South Korea Medical Affairs Outsourcing Market Size & Outlook
South Korea medical affairs outsourcing market, 2018-2030 (US$M)
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South Korea medical affairs outsourcing market highlights
- The South Korea medical affairs outsourcing market generated a revenue of USD 17.4 million in 2022 and is expected to reach USD 46.3 million by 2030.
- The South Korea market is expected to grow at a CAGR of 13% from 2023 to 2030.
- In terms of segment, medical writing & publishing was the largest revenue generating services in 2022.
- Medical Science Liaisons (MSLs) is the most lucrative services segment registering the fastest growth during the forecast period.
Medical affairs outsourcing market data book summary
| Market revenue in 2022 | USD 17.4 million |
| Market revenue in 2030 | USD 46.3 million |
| Growth rate | 13% (CAGR from 2022 to 2030) |
| Largest segment | Medical writing & publishing |
| Fastest growing segment | Medical Science Liaisons (MSLs) |
| Historical data | 2018 - 2021 |
| Base year | 2022 |
| Forecast period | 2023 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Medical Writing & Publishing, Medical Monitoring, Medical Science Liaisons (MSLs), Medical Information |
| Key market players worldwide | IQVIA Holdings Inc, Icon PLC, The Medical Affairs Company, Syneos Health, Thermo Fisher Scientific Inc, Wuxi AppTec Co Ltd, SGS AG, Ashfield Healthcare, ZEINCRO Group, Indegene |
Other key industry trends
- In terms of revenue, South Korea accounted for 1.0% of the global medical affairs outsourcing market in 2022.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, India medical affairs outsourcing market is projected to lead the regional market in terms of revenue in 2030.
- Japan is the fastest growing regional market in Asia Pacific and is projected to reach USD 155.5 million by 2030.
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Medical Affairs Outsourcing Market Scope
Medical Affairs Outsourcing Market Companies
| Name | Profile | # Employees | HQ | Website |
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South Korea medical affairs 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 medical affairs outsourcing market will help companies and investors design strategic landscapes.
Medical writing & publishing was the largest segment with a revenue share of 36.78% in 2022. Horizon Databook has segmented the South Korea medical affairs outsourcing market based on medical writing & publishing, medical monitoring, medical science liaisons (msls), medical information covering the revenue growth of each sub-segment from 2018 to 2030.
South Korea is one of the largest markets in Asia Pacific along with Japan, China, and India. The medical device market is dependent on imports as low-end medical devices are manufactured in the country. High-end medical devices are imported from North America, Asia, and Europe. The medical equipment imports from these three regions account for 60.0% of the total market demand, with the U.S. holding the largest share among the three.
Companies exporting med-tech equipment to South Korea require appointment of a representative or an importer to ensure regulatory compliance & gain medical device approval. The demand for legal representation services is expected to increase owing to growing import of medical devices. Supportive government reforms are anticipated to propel market growth.
For instance, in 2020, the president of South Korea announced investment of nearly USD 1.7 billion to promote biotechnology & biopharmaceutical industry as well as encourage biopharmaceutical R&D & manufacturing. Furthermore, the president increased tax credits for facility and R&D investments, presenting economic benefits for investors and facilitating the entry of various multinational firms, which in turn is anticipated to boost market growth.
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Target buyers of South Korea medical affairs outsourcing market databook
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Our clientele includes a mix of medical affairs 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 medical affairs outsourcing market , including forecasts for subscribers. This country databook contains high-level insights into South Korea medical affairs outsourcing market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea medical affairs outsourcing market size, by services, 2018-2030 (US$M)
South Korea Medical Affairs Outsourcing Market Outlook Share, 2022 & 2030 (US$M)
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