South Korea Laboratory Equipment Market Size & Outlook
South Korea laboratory equipment market, 2018-2030 (US$M)
Related Markets
South Korea laboratory equipment market highlights
- The South Korea laboratory equipment market generated a revenue of USD 373.1 million in 2023 and is expected to reach USD 501.0 million by 2030.
- The South Korea market is expected to grow at a CAGR of 4.3% from 2024 to 2030.
- In terms of segment, general was the largest revenue generating product in 2023.
- Support is the most lucrative product segment registering the fastest growth during the forecast period.
Laboratory equipment market data book summary
| Market revenue in 2023 | USD 373.1 million |
| Market revenue in 2030 | USD 501.0 million |
| Growth rate | 4.3% (CAGR from 2023 to 2030) |
| Largest segment | General |
| Fastest growing segment | Support |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | General, Analytical, Clinical, Support, Specialty |
| Key market players worldwide | Sartorius AG, Bio-Rad Laboratories Inc, FUJIFILM Holdings Corp, Thermo Fisher Scientific Inc, Agilent Technologies Inc |
Other key industry trends
- In terms of revenue, South Korea accounted for 1.2% of the global laboratory equipment market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, India laboratory equipment 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 2,307.0 million by 2030.
General was the largest segment with a revenue share of 26.99% in 2023. Horizon Databook has segmented the South Korea laboratory equipment market based on general, analytical, clinical, support, specialty covering the revenue growth of each sub-segment from 2018 to 2030.
To meet the regional and international demand for medical devices, along with laboratory equipment, South Korea is taking all vital steps to support the country’s major manufacturers. With a rise in foreign demand for Korean-made medical devices, domestic market players are vying to enter the international market with competitive services and prices.
South Korea is one of the largest markets in Asia Pacific, along with Japan, China, and India. Its medical device market is significantly dependent on imports, with low-end medical devices being locally manufactured and high-end medical devices being imported from the U.S., Japan, & EU countries.
Supportive government reforms are anticipated to facilitate market growth. For instance, in 2020, the South Korean President announced an investment of nearly USD 1.7 billion in promoting the biotechnology & biopharmaceutical industry to encourage biopharmaceutical R&D & manufacturing.
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Laboratory Equipment Market Scope
Laboratory Equipment Market Companies
| Name | Profile | # Employees | HQ | Website |
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South Korea laboratory equipment market size, by product, 2018-2030 (US$M)
South Korea Laboratory Equipment Market Outlook Share, 2023 & 2030 (US$M)
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