South Korea Vaccine Market Size & Outlook, 2023-2030
South Korea vaccine market, 2018-2030 (US$M)
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South Korea vaccine market highlights
- The South Korea vaccine market generated a revenue of USD 1,257.4 million in 2023 and is expected to reach USD 1,466.6 million by 2030.
- The South Korea market is expected to grow at a CAGR of 2.2% from 2024 to 2030.
- In terms of segment, subunit vaccines was the largest revenue generating type in 2023.
- Subunit Vaccines is the most lucrative type segment registering the fastest growth during the forecast period.
Vaccine market data book summary
| Market revenue in 2023 | USD 1,257.4 million |
| Market revenue in 2030 | USD 1,466.6 million |
| Growth rate | 2.2% (CAGR from 2023 to 2030) |
| Largest segment | Subunit vaccines |
| Fastest growing segment | Subunit Vaccines |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Subunit Vaccines, Inactivated, Live Attenuated, MRNA vaccines, Viral vector vaccines |
| Key market players worldwide | Serum Institute of India Pvt. Ltd., CSL Ltd, Sanofi SA, GSK PLC, Merck & Co Inc, Pfizer Inc, Sinovac Biotech Ltd, BioNTech SE ADR, AstraZeneca PLC, Moderna Inc |
Other key industry trends
- In terms of revenue, South Korea accounted for 1.7% of the global vaccine market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China vaccine market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 5,363.6 million by 2030.
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Vaccine Market Scope
Vaccine Market Companies
| Name | Profile | # Employees | HQ | Website |
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South Korea vaccine 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 vaccine market will help companies and investors design strategic landscapes.
Subunit vaccines was the largest segment with a revenue share of 34.12% in 2023. Horizon Databook has segmented the South Korea vaccine market based on subunit vaccines, inactivated, live attenuated, mrna vaccines, viral vector vaccines covering the revenue growth of each sub-segment from 2018 to 2030.
The South Korea vaccine market is anticipated to grow owing to increasing healthcare expenditure, favorable government initiatives, and a high burden of flu & other infectious diseases. Moreover, several vaccine manufacturing expansions by market players are another factor fueling the country’s market.
In addition, strategic activities by the government will further offer lucrative opportunities during the study period. For instance, in May 2023, the WHO and the Republic of Korea formalized a Memorandum of Understanding to establish a global training hub specializing in biomanufacturing.
This training center is intended to cater to Low- and Middle-income Countries (LMICs), enabling them to produce vital biological products, including vaccines, insulin, monoclonal antibodies, and cancer medicines.
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Target buyers of South Korea vaccine market databook
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Our clientele includes a mix of vaccine 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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The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.
Horizon Databook provides a detailed overview of country-level data and insights on the South Korea vaccine market , including forecasts for subscribers. This country databook contains high-level insights into South Korea vaccine market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea vaccine market size, by type, 2018-2030 (US$M)
South Korea Vaccine Market Outlook Share, 2023 & 2030 (US$M)
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