South
Korea Precision Medicine Market
is anticipated to witness a steady growth with impressive CAGR in the forecast
period 2024-2028. This can be ascribed to the growing technological
advancements in the production of precision medicine and increasing cases of
cancer.
South
Korea has seen substantial growth in the rapidly evolving field of precision
medicine. Based on a patient's biological makeup, lifestyle, and environmental
circumstances, precision medicine seeks to customise medical treatments for
each individual patient.
Precision
medicine has experienced an unprecedented shift in South Korea due to
developments in genomes and omics technologies. A huge quantity of genomic data
can now be more easily analysed by researchers and healthcare professionals.
This has created the way for treatments that are specifically tailored to a
patient's genetic profile. The development of precision medicine in the country
is being fueled by the integration of genomes with additional omics data, such
as proteomics and metabolomics, which has improved the understanding of disease
and treatment response.
In addition, cancer biology is evolving as a result of
increased investment in research and development for high-quality precision
therapy. Around 15 clinical studies involving precision medicine were being
carried out in South Korea as of February 3rd, 2023.
Precision medicine’s
innovation and commercialization in South Korea have been greatly aided by
collaboration between companies and academics. New diagnostic, therapeutic, and
molecular profiling technologies like Next Genome Sequencing (NGS), Liquid
Biopsy, etc. have been made possible through partnerships between
pharmaceutical, biotechnology, and academic institutions. The translation of
scientific breakthroughs into real-world applications has been made possible by
these collaborations, which have also sped up clinical research and validation
research. The collaboration between academia and business provides a dynamic
environment for the development of precision medicine, driving commercial
expansion.
Precision medicine in South
Korea will shortly experience an unprecedented shift caused by the application
of artificial intelligence (AI) and machine learning algorithms. Large dataset
analyses, such as those involving genomes, proteomics, and medical imaging
data, may be improved by these technologies. Healthcare providers can find genetic
alterations by utilizing AI and machine learning that may not be immediately
apparent to human experts. This data-driven strategy may result in more precise
diagnoses, individualized treatment recommendations, and better patient
outcomes. A significant advance in South Korea's precision medicine industry
will be the integration of AI and machine learning algorithms in systems that
support clinical decisions.
In recent years, in South
Korea, telemedicine and remote patient monitoring have become more popular, and
their influence on precision medicine is expected to increase. With the use of
these technologies, healthcare professionals can remotely monitor patients,
gather health information, and deliver individualized interventions. Patients
can get healthcare services via telemedicine without having to make in-person
visits, including consultations and follow-ups. To monitor vital signs, the
progression of the disease, and the effectiveness of treatment, remote patient
monitoring utilizes wearable technology and sensors. Precision medicine will
benefit from the integration of telemedicine and remote patient monitoring.
This will increase the involvement of patients, increase access to healthcare,
and make it easier to collect real-time data for individualized treatment
decisions. The growth of South Korea precision medicine market, the market will
face some significant challenges. These challenges include high cost of
precision medicine, long production process and lack of skilled professionals
(Biotechnologists or Scientists), data integration and interoperability issues,
addressing privacy and ethical concerns, ensuring access to advanced
technologies, establishing supportive regulatory frameworks, and enhancing
physician awareness.
The integration and secure
access of diverse healthcare data will be one of the most significant
challenges for the South Korean industry for precision medicine. Data sharing
and analysis are complicated by the frequent use of incompatible data formats
and storage methods by various healthcare systems and organizations. The
seamless flow of data is hampered by the absence of standardized protocols and
interoperability, making it difficult to create the thorough patient profiles
required for customized treatments. Establishing data standards, creating
reliable platforms for data sharing, and ensuring secure and moral data
governance are all necessary to meet this issue.
Genomic technology is one of
the most important developments in South Korean precision medicine market. The
genomics sector in South Korea is resilient, with numerous companies developing
and offering innovative genetic testing services such as pharmacogenomics,
prenatal genetic testing, cancer genomic profiling, among others. This
comprises next-generation sequencing (NGS) and other cutting-edge approaches to
analyzing genetic data. These technologies allow medical professionals to
identify specific abnormalities in genes and biomarkers that can help patients
receive personalized therapy.
Advanced imaging methods like
positron emission tomography (PET) and magnetic resonance imaging (MRI) can
give accurate information regarding the structure and functioning of bodily
tissues and organs. These technologies can be used to identify and track a
variety of illnesses and ailments and can be particularly useful in directing
the use of precision medicine.
Additionally, South Korea is
researching new precision medicine-related technologies like nanotechnology and
gene editing. Advanced drug delivery systems and other medical technologies can
be created using nanotechnology, which comprises the manipulation of materials
at the nanoscale. On the other side, gene editing involves performing exact
changes to a patient's DNA, possibly enabling the correction of genetic
abnormalities that result in any disease.
Increasing Cases
of Chronic Diseases
There is a growing
need for targeted drugs and individualized treatment options owing to the
rising prevalence of chronic diseases like diabetes, cardiovascular disease,
and cancer. By finding accurate genetic mutations or biomarkers associated with
these disorders, precision medicine has the potential to improve patient
outcomes. Treatments are more effective and have fewer adverse reactions when
they can be customized according to patient features and illness subtypes.
Precision medicine is becoming a crucial part of illness management and
treatment techniques in South Korea as the burden of chronic diseases rises.
Precision
medicine is the subject of ongoing research and development, particularly in
relation to cancer therapy. Globocan reports that in 2020 there were 88597
cancer-related fatalities in South Korea and 230317 new instances of the
disease. By using precision medicine, medical professionals can provide patients
with tailored medications based on their unique genes, proteins, and other
bodily constituents. Therefore, the South Korea market for precision
medicine is expected to grow during the projected period of 2024–2028 due to an
increase in the prevalence of chronic diseases.
Increasing
R&D Activities Being a Significant Market Driver
The
growth of the precision medicine market in South Korea is being substantially
driven by the country's expanding research and development (R&D)
activities. To encourage understanding as well as implementation of precision
medicine principles, the government, academic institutions, and companies are
making significant R&D investments. Innovations in genomics, data
analytics, diagnostic technologies, and therapeutic treatments have been
developed as a result of this increased emphasis on R&D.
The
Seoul National University Hospital (SNUH) has made significant contributions to
the advancement of healthcare and medicine. The Asan Medical Center (AMC)
Cancer Institute in Seoul, South Korea's largest cancer treatment facility,
collaborates closely with foreign partners to strengthen the country's position
in precision cancer care. Approximately 8.8% of South Korea's GDP is dedicated
to healthcare spending. Hence, the growth of South Korea
Precision Medicine in the forecast period, 2024–2028, is being influenced by growing
research and development activities.
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Market
Segmentation
South Korea
Precision Medicine Market can be segmented by products & services, by technology,
by application, by end user and by region. Based on products & services,
the market can be divided into Precision Medicine Platforms, Precision Medicine
Tools, and Precision Medicine Services. Based on technology, the market is
divided into Big Data Analytics, Artificial Intelligence, Bioinformatics, Whole
Genome Sequencing, Companion Diagnostics, Next Generation Sequencing (NGS) and
Others. Based on application, the market is divided into Oncology, Cardiology,
Respiratory, Neurology, Immunology, and Others. Based on end user, the market
is divided into Pharmaceutical
and Biotechnology Companies, Healthcare IT, Diagnostic Companies, Clinical
Research Organization, and Research Institutes.
Market Players
IBM Korea Inc,
AstraZeneca Korea Co Ltd, Agilent
Technologies Korea Ltd., Novartis Korea Ltd, Thermo Fisher
Scientific Inc., QIAGEN N.V. are some of the leading players operating
in the South Korea Precision Medicine Market.
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Attribute
|
Details
|
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Base
Year
|
2022
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Historic
Data
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2018 – 2021
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|
Estimated
Year
|
2023
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Forecast
Period
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2024 – 2028
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Quantitative
Units
|
Revenue
in USD Million, and CAGR for 2018-2022 and 2023-2028
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|
Report
coverage
|
Revenue
forecast, volume forecast, company share, competitive landscape, growth
factors, and trends
|
|
Segments
covered
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By Products
& Services
By Technology
By Application
By End
User
By
Region
|
|
Regional
scope
|
North; South;
Central
|
|
Key
companies profiled
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IBM
Korea Inc, AstraZeneca Korea Co Ltd, Agilent Technologies Korea Ltd., Novartis
Korea Ltd, Thermo Fisher Scientific Inc., QIAGEN N.V.
|
|
Customization
scope
|
10% free
report customization with purchase. Addition or alteration to country,
regional & segment scope.
|
|
Pricing
and purchase options
|
Avail customized purchase options to meet your exact research
needs. Explore purchase options
|
|
Delivery
Format
|
PDF and Excel
through Email (We can also provide the editable version of the report in
PPT/Word format on special request)
|
Report Scope:
In this report, South Korea Precision Medicine Market has been segmented into following
categories, in addition to the industry trends which have also been detailed
below:
- South Korea Precision Medicine
Market, By Products & Services:
o
Precision Medicine
Platforms
o
Precision Medicine
Tools
o
Precision Medicine
Services
·
South Korea Precision Medicine Market, By Technology:
o
Big Data Analytics
o
Artificial Intelligence
o
Bioinformatics
o
Whole Genome
Sequencing
o
Companion
Diagnostics
o
Next Generation
Sequencing (NGS)
o
Others
·
South Korea Precision Medicine Market, By Application:
o
Oncology
o
Cardiology
o
Respiratory
o
Neurology
o
Immunology
o
Others
·
South Korea Precision Medicine Market, By End User:
o Pharmaceutical and Biotechnology
Companies
o Healthcare IT
o Diagnostic Companies
o Clinical Research Organization
o Research Institutes Diagnostic
Centers
Competitive Landscape
Company
Profiles: Detailed
analysis of the major companies present in South Korea Precision Medicine Market.
Available Customizations:
With the given market data, TechSci
Research offers customizations according to a company’s specific needs. The
following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to
five).
South Korea Precision Medicine Market is an upcoming report to be released
soon. If you wish an early delivery of this report or want to confirm the date
of release, please contact us at [email protected]