South Korea Cell Culture Market Size & Outlook, 2023-2030
South Korea cell culture market, 2018-2030 (US$M)
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South Korea cell culture market highlights
- The South Korea cell culture market generated a revenue of USD 398.2 million in 2023 and is expected to reach USD 901.9 million by 2030.
- The South Korea market is expected to grow at a CAGR of 12.4% from 2024 to 2030.
- In terms of segment, consumables was the largest revenue generating product in 2023.
- Consumables is the most lucrative product segment registering the fastest growth during the forecast period.
Cell culture market data book summary
| Market revenue in 2023 | USD 398.2 million |
| Market revenue in 2030 | USD 901.9 million |
| Growth rate | 12.4% (CAGR from 2023 to 2030) |
| Largest segment | Consumables |
| Fastest growing segment | Consumables |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Consumables, Instruments |
| Key market players worldwide | Sartorius AG, Danaher Corp, Merck KGaA, Thermo Fisher Scientific Inc, Corning Inc, Avantor Inc, BD, Eppendorf, Bio-Techne Corp, PromoCell GmbH |
Other key industry trends
- In terms of revenue, South Korea accounted for 2.2% of the global cell culture market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China cell culture 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 2,766.0 million by 2030.
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Cell Culture Market Scope
Cell Culture Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
South Korea cell culture 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 cell culture market will help companies and investors design strategic landscapes.
Consumables was the largest segment with a revenue share of 57.01% in 2023. Horizon Databook has segmented the South Korea cell culture market based on consumables, instruments covering the revenue growth of each sub-segment from 2018 to 2030.
South Korea exhibits high potential for R&D capabilities in the pharmaceutical & biopharmaceutical sectors, which is expected to boost the demand for cell culture products for research purposes. Cancer research has become a national priority for the Korean government. The Korean government supports several universities, institutions, and researchers to facilitate cancer research activities, which is anticipated to create huge demand for cell culture products in the country.
Furthermore, increasing R&D investments by major pharmaceutical companies in South Korea are anticipated to create a lucrative environment for market growth. For instance, in June 2019, AstraZeneca announced it would spend USD 630 million on R&D in South Korea over the next 5 years.
Moreover, the local presence of key players and initiatives undertaken by them are increasing the country’s access to cell culture products. For instance, in November 2021, Sartorius announced investments worth around USD 300 million (EUR 270 million) to be invested through the end of 2024 for the expansion of its activities in the country.
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Our clientele includes a mix of cell culture market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of country-level data and insights on the South Korea cell culture market , including forecasts for subscribers. This country databook contains high-level insights into South Korea cell culture market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea cell culture market size, by product, 2018-2030 (US$M)
South Korea Cell Culture Market Outlook Share, 2023 & 2030 (US$M)
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