South Korea In-vitro Toxicology Testing Market Size & Outlook
South Korea in-vitro toxicology testing market, 2018-2030 (US$M)
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South Korea in-vitro toxicology testing market highlights
- The South Korea in-vitro toxicology testing market generated a revenue of USD 377.0 million in 2023 and is expected to reach USD 744.3 million by 2030.
- The South Korea market is expected to grow at a CAGR of 10.2% from 2024 to 2030.
- In terms of segment, pharmaceutical industry was the largest revenue generating end user in 2023.
- Diagnostics is the most lucrative end user segment registering the fastest growth during the forecast period.
In-vitro toxicology testing market data book summary
| Market revenue in 2023 | USD 377.0 million |
| Market revenue in 2030 | USD 744.3 million |
| Growth rate | 10.2% (CAGR from 2023 to 2030) |
| Largest segment | Pharmaceutical industry |
| Fastest growing segment | Diagnostics |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Pharmaceutical Industry, Cosmetics And Household Products, Academic Institutes and Research Laboratories, Diagnostics, Chemicals Industry, Food Industry |
| Key market players worldwide | Charles River Laboratories International Inc, SGS, Merck KGaA, Eurofins Scientific SE, Abbott Laboratories, Labcorp Holdings Inc, Evotec SE, Thermo Fisher Scientific Inc, Quest Diagnostics Inc, Agilent Technologies Inc, Catalent Inc, Danaher Corp, Bio-Rad Laboratories Inc |
Other key industry trends
- In terms of revenue, South Korea accounted for 1.2% of the global in-vitro toxicology testing market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China in-vitro toxicology testing market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 1,552.1 million by 2030.
Pharmaceutical industry was the largest segment with a revenue share of 43.24% in 2023. Horizon Databook has segmented the South Korea in-vitro toxicology testing market based on pharmaceutical industry, cosmetics and household products, academic institutes and research laboratories, diagnostics, chemicals industry, food industry covering the revenue growth of each sub-segment from 2018 to 2030.
In addition, South Korea has a highly educated workforce and a strong research infrastructure, which has enabled the country to develop a thriving life sciences sector. As a result, many new companies are entering the market, including those that specialize in providing in vitro toxicology testing services.
Overall, the combination of a growing demand for in vitro toxicology testing services, a strong life sciences industry, and supportive government policies has made South Korea an attractive market for companies operating in this space, leading to increased competition in the market.
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In-vitro Toxicology Testing Market Scope
In-vitro Toxicology Testing Market Companies
| Name | Profile | # Employees | HQ | Website |
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South Korea in-vitro toxicology testing market size, by end user, 2018-2030 (US$M)
South Korea In-vitro Toxicology Testing Market Outlook Share, 2023 & 2030 (US$M)
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