South Korea Biotechnology Market Size & Outlook, 2023-2030
South Korea biotechnology market, 2018-2030 (US$M)
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South Korea biotechnology market highlights
- The South Korea biotechnology market generated a revenue of USD 25,642.9 million in 2023 and is expected to reach USD 81,627.0 million by 2030.
- The South Korea market is expected to grow at a CAGR of 18% from 2024 to 2030.
- In terms of segment, health was the largest revenue generating application in 2023.
- Bioinformatics is the most lucrative application segment registering the fastest growth during the forecast period.
Biotechnology market data book summary
| Market revenue in 2023 | USD 25,642.9 million |
| Market revenue in 2030 | USD 81,627.0 million |
| Growth rate | 18% (CAGR from 2023 to 2030) |
| Largest segment | Health |
| Fastest growing segment | Bioinformatics |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Health, Food & Agriculture, Natural reseources & Environment, Industrial Processing, Bioinformatics, Others Applications |
| Key market players worldwide | AstraZeneca PLC, Gilead Sciences Inc, Bristol-Myers Squibb Co, Sanofi SA, Biogen Inc, Abbott Laboratories, Pfizer Inc, Amgen Inc, Novo Nordisk A/S ADR, Merck KGaA, Johnson & Johnson, Novartis AG ADR, Roche Holding AG, Lonza Group Ltd |
Other key industry trends
- In terms of revenue, South Korea accounted for 1.7% of the global biotechnology market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, Japan biotechnology market is projected to lead the regional market in terms of revenue in 2030.
- China is the fastest growing regional market in Asia Pacific and is projected to reach USD 262,958.1 million by 2030.
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Biotechnology Market Scope
Biotechnology Market Companies
| Name | Profile | # Employees | HQ | Website |
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South Korea biotechnology market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to biotechnology market will help companies and investors design strategic landscapes.
Health was the largest segment with a revenue share of 44.66% in 2023. Horizon Databook has segmented the South Korea biotechnology market based on health, food & agriculture, natural reseources & environment, industrial processing, bioinformatics, others applications covering the revenue growth of each sub-segment from 2018 to 2030.
Over the past few years, biotechnology industry in South Korea has undergone several changes, leading to significant growth of the market. Biologics market is expected to be the fastest growing market in the country owing to flexible manufacturing facilities using disposables, new-cell culture techniques, fast track GMP facilities, and attempts for continuous manufacturing.
This expanding biologics industry is expected to positively impact the growth of biotechnology market in South Korea. Furthermore, the government has established a systematic government support plan to boost biopharmaceutical industry in the country.
Similarly, in summer 2019, a five-year plan for biotech-related R&D and commercialization was launched by South Korean government. In addition to government investments, private and public biotechnology companies would jointly invest USD 9.03 billion by 2023.
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Target buyers of South Korea biotechnology market databook
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Our clientele includes a mix of biotechnology market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.
Horizon Databook provides a detailed overview of country-level data and insights on the South Korea biotechnology market , including forecasts for subscribers. This country databook contains high-level insights into South Korea biotechnology market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea biotechnology market size, by application, 2018-2030 (US$M)
South Korea Biotechnology Market Outlook Share, 2023 & 2030 (US$M)
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