South Korea Medical Device Testing Services Market Size & Outlook
South Korea medical device testing services market, 2018-2030 (US$M)
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South Korea medical device testing services market highlights
- The South Korea medical device testing services market generated a revenue of USD 1,110.9 million in 2023 and is expected to reach USD 2,014.8 million by 2030.
- The South Korea market is expected to grow at a CAGR of 8.9% from 2024 to 2030.
- In terms of segment, biocompatibility tests was the largest revenue generating service in 2023.
- Chemistry Test is the most lucrative service segment registering the fastest growth during the forecast period.
Medical device testing services market data book summary
| Market revenue in 2023 | USD 1,110.9 million |
| Market revenue in 2030 | USD 2,014.8 million |
| Growth rate | 8.9% (CAGR from 2023 to 2030) |
| Largest segment | Biocompatibility tests |
| Fastest growing segment | Chemistry Test |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Biocompatibility Tests, Chemistry Test, Microbiology & Sterility Testing, Package Validation |
| Key market players worldwide | SGS AG, Labcorp Holdings Inc, Sotera Health Co Ordinary Shares, Charles River Laboratories International Inc, NAMSA, Eurofins Scientific SE, Intertek Group PLC, Wuxi AppTec Co Ltd, TUV SUD, Element Materials Technology, Pace Analytical Services |
Other key industry trends
- In terms of revenue, South Korea accounted for 162.3% of the global medical device testing services market in 2023.
- Country-wise, Australia is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, Australia medical device testing services market is projected to lead the regional market in terms of revenue in 2030.
- Philippines is the fastest growing regional market in Asia Pacific and is projected to reach USD 260.8 million by 2030.
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Medical Device Testing Services Market Scope
Medical Device Testing Services Market Companies
| Name | Profile | # Employees | HQ | Website |
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South Korea medical device testing services 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 device testing services market will help companies and investors design strategic landscapes.
Biocompatibility tests was the largest segment with a revenue share of 51.2% in 2023. Horizon Databook has segmented the South Korea medical device testing services market based on biocompatibility tests, chemistry test, microbiology & sterility testing, package validation covering the revenue growth of each sub-segment from 2018 to 2030.
The medical device testing services market in South Korea is estimated to exhibit beneficial growth in the coming decade, which can be attributed to the industry’s unprecedented growth due to stable healthcare infrastructure, high healthcare spending in the country, manufacturing standards, hygiene control, quality assurance, training procedures, and maintenance of medical devices.
Onsite inspections are conducted to approve medical devices, which creates demand for medical device testing services. In addition, the cost of manufacturing and development of medical devices is quite low in the country as compared to developed economies.
This is expected to boost the demand for manufacturing and development of medical devices in South Korea. Moreover, the extensive support of the government is anticipated to boost the market.
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Our clientele includes a mix of medical device testing services 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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Horizon Databook provides a detailed overview of country-level data and insights on the South Korea medical device testing services market , including forecasts for subscribers. This country databook contains high-level insights into South Korea medical device testing services market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea medical device testing services market size, by service, 2018-2030 (US$M)
South Korea Medical Device Testing Services Market Outlook Share, 2023 & 2030 (US$M)
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