South Korea pain management drugs market is anticipated to grow at a CAGR of 4.38% from 2025 to 2030.
The significant GDP growth in South Korea country will continue to increase healthcare spending significantly which, coupled with low out-of-pocket spending on healthcare, has created a favorable atmosphere for the growth of the pharmaceutical industry. More than half of the total healthcare spending in this country is covered by the national government and state governments, thus improving the affordability of various healthcare services among individuals.
National Healthcare Insurance (NHI) covers nearly half of the entire healthcare expenditures in this country. The National Health Insurance Program (NHIP), which covers nearly all non-elective procedures, covers around 96% of the overall population in South Korea. The poor population in the country is covered under the Medical Aid program which is similar to Medicaid in the United States. Improving the affordability of various healthcare services, on account of these programs, is increasing the number of patients undergoing treatments for various diseases, thus driving the pain management drugs market growth.
Furthermore, the old-age population in the country is witnessing a constant progression, for instance, according to the World Bank, in 2023, the strength of the population aged 65 years and above stood at 3,177,739 which showcased a 4.1% growth over the population recorded in 2022. Likewise, the growth of over-the-counter medicine sales in South Korea is also showcasing an upward trajectory which has also provided new growth prospects for pain management drugs sales in the country.
Moreover, the scale of surgical procedures in South Korea has experienced a steady climb over the years fuelled by the growing chronic disease prevalences such as cancer followed by increased cosmetic procedures which is also acting as one of the key driving factors for pain management drugs. As per the Global Cancer Observatory, in 2022, the number of new cancer cases in South Korea stood at 237,701 whereas the number of deaths reached 97,615. As per the same source, stomach, lung, and thyroid cancer cases were most commonly reported in the country.
South Korea Pain Management Drug Market Segmentation