South Korea antirheumatic drugs market was valued at US$663.833 million in 2019. The growth of the marketin this country is majorly attributed to the growing geriatric population on account of a good healthcare system across the country. According to data from the World Bank Group, the proportion of South Korean population aged 65 and above was 7.51% in 2001, and this number had risen to 14.42% in 2018. Since this age group is more prone to getting rheumatoid arthritis, and even if someone contracts disease at an early age, symptoms of rheumatoid arthritis start appearing usually during this age. Therefore, the rising geriatric population in South Korea will continue to drive with it the cases of rheumatoid arthritis, thus boosting the market growth of antirheumatic drugs in the country.
Furthermore, supportive government policies and measures in order to provide affordable healthcare services is also shaping the antirheumatic drugs market growth in South Korea. The availability of insurance coverage is further increasing the sales of medicines among people undergoing treatment for the disease, thus augmenting the market growth of antirheumatic drugs in the country. Fairly high cases of malaria in these Asian countries and the availability of both generic and over-the-counter (OTC) drugs for the treatment of the disease is also contributing to the market growth of anti-rheumatic drugs.
South Korea Antirheumatic Drugs market has been segmented based on the type of disease, type of molecule, and sales channel. By type of disease, the market has been segmented as osteoarthritis,rheumatoid arthritis, gout, lupus, and others. By type of molecule, South Korea Antirheumatic Drugs market has been classified into pharmaceuticals and biopharmaceuticals. The market segmentation has also been done by sales channel as prescription and over-the-counter (OTC).
Eli Lilly and Company
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