devices Market Insights Forecasts to 2032

• The Market Size is Growing at a CAGR of 8.2% from 2022 to 2032.
• The South Korea Drug Delivery Devices Market Size is Expected to hold a Significant Share by 2032.

The South Korea Drug Delivery Devices Market Size is Expected to Hold a Significant Share by 2032, at a CAGR of 8.2% during the forecast period 2022 to 2032.

Market Overview

Drug delivery devices are specialized tools designed to ensure the efficient transport of therapeutic agents to the desired locations within the body. Syringes, infusion pumps, inhalers, and transdermal patches are all part of it. They are made of biocompatible and medically approved materials such as plastics, metals, and silicones. A container for the drug, a shield or case, and a mechanism for controlled drug release are all components of drug delivery devices. They have a wide range of features, including programmable settings, portability, and ease of use. Diabetes management, cardiovascular treatments, respiratory therapies, oncology, neurological conditions, and hormonal replacement therapies are just a few of the applications for drug delivery devices. They help to improve patient compliance, therapeutic efficacy, side effects reduction, administration ease, and patient safety. Furthermore, drug delivery devices provide several benefits, including consistency, precision, dependability, adaptability, efficiency, cost-effectiveness, versatility, user-friendliness, and broader applicability in complex medical conditions.

Report Coverage

This research report categorizes the market for South Korea’s drug delivery devices market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea drug delivery devices market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South Korea drug delivery devices market.

Driving Factors

South Korea's advanced healthcare infrastructure, which is conducive to the adoption of high-end medical technologies such as drug delivery devices, is propelling market growth. Furthermore, the growing geriatric population is increasing the demand for chronic disease management, escalating the need for efficient drug delivery systems and fueling market growth. Furthermore, the rising prevalence of lifestyle-related diseases such as diabetes and cardiovascular disorders, which require the use of specialized drug delivery devices for effective management, is catalyzing market growth. Furthermore, South Korea's robust pharmaceutical industry, which provides an advantageous ecosystem for the synergistic development of medications and corresponding delivery devices, is positively impacting market growth. Furthermore, rising government funding and favorable regulations promoting medical research and the commercialization of advanced drug delivery systems are driving South Korean drug delivery devices market growth during the forecast period.

Restraining Factors

The pharmaceutical industry is highly regulated, and obtaining approval for new drug delivery systems can be a time-consuming and costly process. In the South Korea, regulatory agencies impose stringent safety and efficacy requirements, which can delay the introduction of new drug delivery technologies. Intellectual property rights must be protected in the pharmaceutical and drug delivery industries. Companies may encounter difficulties in patenting their innovations, as well as legal disputes with competitors over intellectual property rights.

Market Segment

• In 2022, the Injectable segment accounted for the largest revenue share over the forecast period.

Based on mode of administration, the South Korea drug delivery devices market is segmented into injectable, topical, ocular, and others. Among these, the injectable segment has the largest revenue share over the forecast period. Several factors, including the rising burden of chronic diseases, the benefits and convenience of self-injectors, and the growth of the biologics market, are driving rapid growth in the injectable segment. The rising prevalence of chronic diseases such as diabetes in South Korea, in particular, is driving the overall use of syringes and self-injectable devices.

• In 2022, the hospitals segment accounted for the largest revenue share over the forecast period.

Based on end users, the South Korea drug delivery devices market is segmented into hospitals, ambulatory surgical centers, and others. Among these, the hospitals segment has the largest revenue share over the forecast period. To treat the various illnesses that hospitalized patients present with, various medications and drug delivery methods are used.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea drug delivery devices market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Bayer
• Baxter International
• GlaxoSmithKline
• 3M Company
• Pfizer Inc.
• F. Hoffmann-La Roche AG
• Johnson & Johnson
• Merck & Co.
• Novartis AG
• QUADMEDICINE.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In March 2022, Futura Medical, which is developing transdermal DermaSys drug delivery technology, has entered into a licensing agreement with Menarini Korea, a subsidiary of Menarini Group, for the exclusive rights to commercialize the company's gel-based ED treatment MED3000 in South Korea.

• In November 2022, ORAMED Pharmaceuticals, an oral drug delivery platform developer, and Medicox Co., Ltd. signed an exclusive distribution contract for ORAMED's oral insulin in South Korea.

Market Segment

This study forecasts revenue at regional, and country levels from 2021 to 2032. Spherical Insights has segmented the South Korea drug delivery devices market based on the below-mentioned segments:

South Korea Drug Delivery Devices Market, By Mode of Administration

• Injectable
• Topical
• Ocular
• Others

South Korea Drug Delivery Devices Market, By End User

• Hospitals
• Ambulatory Surgical Centers
• Others