South Korea Generic Pharmaceuticals Market Size, Share, and COVID-19 Impact Analysis, By Type (Simple Generics, Specialty Generics, and Biosimilars), By Application (Central Nervous System Disorders, Respiratory Diseases, Hormones Related Diseases, Gastrointestinal Diseases, Cardiovascular Diseases, Infectious Diseases, Cancer, Diabetes, and Others), and South Korea Generic Pharmaceuticals Market Insights, Industry Trend, Forecasts to 2035

South Korea Generic Pharmaceuticals Market Size Insights Forecasts to 2035

• The South Korea Generic Pharmaceuticals Market Size was estimated at USD 10.67 Billion in 2024
• The Market Size is Expected to Grow at a CAGR of around 8.73% from 2025 to 2035
• The South Korea Generic Pharmaceuticals Market Size is Expected to Reach USD 26.8 Billion by 2035

According to a Research Report Published by Spherical Insights & Consulting, the South Korea Generic Pharmaceuticals Market Size is anticipated to reach USD 26.8 billion by 2035, growing at a CAGR of 8.73% from 2025 to 2035. The growing need for reasonably priced healthcare, particularly for chronic conditions like diabetes and cardiovascular diseases, is driving growth in the generic pharmaceuticals market in South Korea. Nationwide, market expansion and drug accessibility are being improved by government cost-containment measures, patent expirations, and regulatory support for quicker generic approvals.

Market Overview

The South Korea generic pharmaceuticals market refers to the industry that develops, produces, and distributes off-patent drugs that are bioequivalent to branded ones in terms of safety, efficacy, dosage, and intended use is known as the generic pharmaceuticals market in South Korea. Additionally, given that South Korea is still encouraging biotech research, this trend offers regional pharmaceutical companies the chance to expand their product lines and compete internationally. Furthermore, the healthcare system's digital revolution is enhancing generic pharmaceutical distribution and accessibility, which makes it easier for patients to receive necessary treatments. Additionally, patients and healthcare professionals are becoming more conscious of the safety and effectiveness of generic medications. Advertising in the public and private sectors in South Korea places a strong emphasis on overall quality, which increases consumer confidence. Moreover, to reduce healthcare costs, the South Korean government actively encourages the use of generic medications. This initiative shows the nation's commitment to healthcare reform and aligns with government initiatives to improve access to essential medications.

Report Coverage

This research report categorizes the market for the South Korea generic pharmaceuticals market based on various segments and regions and forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea generic pharmaceuticals 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 generic pharmaceuticals market.

Driving Factors

One of the main factors propelling the South Korean generic pharmaceuticals market is the rising incidence of chronic illnesses like diabetes, high blood pressure, and cardiovascular conditions. A report from the Korea centers for disease control and prevention states that more than 25% of South Koreans suffer from chronic illnesses, and that number is expected to increase as a result of changing lifestyles and an aging population. Additionally, generics can offer the reasonably priced medication options that this expanding patient base requires. In South Korea, a startling 50% of drugs prescribed to treat chronic conditions are now generics, underscoring their crucial function in healthcare administration. The need for generics as an affordable option will fuel further growth as the population ages and the prevalence of chronic illnesses rises.

Restraining Factors

The price restrictions, a lack of physician incentives, a delayed generic entry, low brand substitution rates, and patient ignorance are some of the main restraining factors that, taken together, make it difficult to offer competitive pricing, lower uptake, and slow the growth of the generic pharmaceuticals market in South Korea.

Market Segmentation

The South Korea generic pharmaceuticals market share is classified into type and application.

• The simple generics segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The South Korea generic pharmaceuticals market is segmented by type into simple generics, specialty generics, and biosimilars. Among these, the simple generics segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period. Simple Generics have essentially taken over the market by offering affordable substitutes for name-brand drugs, greatly increasing the population's access to drugs. Their extensive therapeutic range, which targets common illnesses and chronic conditions, helps them maintain their market leadership.

• The cardiovascular diseases segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The South Korea generic pharmaceuticals market is segmented by application into central nervous system disorders, respiratory diseases, hormones related diseases, gastrointestinal diseases, cardiovascular diseases, infectious diseases, cancer, diabetes, and others. Among these, the cardiovascular diseases segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period. In South Korea, cardiovascular diseases represent a significant health concern, driving the need for patient-centered generic medications.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea generic pharmaceuticals 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

• Hanmi Pharmaceutical
• Chong Kun Dang Pharmaceutical
• Dong-A ST Co., Ltd.
• Ildong Pharmaceutical Co., Ltd.
• REYON Pharmaceutical Co., Ltd.
• Others

Recent Developments:

• In June 2024, A recent government research study revealed that the prices of generic drugs in South Korea were up to 10 times higher than in major overseas countries, raising concerns over the financial stability of the national health insurance system. The Ministry of Health and Welfare published a report titled “Improvement Plan for the Generic Drug Pricing System,” which compared the pharmacy retail prices (PTC) of drugs in five therapeutic categories—gastrointestinal, diabetes, hypertension, hyperlipidemia, and antibiotics—between South Korea and the “A8” countries (United States, United Kingdom, Germany, France, Japan, Italy, Canada, Switzerland).

Key Target Audience

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

Market Segment

This study forecasts revenue at South Korea, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the South Korea Generic Pharmaceuticals Market based on the below-mentioned segments:

South Korea Generic Pharmaceuticals Market, By Type

• Simple Generics
• Specialty Generics
• Biosimilars

South Korea Generic Pharmaceuticals Market, By Application

• Central Nervous System Disorders
• Respiratory Diseases
• Hormones Related Diseases
• Gastrointestinal Diseases
• Cardiovascular Diseases
• Infectious Diseases
• Cancer
• Diabetes
• Others