South Korea Precision Medicine Market Size, Share, and COVID-19 Impact Analysis, By Technology (Biomarker-Based Test, Companion Diagnostics, Targeted Therapeutics, Pharmacogenomics (PGX), Molecular Diagnostics), By End Users (Pharmaceuticals and Biotechnology Companies, Diagnostic Companies, Healthcare IT Specialists/Big Data Companies, Clinical Laboratories), and South Korea Precision Medicine Market Insights Forecasts to 2033

Industry: Healthcare

RELEASE DATE Jan 2024
REPORT ID SI3503
PAGES 200
REPORT FORMAT PathSoft

South Korea Precision Medicine Market Size Insights Forecasts to 2033

  • The Market Size is Growing at a CAGR of 8.1% From 2023 to 2033.
  • The South Korea Precision Medicine Market Size is Expected to Hold a Significant Share by 2033.

South Korea Precision Medicine Market

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The South Korea Precision Medicine Market Size is Expected to Hold a Significant Share by 2033, at a CAGR of 8.1% during the Forecast Period 2023 to 2033.

 

Market Overview

Precision medicine, also known as personalized medicine or individualized medicine, is an approach to disease prevention and treatment that takes into account each individual's variability in genes, environment, and lifestyle. System biology is used to determine the cause of an individual patient's illness at the molecular level. It utilizes on cutting-edge clinical and basic research technologies to create therapeutics that selectively target panomic analysis and eliminate cancer cells. It enables doctors and researchers to better predict which treatment and prevention strategies should be used for a given disease or condition. The molecular cause of a patient's illness is determined using phenomics and system biology. It has several advantages, including lower treatment costs, effective treatment tailored to a patient's specific disease category, and assistance in reducing medication administration frequency. Furthermore, doctors can choose therapies that increase patients' chances of surviving cancer while lowering their likelihood of having negative side effects. As a result, such medical advancements have increased the CAGR of the precision medicine market in South Korea.

 

Report Coverage

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

South Korea Precision Medicine Market Report Coverage

Report CoverageDetails
Base Year:2023
Forecast Period:2023-2033
Forecast Period 2023-2033 CAGR:8.1%
Historical Data for:2019-2022
No. of Pages:200
Tables, Charts & Figures:120
Segments covered:By Technology, By End Users, and COVID-19 Impact Analysis
Companies Covered: IBM Korea Inc, AstraZeneca Korea Co Ltd, Agilent Technologies Korea Ltd., Novartis Korea Ltd, Thermo Fisher Scientific Inc., QIAGEN N.V., Others, and
Pitfalls & Challenges:COVID-19 Empact,Challenges, Future, Growth, & Analysis

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Driving Factors

Chronic diseases such as diabetes, cardiovascular disease, and cancer are becoming more common, there is an increasing demand for targeted drugs and individualized treatment options. Precision medicine can improve patient outcomes by identifying accurate genetic mutations or biomarkers associated with these disorders. Treatments are more effective and have fewer side effects when they can be tailored to individual patient characteristics and illness subtypes. Precision medicine is becoming an increasingly important part of illness management and treatment techniques in South Korea, as the prevalence of chronic diseases rises. The South Korean precision medicine market is growing significantly due to the country's expanding research and development (R&D) activities. To promote understanding and implementation of precision medicine principles, the government, academic institutions, and businesses are making significant R&D investments. The increased emphasis on R&D has resulted in innovations in genomics, data analytics, diagnostic technologies, and therapeutic treatments.

 

Restraining Factors

The high cost of precision medicine samples and other diagnostic equipment limits market growth. Precision medicines are currently more expensive to research and develop than traditional medicines because they require companion diagnostics and genetic testing. As a result, these factors hamper market growth in South Korea.

 

Market Segment

  • In 2023, the companion diagnostics segment accounted for the largest revenue share over the forecast period.

Based on the technology, the South Korea precision medicine market is segmented into biomarker-based test, companion diagnostics, targeted therapeutics, pharmacogenomics (PGX), and molecular diagnostics. Among these, the companion diagnostics segment has the largest revenue share over the forecast period. This is attributed to the discovery of new biomarkers for a variety of diseases, as well as an increase in targeted therapy research and development. However, the biomarker-based test is the fastest-growing category over the forecast period, owing to rising demand for biomarkers in diagnosis and increased awareness of biomarkers among researchers, which is positively impacting market growth.

 

  • In 2023, the pharmaceuticals & biotechnology segment accounted for the largest revenue share over the forecast period.

Based on the end users, the South Korea precision medicine market is segmented into pharmaceuticals & biotechnology companies, diagnostic companies, healthcare IT specialists/big data companies, and clinical laboratories. Among these, the pharmaceuticals & biotechnology segment has the largest revenue share over the forecast period. Precision medicine transforms the pharmaceutical value chain with early development and go-to-market strategies. Personalized medicine is highly individualized, and it represents a new method for pharmaceutical companies to create and develop pharmaceuticals in response to the demand from government agencies, regulators, and payers for real-world evidence' of a drug's efficacy and value for those stakeholders. Diagnostic companies, on the other hand, are the fastest-growing category over the forecast period, owing to the increasing number of diagnostic centers in South Korea.

 

Competitive Analysis:

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

  • IBM Korea Inc
  • AstraZeneca Korea Co Ltd
  • Agilent Technologies Korea Ltd.
  • Novartis Korea Ltd
  • Thermo Fisher Scientific Inc.
  • QIAGEN N.V.
  • Others

 

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 country revenue from 2022 to 2033. Spherical Insights has segmented the South Korea precision medicine market based on the below-mentioned segments:

 

South Korea Precision Medicine Market, By Technology

  • Biomarker-Based Test
  • Companion Diagnostics
  • Targeted Therapeutics
  • Pharmacogenomics (PGX)
  • Molecular Diagnostics

 

South Korea Precision Medicine Market, By End Users

  • Pharmaceuticals and Biotechnology Companies
  • Diagnostic Companies
  • Healthcare IT Specialists/Big Data Companies
  • Clinical Laboratories

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