South Korea Precision Medicine Market Size & Outlook
South Korea precision medicine market, 2018-2030 (US$M)
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South Korea precision medicine market highlights
- The South Korea precision medicine market generated a revenue of USD 2,045.2 million in 2023 and is expected to reach USD 7,177.1 million by 2030.
- The South Korea market is expected to grow at a CAGR of 19.6% from 2024 to 2030.
- In terms of segment, therapeutics was the largest revenue generating application in 2023.
- Diagnostics is the most lucrative application segment registering the fastest growth during the forecast period.
Precision medicine market data book summary
| Market revenue in 2023 | USD 2,045.2 million |
| Market revenue in 2030 | USD 7,177.1 million |
| Growth rate | 19.6% (CAGR from 2023 to 2030) |
| Largest segment | Therapeutics |
| Fastest growing segment | Diagnostics |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Diagnostics, Therapeutics |
| Key market players worldwide | Roche, Siemens Healthineers AG ADR, Janssen Pharmaceuticals, Illumina Inc, Quest Diagnostics Inc, 23andMe Holding Co Class A, NeoDiagnostix, International Business Machines Corp, Myriad Genetics Inc, Medtronic PLC, GE HealthCare Technologies Inc Common Stock, Abbott Laboratories, Dakota Software, Biogen Inc, Qiagen NV, ImmunityBio Inc Ordinary Shares |
Other key industry trends
- In terms of revenue, South Korea accounted for 2.3% of the global precision medicine market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, Japan precision medicine 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 20,972.8 million by 2030.
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Precision Medicine Market Scope
Precision Medicine Market Companies
| Name | Profile | # Employees | HQ | Website |
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South Korea precision medicine 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 precision medicine market will help companies and investors design strategic landscapes.
Therapeutics was the largest segment with a revenue share of 74.89% in 2023. Horizon Databook has segmented the South Korea precision medicine market based on diagnostics, therapeutics covering the revenue growth of each sub-segment from 2018 to 2030.
South Korea is the 12th largest market in the healthcare industry. The South Korean government has planned to invest more than USD 1.7 billion in the country's biotechnology and biopharmaceutical sector. The country is one of the key markets for regenerative medicine as it was the first to commercialize stem cell therapy.
The Korean government is also supportive of the adoption of gene therapy products. For instance, in 2019, the government passed the Act on the Safety and Support of Advanced Regenerative Medical and Advanced Biopharmaceuticals, which allows conditional approval for the commercial sale of phase II completed drugs.
Such favorable government initiatives are expected to accelerate the growth of gene therapy market. Furthermore, Samsung Biologics is a leading South Korean company that operates in this space. The company has entered into several collaborations and partnerships for manufacturing gene therapy products.
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Our clientele includes a mix of precision medicine market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of country-level data and insights on the South Korea precision medicine market , including forecasts for subscribers. This country databook contains high-level insights into South Korea precision medicine market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea precision medicine diagnostics therapeutics market size, by application, 2018-2030 (US$M)
South Korea Precision Medicine Market Outlook Share, 2023 & 2030 (US$M)
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