South Korea Formulation Development Outsourcing Market Size & Outlook
South Korea formulation development outsourcing market, 2018-2030 (US$M)
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South Korea formulation development outsourcing market highlights
- The South Korea formulation development outsourcing market generated a revenue of USD 837.5 million in 2023 and is expected to reach USD 1,391.3 million by 2030.
- The South Korea market is expected to grow at a CAGR of 7.5% from 2024 to 2030.
- In terms of segment, formulation development was the largest revenue generating service in 2023.
- Formulation Development is the most lucrative service segment registering the fastest growth during the forecast period.
Formulation development outsourcing market data book summary
| Market revenue in 2023 | USD 837.5 million |
| Market revenue in 2030 | USD 1,391.3 million |
| Growth rate | 7.5% (CAGR from 2023 to 2030) |
| Largest segment | Formulation development |
| Fastest growing segment | Formulation Development |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Preformulation, Formulation Development |
| Key market players worldwide | SGS, Intertek Group PLC, Recipharm, Lonza Group Ltd, Charles River Laboratories International Inc, Eurofins Scientific SE, Element Solutions Inc, Labcorp Holdings Inc, Thermo Fisher Scientific Inc, Catalent Inc |
Other key industry trends
- In terms of revenue, South Korea accounted for 2.2% of the global formulation development outsourcing market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China formulation development outsourcing 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 7,228.6 million by 2030.
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Formulation Development Outsourcing Market Scope
Formulation Development Outsourcing Market Companies
| Name | Profile | # Employees | HQ | Website |
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South Korea formulation development outsourcing 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 formulation development outsourcing market will help companies and investors design strategic landscapes.
Formulation development was the largest segment with a revenue share of 76.81% in 2023. Horizon Databook has segmented the South Korea formulation development outsourcing market based on preformulation, formulation development covering the revenue growth of each sub-segment from 2018 to 2030.
South Korea's favorable government policies in the biotechnology and biopharmaceutical industries, including a significant investment of around USD 1.7 billion in 2020 to boost biopharmaceutical R&D and production, make it a promising destination for formulation development outsourcing.
The Ministry of Food and Drug Safety's 5-year plan to enhance clinical trials in South Korea, along with the country's established infrastructure and competent workforce, are likely to boost the outsourcing market significantly.
South Korea's world-class research facilities, strong intellectual property protection laws, and regulatory framework for drug development make it an attractive option for pharmaceutical & biotech companies to outsource their formulation development work.
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Target buyers of South Korea formulation development outsourcing market databook
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Our clientele includes a mix of formulation development outsourcing 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 formulation development outsourcing market , including forecasts for subscribers. This country databook contains high-level insights into South Korea formulation development outsourcing market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea formulation development outsourcing market size, by service, 2018-2030 (US$M)
South Korea Formulation Development Outsourcing Market Outlook Share, 2023 & 2030 (US$M)
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