A researcher works in the laboratory of a biotech venture company in North Chungcheong Province specializing in pharmaceutical research and development. (Yonhap)
SEOUL, April 25, (Korea Bizwire) — South Korea’s biohealth industry is projected to grow at an annual rate of nearly 9 percent, reaching $370.3 billion by 2030 and ranking eighth globally, according to a new market outlook released by the Korea Health Industry Development Institute (KHIDI) on April 25.
The report, titled 2025 Global Biohealth Industry Market Size (2019–2030), shows that South Korea’s biohealth sector was valued at $215.9 billion in 2023, accounting for 1.6 percent of the global market and ranking 11th worldwide.
Breakdowns by segment in 2023 reveal that South Korea ranked 13th in pharmaceuticals ($24.1 billion), 12th in medical devices ($7.3 billion), 10th in cosmetics ($12.2 billion), and 11th in healthcare services ($172.3 billion).
From 2019 to 2023, the domestic biohealth industry expanded at an average annual rate of 5.7 percent. KHIDI projects that this will accelerate to 8.7 percent annually through 2030, driven by the integration of advanced technologies such as artificial intelligence, big data, and digital therapeutics.
South Korea’s biohealth industry is projected to grow at an annual rate of nearly 9 percent, reaching $370.3 billion by 2030 and ranking eighth globally. (Image courtesy of Korea Health Industry Development Institute)
Globally, the biohealth industry is expected to grow at a more moderate annual pace of 5.3 percent, with the market expanding from $13.5 trillion in 2023 to $19.4 trillion by 2030. The largest segments in 2023 included healthcare services ($10.76 trillion), pharmaceuticals ($1.75 trillion), medical devices ($529.1 billion), and cosmetics ($496.4 billion).
“South Korea’s biohealth sector is rapidly evolving into a core national industry by embracing innovation in AI, digital medicine, and data analytics,” said Lee Byung-kwan, head of KHIDI’s Biohealth Innovation Planning Division.
If current growth trends continue, South Korea will trail only the United States, China, Japan, Germany, France, Brazil, and the United Kingdom by the end of the decade.
M. H. Lee (mhlee@koreabizwire.com)
