South Korea Metagenomics Market Size & Outlook, 2023-2030
South Korea metagenomics market, 2018-2030 (US$M)
Related Markets
South Korea metagenomics market highlights
- The South Korea metagenomics market generated a revenue of USD 27.0 million in 2023 and is expected to reach USD 65.2 million by 2030.
- The South Korea market is expected to grow at a CAGR of 13.4% from 2024 to 2030.
- In terms of segment, kits & reagents was the largest revenue generating product in 2023.
- Sequencing & Data Analytics Services is the most lucrative product segment registering the fastest growth during the forecast period.
Metagenomics market data book summary
| Market revenue in 2023 | USD 27.0 million |
| Market revenue in 2030 | USD 65.2 million |
| Growth rate | 13.4% (CAGR from 2023 to 2030) |
| Largest segment | Kits & reagents |
| Fastest growing segment | Sequencing & Data Analytics Services |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Kits & Reagents, Sequencing & Data Analytics Services, Software |
| Key market players worldwide | Bio-Rad Laboratories Inc, Illumina Inc, PerkinElmer, Thermo Fisher Scientific Inc, Novogene, Promega, Qiagen NV, Takara Bio Inc, Oxford Nanopore Technologies PLC, Roche Holding AG |
Other key industry trends
- In terms of revenue, South Korea accounted for 1.3% of the global metagenomics market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China metagenomics 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 244.2 million by 2030.
Kits & reagents was the largest segment with a revenue share of 61.48% in 2023. Horizon Databook has segmented the South Korea metagenomics market based on kits & reagents, sequencing & data analytics services, software covering the revenue growth of each sub-segment from 2018 to 2030.
South Korea exhibits strong potential for R&D capabilities in pharmaceutical and biopharmaceutical sectors, which is expected to boost the demand for NGS products in research. Cancer research has become a national priority for the Korean government. It supports several universities, institutions, and researchers to facilitate cancer research activities, which is anticipated to create major demand for NGS products in the coming years.
Furthermore, increasing R&D investments by key pharmaceutical companies in South Korea are anticipated to create a lucrative environment for market growth. For instance, in June 2019, AstraZeneca announced its plans to spend USD 630.0 million on R&D in South Korea over the next 5 years.
Similarly, in June 2022, Theragen Bio was selected for a state project to develop advanced chips for genomic analysis, which would be useful in identifying the genetic cause of chronic diseases in the Korean population.
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Metagenomics Market Scope
Metagenomics Market Companies
| Name | Profile | # Employees | HQ | Website |
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South Korea metagenomics market size, by product, 2018-2030 (US$M)
South Korea Metagenomics Market Outlook Share, 2023 & 2030 (US$M)
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