The market for benign prostatic hyperplasia (BPH) medications is projected to reach 200 billion won by 2026. (Image courtesy of Pixabay/CCL)
SEOUL, Aug. 11 (Korea Bizwire) – As South Korea grapples with an aging population, the market for benign prostatic hyperplasia (BPH) medications is projected to reach 200 billion won by 2026, nearly doubling from its 2018 value, according to a recent report.
The forecast, published in ASTI Market Insight by the Korea Institute of Science and Technology Information (KISTI), cites data from IQVIA, a pharmaceutical market research firm, and MarketsandMarkets, a U.S.-based market research company.
“The prevalence of BPH increases with age, which in turn is driving up the demand for related medications,” said Kim Geun-hwan, a senior researcher at KISTI. The Korean Urological Association estimates that BPH affects 50% of men in their 50s, rising to 80% for those over 80.
Tamsulosin, a key ingredient in BPH treatments, is at the center of this market growth. The global market for tamsulosin-based medications is expected to grow by 55%, from 2.9 trillion won in 2018 to 4.5 trillion won by 2026. The broader BPH drug market is projected to expand from 8.9 trillion won to 13 trillion won over the same period.
The market for benign prostatic hyperplasia (BPH) medications is projected to reach 200 billion won by 2026. (Image courtesy of Asan Hospital)
Several South Korean pharmaceutical companies are key players in this growing market.
Hanmi Pharmaceutical’s Harnal capsule, Astellas Pharma Korea’s Harnal D tablet, Genuone Science’s Taminal capsule, Celltrion Pharm’s Tamsol capsule, and Kyung Dong Pharmaceutical’s Uronal SR tablet are among the leading BPH treatments in the country, all utilizing tamsulosin as their primary ingredient.
The development of combination drugs is emerging as a new trend in the market. In 2016, Hanmi Pharmaceutical received approval from South Korea’s Ministry of Food and Drug Safety for Gugutams capsule, which combines tamsulosin with tadalafil, a medication for erectile dysfunction.
However, the path to developing these combination drugs is not without challenges. Companies like Chong Kun Dang, Ildong Pharmaceutical, and Yungjin Pharmaceutical have reportedly halted their development of similar combination drugs, citing market considerations.
“As middle-aged and elderly men become more aware of BPH and are more likely to seek urological care, domestic pharmaceutical companies need to differentiate their product portfolios in this growing market,” Kim advised. “Developing tamsulosin-based combination drugs could be a key strategy.”
Ashley Song (ashley@koreabizwire.com)
