South Korea Pharmaceutical Market Size, Share, and COVID-19 Impact Analysis, By Therapeutic Category (Anti-Infectives, Cardiovascular, Gastrointestinal, Anti Diabetic, Respiratory, and Other Therapeutic Categories), By Drug Type (Prescription Drugs (Branded Drugs and Generic Drugs) and Over-The-Counter Drugs), and South Korea Pharmaceutical Market Insights, Industry Trend, Forecasts to 2035

South Korea Pharmaceutical Market Insights Forecasts to 2035

• The South Korea Pharmaceutical Market Size Was Estimated at USD 22.10 Billion in 2024
• The Market Size is Expected to Grow at a CAGR of around 2.88% from 2025 to 2035
• The South Korea Pharmaceutical Market Size is Expected to Reach USD 30.20 Billion by 2035

According to a research report published by Spherical Insights & Consulting, the South Korea Pharmaceutical Market is anticipated to reach USD 30.20 billion by 2035, growing at a CAGR of 2.88% from 2025 to 2035.  the increasing prevalence of chronic diseases, including cardiovascular diseases and diabetes, the rise in the geriatric population, and the growing research and development activities and outlays in the nation are likely to fuel the growth of the market.

Market Overview

The South Korean pharmaceutical industry involves the manufacture, development, and distribution of drugs in South Korea. It covers an assortment of drug varieties including prescription drugs, over-the-counter (OTC) medications, biologics, and biosimilars. It is noted for a strong domestic market, high export volumes, and increasing focus on research and development (R&D) and innovation. Additionally, the South Korean government has taken steps to promote the pharmaceutical sector by introducing policies such as the release of the 'Third Five-year Comprehensive Plan for Development and Support for the Bio-Pharmaceutical Industry.' It plans to make Korea a top six pharmaceutical leader by 2027 and concentrate on new drug development, pharmaceutical export growth, and employment generation.

Report Coverage

This research report categorizes the market for the South Korea pharmaceutical 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 pharmaceutical 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 pharmaceutical market.

Driving Factors

South Korea has evolved from being a generic drug producer to a global biopharmaceutical leader, with areas of research and development being cell and gene therapies, antibody-drug conjugates (ADCs), mRNA-based therapy, and CAR-T therapies. The focus on early-stage R&D by the country has set it up as an innovative drug development hub. Moreover, the growing government efforts to introduce awareness programs to inform consumers about cancer and other chronic ailments help drive the market growth.

Restraining Factors

South Korea utilizes a Maximum Allowable Price (MAP) system for reimbursed medicines, frequently set using external reference pricing. It has been argued that this system results in the new medicines being priced below other OECD nations, which might discourage investment in innovative treatments.

Market Segmentation

The South Korea pharmaceutical market share is classified into therapeutic category and drug type.

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

The South Korea pharmaceutical market is segmented by therapeutic category into anti-infectives, cardiovascular, gastrointestinal, anti-diabetic, respiratory, and other therapeutic categories. Among these, the respiratory segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period. the growing incidence of respiratory illnesses like asthma, chronic obstructive respiratory diseases, etc. The growing child and old population is vulnerable to contracting respiratory illnesses due to poor immunity.

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

The South Korea pharmaceutical market is segmented by drug type into prescription drugs (branded drugs and generic drugs) and over-the-counter drugs. Among these the prescription drugs segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period. The nation as a result of the high prevalence of chronic illness that is predominantly addressed by prescription drugs, increasing demand, and prescription drug adoption by population and expanding product launches within the nation.

Competitive Analysis:

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

• AbbVie Inc.
• AstraZeneca PLC
• Bayer AG
• SAMSUNG PHARM. Co. LTD
• GlaxoSmithKline PLC
• F. Hoffmann-La Roche AG
• Bristol Myers Squibb Company
• Eli Lilly and Company
• Merck & Co. Inc.
• Sanofi SA
• Others

 Recent Developments:

• In October 2022, the Korean Ministry of Food and Drug Safety also approved the concurrent use of platinum-based chemotherapy and Opdivo as neoadjuvant treatment prior to surgery in non-small cell lung cancer patients with resectable tumors (tumor size larger than four centimeters or benign lymph nodes).

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 pharmaceutical market based on the below-mentioned segments:

South Korea Pharmaceutical market, By Therapeutic Category

• Anti-Infectives
• Cardiovascular
• Gastrointestinal
• Anti Diabetic
• Respiratory
• Other Therapeutic Categories

South Korea Pharmaceutical market, By Drug Type

• Prescription Drugs
  • Branded Drugs
  • Generic Drugs
• Over-The-Counter Drugs