Report Overview

The South Korean Government’s support to promote development and adoption of medical devices and rising healthcare expenditures are expected to boost the growth of South Korea Drug Delivery Devices Market during the forecast period between 2024 and 2030.

South Korea Drug Delivery Devices Market - Industry Trends & Forecast Report, 2030

South Korea Drug Delivery Devices Market size was estimated to be worth USD 0.46 billion in 2023. During the forecast period between 2024 and 2030, South Korea Drug Delivery Devices Market size is projected to grow at a CAGR of 6.50%, reaching a value of USD 0.70 billion by 2030. Major growth factors for South Korea Drug Delivery Devices Market include the growing geriatric population and a growing prevalence of chronic diseases, along with an increased focus on patient comfort and convenience. As a result, companies are significantly investing in pharmaceutical R&D to develop effective and advanced drug delivery devices, which is anticipated to drive South Korea Drug Delivery Devices Market.

Drug Delivery Devices – Overview

Drug delivery devices are specialized medical devices and equipment that are used for dispatching drugs into human bodies. These devices are made for dispatching special drugs at the desired level to the target area through a special route of administration. This leads to more accurate, easier, and less frequent dosing and decreases side effects and drug toxicity. Microneedle arrays are one of the best examples of drug delivery devices that deliver medicines through the skin. In these arrays, dozens of microscopic needles that are far thinner than a strand of hair are present. They are fabricated to contain medicine and are so small that although they penetrate the skin, they don’t reach the nerves of the skin.

South Korea Drug Delivery Devices Market

Growth Drivers

Technological Advancements in Drug Delivery Devices

Drug delivery devices are undergoing significant technological advancements to improve their efficacy in drug delivery and improve patient convenience. According to a paper published on SCIRP, recent drug delivery devices contain technologies such as lipidic, proteic, and polymeric technologies. These technologies provide improved body distribution of drugs as well as protect drugs from adverse external environments. Advanced drug delivery systems allow patients to obtain a personalized or exact quantity of dosage necessary, quick, and efficient medication administration, and decrease adverse effects of pharmaceuticals. Such developments are anticipated to provide lucrative growth opportunities to South Korea Drug Delivery Devices Market over the forecast period.

Challenges

Injuries associated with Self-administration of Drug Delivery Devices

Drug delivery devices are gaining significant popularity in homecare settings, particularly post COVID-19 pandemic in the country. However, the high risk of injuries caused by self-administration of certain drug delivery devices, such as injectables or nasals, may act as a major restraining factor for their market growth in South Korea. Injuries caused by needlestick may contaminate and lead to infection in patients. In hospital settings, needlestick injuries cause serious threats to both patients as well as healthcare professionals and can result in ailments, such as HIV, hepatitis B (HBV), and hepatitis C (HCV).

Impact of Escalating Geopolitical Tensions on South Korea Drug Delivery Devices Market

Intensifying and further spreading of geopolitical tensions among countries across the major regions could adversely affect the growth of South Korea Drug Delivery Devices Market. Geopolitical conflicts and tensions lead to supply chain disruption in the Drug Delivery Devices Market of South Korea, leading to a shortage of raw materials and components and causing a surge in prices. The market is significantly dependent on imports of major components and products. However, trade restrictions, such as sanctions, may prompt both domestic and international pharmaceutical companies to align their operations with new compliance requirements, which may lead to slower speed in the cost of launching new products in the market.

South Korea Drug Delivery Devices Market

Segmental Coverage

South Korea Drug Delivery Devices Market – By Product Type

Based on product type, South Korea Drug Delivery Devices Market is segmented into oral, inhalation, transdermal, injectable, ocular, nasal, topical, and others. The oral route segment holds the largest share of South Korea Drug Delivery Devices Market by product type. The availability of a wide range of products for the oral route, such as capsules, syrups, tablets, and solutions, propels its market growth. Oral drug delivery is the most preferred method owing to its convenience, cost, and stability. The injectable segment also covers a substantial market share. The growth of this segment is mainly attributed to advancements, such as the launch of prefilled syringes.

South Korea Drug Delivery Devices Market – By Application

On the basis of application, South Korea Drug Delivery Devices Market is segmented into oncology, infectious diseases, respiratory diseases, diabetes, cardiovascular diseases (CVDs), autoimmune diseases, central nervous system (CNS) disorders, and others. The oncology segment accounts for the highest market share owing to the concerning surge in its prevalence in South Korea. According to Statistics Korea, cancer is the leading cause of death in South Korea, causing 162.7 deaths per 100,000 people in 2022. Following cancer, cardiovascular also covers a substantial market share, causing 65.8 deaths per 100,000 people in 2022. As a result, the demand for treatment for these diseases is high, contributing to the growing demand for drug-delivery devices.

South Korea Drug Delivery Devices Market – By End User

By end user, South Korea Drug Delivery Devices Market is segmented into hospitals, diagnostic centers, ambulatory surgery centers/clinics, and home care settings. The hospital segment dominates South Korea Drug Delivery Devices Market by end user. The growing prevalence of various chronic diseases, including cancer, cardiovascular diseases, diabetes, and others, and the increasing rate of inpatient treatment are propelling the demand for drug delivery devices in hospitals. The growing number of patients visiting hospitals for outpatient treatment also fuels Market growth. However, home care settings are projected to register a high growth rate during the forecast period.

Competitive Landscape

Major companies in South Korea Drug Delivery Devices Market include Bayer, Baxter International, GlaxoSmithKline, 3M Company, Pfizer Inc., F. Hoffmann-La Roche AG, Johnson & Johnson, Merck & Co., Novartis AG, and Quad Medicine. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In January 2024 – Researchers from Sahmyook University of South Korea developed a light-responsive nanofiber-based novel drug delivery system (DDS) targeting skin cancer.

Scope of the Report

By Product Type

• Oral

• Inhalation

• Transdermal

• Injectable

• Ocular

• Nasal

• Topical

• Others

By Application

• Oncology

• Infectious Diseases

• Respiratory Diseases

• Diabetes

• Cardiovascular Diseases (CVDs)

• Autoimmune Diseases

• Central Nervous System (CNS) Disorders

• Others

By End User

• Hospitals

• Diagnostic Centers

• Ambulatory Surgery Centers/Clinics

• Home Care Settings

• Others