The South Korea autoinjectors market size witnessed significant growth and is expected to grow at a CAGR of around 20.5% during the forecast period (2023-2030).
An autoinjector is a medical tool used to administer a specified amount of medication, usually by injection. It usually consists of a pre-filled syringe, a needle, and a spring-loaded mechanism that administers the drug fast and easily with the push of a button. It is made to be simple to use by the patient or caregiver. Autoinjectors are frequently used to treat Allergies, rheumatoid arthritis, and multiple sclerosis. They can help lower the risk of unintentional needle stick injuries and are frequently utilized in emergency settings where quick medicine administration is required.
A large portion of South Korea's population is getting older, which has raised the prevalence of chronic illnesses like rheumatoid arthritis. Disease-modifying antirheumatic medications (DMARDs) are frequently injected into rheumatoid arthritis patients daily to treat their illness. Autoinjectors provide a practical and simple way for patients to self-administer these injections at home, allowing them to continue their treatment without frequent trips to medical institutions. Easy and simple medication administration enhances patient compliance and treatment outcomes overall. Because of this, autoinjectors offer a practical solution for administering insulin, enabling patients to do so comfortably, even in public places. Autoinjectors allow individuals to conveniently deliver their insulin dosages without needing elaborate preparation or assistance from healthcare experts due to their small size, straightforward operation, and discrete design.
The rising preference for alternate drug delivery methods, such as oral pharmaceuticals or wearable gadgets, may constrain the market expansion of autoinjectors in South Korea. Due to convenience, patient preference, and the availability of alternative treatment options, patients and healthcare practitioners may choose to use these alternative approaches. The creation and use of innovative oral drugs to treat chronic illnesses have become increasingly popular in South Korea. For instance, oral disease-modifying antirheumatic medicines (DMARDs) offer a viable option for injections in treating rheumatoid arthritis. With less need for repeated injections and less reliance on autoinjectors, these oral drugs provide convenience and ease of administration. Some patient demographics' preference for oral drugs may restrain the market expansion of autoinjectors.
Biologic therapy is used more frequently in South Korea to treat rheumatoid arthritis, inflammatory bowel disease, and psoriasis. These biologics must be delivered precisely, and patients frequently self-administer them using autoinjectors. For instance, autoinjectors can be used by rheumatoid arthritis patients to deliver drugs like adalimumab or etanercept at home conveniently and more effectively. According to the Korea Biomedical Review, the South Korean biosimilar market has expanded significantly. The South Korean biosimilar market grew by 22.4% annually from 2019 to 2020, reaching KRW 3.15 trillion (about USD 2.8 billion). Increased usage of autoinjectors as the preferred method of administration, cost-effectiveness, and increased patient access to biologic medicines are some factors driving demand for biosimilars. Using autoinjectors with the rising demand for biologics and biosimilars creates a sizable opportunity for the South Korea autoinjector industry.
The South Korea autoinjectors market is segmented based on therapy, type, end-user, and country.
The market is further segmented by therapy into Anaphylaxis, Rheumatoid Arthritis, Psoriasis, migraines, Cardiovascular-diseases, and others.
The Anaphylaxis segment dominates the market and is expected to grow at a CAGR of 20.8% during the forecast period.
The market is further segmented by type into Disposable, Reusable.
Disposable dominated the market and is expected to register a CAGR of 21.2% over the forecast period.
The market is further segmented by end-user into Hospitals and clinics, home care, and others.
The home care segment dominates the market and is expected to grow at a CAGR of 21.2% during the forecast period.
The South Korean autoinjector revenue has expanded significantly in recent years. Self-administration of pharmaceuticals has become more important as the prevalence of chronic diseases like rheumatoid arthritis, diabetes, and multiple sclerosis has increased in South Korea. Patients can easily and effectively give their prescribed medicines with the help of autoinjectors. According to the International Diabetes Federation, 4.8 million adults in South Korea had diabetes in 2019. This is around 9.6% of the adult population. The Korean Ministry of Food and Drug Safety has also authorized using many biosimilars nationwide, including those used to treat cancer, inflammatory bowel disease, and rheumatoid arthritis. The Korean Society for Quality in Healthcare has been advancing patient-centered care models, encouraging patient participation in treatment regimens, and supporting instruments like autoinjectors to facilitate self-administration.
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
"Find new revenue generation opportunities"