South Korea: The next global player?
In this paper, we will explore some of the key trends and outlooks for South Korea in more detail, including what lies behind its presence at the extremes of two conflicting global health indicators: longest life expectancy and highest suicide rates.
Over the past two decades South Korea has experienced rapid economic growth. Low unemployment, rising incomes and increased health insurance coverage have all contributed to the development of a robust healthcare sector and catalysed pharmaceutical sales. South Korea is currently the 13th largest pharmaceutical market in the world and the third largest in Asia, with predicted compound annual growth rate (CAGR) of 2.4%. increasing from US$18.6 billion in 2016 to US$20.4 billion by 2020.
Some emerging market analysts have suggested a "K" should be added to BRIC, underlining the importance of the South Korean economy. As a market research agency we're increasingly seeing South Korea included as part of larger global research studies, not just regional Asia-Pacific or emerging market ones. There is ongoing debate whether ot not South Korea can still even be considered 'emerging' as it;s very much a growing plater in the pharmaceutical industry in its own right.
Download this complimentary Free Thinking white paper which looks at:
- Key trends and outlooks for South Korea
- What lies behind both its high life expectancy and suicide rate
- Key opportunities for the healthcare and pharmaceutical industries
- Practical tips to consider when conducting market research