Boston, MA -- (SBWIRE) -- 08/10/2012 -- GlobalData, the industry analysis specialist, has released its new report, "Healthcare, Regulatory and Reimbursement Landscape - South Korea". The report is an essential source of information and an analysis on the healthcare, regulatory and reimbursement landscape of South Korea. The report identifies the key trends in the healthcare market of South Korea. The report also provides insights on the demographic, regulatory, reimbursement landscape and healthcare infrastructure of South Korea. Most importantly, the report provides valuable insights on the trends and segmentation of pharmaceutical and medical devices market. This report is built using data and information sourced from proprietary databases, secondary research and in-house analysis by GlobalData's team of industry experts.
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The population of South Korea has been increasing with a CAGR of 0.4% from 2005-2010. As in most developed countries, South Korea also has increasing elderly population. Approximately 16% of the total population was above the age of 65 years in 2010. Due to the increasing elderly population the pharmaceutical market is expected to grow but it has been hindering the growth of the economy. It has one of the world's highest population densities.
The pharmaceutical market grew at Compound Annual Growth Rate (CAGR) of 7% from 2005 to 2010. The market is estimated to reach $28.1 billion in 2020. This reflects significant opportunities for foreign investors and their Research and Development (R&D) partners. The market for medical devices in Korea is one of the largest markets in Asia due to the increasing elderly population and subsequent increase in the demand for healthcare products and services. The medical device market in South Korea was valued at approximately $3 billion in 2005. It grew at a CAGR of 2.8% from 2005 to 2010. The market is predicted to reach $5.7 billion by 2020.
The positive trend in the healthcare market of South Korea can be attributed primarily to -
- Increasing elderly population
- Universal healthcare insurance
- High degree of access to healthcare facilities
The report provides information on the healthcare, regulatory and reimbursement landscape of South Korea. The scope includes -
- Overview of the pharmaceutical and medical devices market of South Korea including the market size, market segmentation, key drivers and barriers for the market.
- Profile and SWOT analysis of the major players in the pharmaceutical and medical devices market.
- Insightful review on the reimbursement and regulatory landscape. Analysis includes details of the healthcare reimbursement process, regulatory agencies and approval processes for new drugs and medical devices for South Korea.
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