South Korea Medical Rubber Stopper Market Size & Outlook
South Korea medical rubber stopper market, 2018-2030 (US$M)
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South Korea medical rubber stopper market highlights
- The South Korea medical rubber stopper market generated a revenue of USD 20.9 million in 2023 and is expected to reach USD 29.2 million by 2030.
- The South Korea market is expected to grow at a CAGR of 4.9% from 2024 to 2030.
- In terms of segment, teflon coated was the largest revenue generating surface treatment in 2023.
- Teflon Coated is the most lucrative surface treatment segment registering the fastest growth during the forecast period.
Medical rubber stopper market data book summary
| Market revenue in 2023 | USD 20.9 million |
| Market revenue in 2030 | USD 29.2 million |
| Growth rate | 4.9% (CAGR from 2023 to 2030) |
| Largest segment | Teflon coated |
| Fastest growing segment | Teflon Coated |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Siliconized, Teflon Coated, Uncoated Stoppers |
| Key market players worldwide | AptarGroup Inc, West Pharmaceutical Services Inc, Samsung Electronics Co Ltd, Daetwyler Holding AG, Bharat Rubber Works, Jiangyin Hongmeng Rubber and Plastic Products Co., Universal Medicap, Lonstroff, Bormioli Pharma, Sagar Rubber Products |
Other key industry trends
- In terms of revenue, South Korea accounted for 1.2% of the global medical rubber stopper market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China medical rubber stopper 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 74.4 million by 2030.
Teflon coated was the largest segment with a revenue share of 68.42% in 2023. Horizon Databook has segmented the South Korea medical rubber stopper market based on siliconized, teflon coated, uncoated stoppers covering the revenue growth of each sub-segment from 2018 to 2030.
South Korea has a significant growth opportunity for biosimilars. Major companies offering these products in the country are DONG-A ST, CJ Health Care, Chong Kun Dang pharmaceutical Corp., GC Biopharma Corp, and Celltrion Healthcare Co., Ltd. These companies have emerged as prominent players in domestic and global biosimilars market.
Surging private and foreign investments and aging population, as well as stable political structure and progressive economy in South Korea, are fueling the growth of the pharmaceuticals industry in the country. Thus, the flourishing biosimilars market in South Korea is expected to drive the demand for stoppers for use in packaging products in the country in the coming years.
The growing popularity of beauty standards in South Korea drives the demand for cosmetic surgeries in the country. According to the International Society of Aesthetic Plastic Surgery data for 2021, South Korea ranked fifth in the world in terms of the number of cosmetic surgeons.
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Medical Rubber Stopper Market Scope
Medical Rubber Stopper Market Companies
| Name | Profile | # Employees | HQ | Website |
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South Korea medical rubber stopper market size, by surface treatment, 2018-2030 (US$M)
South Korea Medical Rubber Stopper Market Outlook Share, 2023 & 2030 (US$M)
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