South Korea Clinical Trials Market Size & Outlook
South Korea clinical trials market, 2018-2030 (US$M)
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South Korea clinical trials market highlights
- The South Korea clinical trials market generated a revenue of USD 2,192.6 million in 2023 and is expected to reach USD 3,675.0 million by 2030.
- The South Korea market is expected to grow at a CAGR of 7.7% from 2024 to 2030.
- In terms of segment, phase iii was the largest revenue generating phase in 2023.
- Phase I is the most lucrative phase segment registering the fastest growth during the forecast period.
Clinical trials market data book summary
| Market revenue in 2023 | USD 2,192.6 million |
| Market revenue in 2030 | USD 3,675.0 million |
| Growth rate | 7.7% (CAGR from 2023 to 2030) |
| Largest segment | Phase iii |
| Fastest growing segment | Phase I |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Phase I, Phase II, Phase III, Phase IV |
| Key market players worldwide | Thermo Fisher Scientific Inc, Icon PLC, Charles River Laboratories International Inc, IQVIA Holdings Inc, Syneos Health, SGS AG, PAREXEL, Wuxi AppTec Co Ltd, Labcorp Holdings Inc, Eli Lilly and Co, Novo Nordisk A/S ADR, Pfizer Inc, Caidya |
Other key industry trends
- In terms of revenue, South Korea accounted for 2.7% of the global clinical trials market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China clinical trials market is projected to lead the regional market in terms of revenue in 2030.
- South Korea is the fastest growing regional market in Asia Pacific and is projected to reach USD 3,675.0 million by 2030.
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Clinical Trials Market Scope
Clinical Trials Market Companies
| Name | Profile | # Employees | HQ | Website |
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South Korea clinical trials 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 clinical trials market will help companies and investors design strategic landscapes.
Phase iii was the largest segment with a revenue share of 53.16% in 2023. Horizon Databook has segmented the South Korea clinical trials market based on phase i, phase ii, phase iii, phase iv covering the revenue growth of each sub-segment from 2018 to 2030.
The clinical trials market in South Korea is estimated to exhibit beneficial growth in the forthcoming decade, which can be attributed to the industry’s unprecedented growth over the past two decades and quality & quantity of clinical trials conducted.
Increasing clinical trial activities, advanced healthcare, high population density, and rising investments have made the country one of the top locations worldwide for clinical trials. Moreover, the extensive support of the Korean government for R&D industry and clinical trials is also anticipated to boost the market growth.
For instance, in April 2023, Freyr Solutions stated that since 2013, the Korean government has established and is promoting a comprehensive 5-year plan as the country has recognized the pharmaceutical industry as a future growth engine.
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Target buyers of South Korea clinical trials market databook
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Our clientele includes a mix of clinical trials 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 clinical trials market , including forecasts for subscribers. This country databook contains high-level insights into South Korea clinical trials market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea clinical trials market size, by phase, 2018-2030 (US$M)
South Korea Clinical Trials Market Outlook Share, 2023 & 2030 (US$M)
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