South Korea Preclinical Cro Market Size & Outlook
South Korea preclinical cro market, 2018-2030 (US$M)
Related Markets
South Korea preclinical cro market highlights
- The South Korea preclinical cro market generated a revenue of USD 40.6 million in 2023 and is expected to reach USD 85.4 million by 2030.
- The South Korea market is expected to grow at a CAGR of 11.2% from 2024 to 2030.
- In terms of segment, toxicology testing was the largest revenue generating service in 2023.
- Bioanalysis and DMPK studies is the most lucrative service segment registering the fastest growth during the forecast period.
Preclinical cro market data book summary
| Market revenue in 2023 | USD 40.6 million |
| Market revenue in 2030 | USD 85.4 million |
| Growth rate | 11.2% (CAGR from 2023 to 2030) |
| Largest segment | Toxicology testing |
| Fastest growing segment | Bioanalysis and DMPK studies |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Bioanalysis and DMPK studies, Toxicology Testing, Compound Management, Chemistry, Safety Pharmacology |
| Key market players worldwide | Eurofins Scientific SE, Icon PLC, Wuxi AppTec Co Ltd, Medpace Holdings Inc, Charles River Laboratories International Inc, Thermo Fisher Scientific Inc, Intertek Group PLC, Labcorp Holdings Inc, Crown Bioscience, SGA |
Other key industry trends
- In terms of revenue, South Korea accounted for 0.7% of the global preclinical cro market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China preclinical cro 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 654.3 million by 2030.
Toxicology testing was the largest segment with a revenue share of 22.66% in 2023. Horizon Databook has segmented the South Korea preclinical cro market based on bioanalysis and dmpk studies, toxicology testing, compound management, chemistry, safety pharmacology covering the revenue growth of each sub-segment from 2018 to 2030.
South Korea is a prominent destination for preclinical trials in Asia, with its superior healthcare infrastructure and rising R&D investment. In addition, the increasing government support led to rise in number of opportunities for drug development companies.
The government support in the country, in relation to developing a robust preclinical trial environment, is anticipated to contribute to the demand for preclinical trial services, thereby contributing to market growth. South Korea is considered to be a global preclinical hub for the past few years.
The government offers a variety of support structures to conduct preclinical research in Korea. In addition, government funding promotes the development of new medicines in the country. This is expected to propel market growth during the forecast period.
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Preclinical CRO Market Scope
Preclinical CRO Market Companies
| Name | Profile | # Employees | HQ | Website |
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South Korea preclinical cro market size, by service, 2018-2030 (US$M)
South Korea Preclinical CRO Market Outlook Share, 2023 & 2030 (US$M)
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