South Korea Cancer Immunotherapy Market Size & Outlook
South Korea cancer immunotherapy market, 2018-2030 (US$M)
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South Korea cancer immunotherapy market highlights
- The South Korea cancer immunotherapy market generated a revenue of USD 2,294.1 million in 2023 and is expected to reach USD 4,715.7 million by 2030.
- The South Korea market is expected to grow at a CAGR of 10.8% from 2024 to 2030.
- In terms of segment, monoclonal antibodies was the largest revenue generating product in 2023.
- Oncolytic Viral Therapies and Cancer Vaccines is the most lucrative product segment registering the fastest growth during the forecast period.
Cancer immunotherapy market data book summary
| Market revenue in 2023 | USD 2,294.1 million |
| Market revenue in 2030 | USD 4,715.7 million |
| Growth rate | 10.8% (CAGR from 2023 to 2030) |
| Largest segment | Monoclonal antibodies |
| Fastest growing segment | Oncolytic Viral Therapies and Cancer Vaccines |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Monoclonal Antibodies, Check Point Inhibitors, Oncolytic Viral Therapies and Cancer Vaccines |
| Key market players worldwide | Pfizer Inc, AstraZeneca PLC, Merck & Co Inc, Roche Holding AG, Bristol-Myers Squibb Co, Novartis AG ADR, Eli Lilly and Co, Johnson & Johnson, Immunocore Holdings PLC ADR |
Other key industry trends
- In terms of revenue, South Korea accounted for 1.8% of the global cancer immunotherapy market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, Japan cancer immunotherapy market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 9,004.2 million by 2030.
Monoclonal antibodies was the largest segment with a revenue share of 68.05% in 2023. Horizon Databook has segmented the South Korea cancer immunotherapy market based on monoclonal antibodies, check point inhibitors, oncolytic viral therapies and cancer vaccines covering the revenue growth of each sub-segment from 2018 to 2030.
South Korea is one of the pioneering members of the Organization for Economic Cooperation and Development (OECD) in the cancer treatment space. South Korea recorded the highest five-year survival rate for gastric and colorectal cancer in 2019.
Treatment costs for cancer crossed USD 8 billion in 2018, accounting for almost 12% of the country's total medical expenditure. The average per capita cancer treatment cost was USD 5,250. South Korea recorded the highest prevalence of thyroid, stomach, lung, colorectal, breast, prostate, and liver cancers in 2018.
The cancer immunotherapy market in South Korea is expected to be further driven by intense competition among major players. Although Bristol-Myers Squibb Company and Merck & Co., Inc. remain the leaders owing to Opdivo and Keytruda, respectively, some of the key players in the local market space are Boryung Pharmaceutical, Immune Oncia Therapeutics, and Dong-A ST.
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Cancer Immunotherapy Market Scope
Cancer Immunotherapy Market Companies
| Name | Profile | # Employees | HQ | Website |
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South Korea cancer immunotherapy market size, by product, 2018-2030 (US$M)
South Korea Cancer Immunotherapy Market Outlook Share, 2023 & 2030 (US$M)
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