South Korea Drug Delivery Devices Market Size

South Korea Drug Delivery Devices Market Analysis

The South Korean market for drug delivery devices is expected to exhibit a CAGR of 7.8% over the forecast period. 

• The COVID-19 pandemic led to an increased focus by pharmaceutical companies and governments on providing effective medical therapy to COVID-19 patients, and drug delivery devices are expected to play a crucial role in this regard. Many companies were investing heavily in developing more efficient ways of delivering COVID-19 therapeutics to patients, which had a significant impact on the drug delivery market. 
• For instance, in August 2020, Mankind Pharma and Daewoong Pharmaceutical of South Korea collaborated to conduct clinical studies on the anti-parasitic medication niclosamide for Covid-19. Therefore, COVID-19 is expected to have a significant impact on the growth of the drug delivery market over the forecast period. Currently, the use of drug delivery devices for COVID-19 treatment has returned to pre-pandemic levels in South Korea, but the pandemic initially had a significant impact on the market. Nevertheless, the market is expected to experience steady growth over the forecast period.
• Drug delivery devices are specialized tools for delivering drugs or therapeutic agents via a specific route of administration. In South Korea, the demand for these devices has primarily increased due to the rising prevalence of chronic diseases, such as cardiovascular diseases and cancer. For example, according to an article titled "Prediction of Cancer Incidence and Mortality in Korea, 2022," published in PubMed Central, 274,488 new cancer cases are anticipated to occur in Korea in 2022, with thyroid cancer predicted to be the most common type of cancer, followed by lung, colon and rectum, breast, and stomach cancer. Therefore, various types of drug delivery devices play an important role in targeted drug therapy for chronic diseases, thereby boosting the growth of the market.
• Market players are focusing on developing new products and engaging in acquisitions and collaborations, which are expected to fuel market growth during the forecast period. For instance, in November 2021, Innovation Zed, a developer of novel diabetes management technologies, announced the arrival of the InsulCheck DOSE technology (pen Injectable), which is expected to be launched in 2022. However, the increase in the risk of infections and stringent regulatory guidelines for the approval of drug-delivery devices have been limiting the growth of this market.