South Korea Laboratory Supplies Market Size & Outlook
South Korea Laboratory Supplies Market, 2018-2030 (US$M)
Global Market
Related Markets
South Korea laboratory supplies market highlights
- The South Korea laboratory supplies market generated a revenue of USD 513.2 million in 2023 and is expected to reach USD 685.3 million by 2030.
- The South Korea market is expected to grow at a CAGR of 4.2% from 2024 to 2030.
- In terms of segment, equipment was the largest revenue generating product in 2023.
- Disposables is the most lucrative product segment registering the fastest growth during the forecast period.
Laboratory supplies market data book summary
| Market revenue in 2023 | USD 513.2 million |
| Market revenue in 2030 | USD 685.3 million |
| Growth rate | 4.2% (CAGR from 2023 to 2030) |
| Largest segment | Equipment |
| Fastest growing segment | Disposables |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Equipment, Disposables |
| Key market players worldwide | Agilent Technologies Inc, Bio-Rad Laboratories Inc, Bruker Corp, Danaher Corp, FUJIFILM Holdings Corp, PerkinElmer, Sartorius AG, Shimadzu Corp, Thermo Fisher Scientific Inc, Waters Corp |
Other key industry trends
- In terms of revenue, South Korea accounted for 1.2% of the global laboratory supplies market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China laboratory supplies 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 3,155.8 million by 2030.
Its medical device market is significantly dependent on imports, with low-end medical devices being locally manufactured and high-end medical devices being imported from the U.S, Japan, & EU countries. The medical equipment imports from these regions account for 60.0% of the total market demand, with the U.S. holding the largest share among the three regions.
According to Business Korea, in 2018, the total amount of Korea’s R&D investment reached 4.6% of its GDP. As of 2018, there were 616 research-based pharmaceutical companies in South Korea, out of which, Hanmi Pharmaceutical was leading the market.
Hanmi Pharmaceutical has invested over 150 billion in R&D for developing new drug projects for anticancer drugs, targeting the global market. The presence of such research-oriented companies is anticipated to fuel the demand for lab supplies. Supportive government reforms are anticipated to facilitate market growth.
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Laboratory Supplies Market Scope
Laboratory Supplies Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| Shimadzu Corp | View profile | 15,284 | 1, Nishinokyo-Kuwabara-cho, Nakagyo-ku, Kyoto, Japan, 604-8511 | www.shimadzu.com |
| FUJIFILM Holdings Corp | View profile | 83,784 | 7-3, Akasaka 9-chome, Minato-ku, Tokyo, Japan, 107-0052 | www.fujifilmholdings.com |
| Thermo Fisher Scientific Inc | View profile | 122,000 | 168 Third Avenue, Waltham, MA, United States, 02451 | www.thermofisher.com |
| Danaher Corp | View profile | 63,000 | 2200 Pennsylvania Avenue, N.W., Suite 800W, Washington, DC, United States, 20037-1701 | www.danaher.com |
| Sartorius AG | View profile | 14,338 | Otto-Brenner-Strasse 20, Gottingen, NI, Germany, 37079 | www.sartorius.com |
| Agilent Technologies Inc | View profile | 17,700 | 5301 Stevens Creek Boulevard, Santa Clara, CA, United States, 95051 | www.agilent.com |
| Bio-Rad Laboratories Inc | View profile | 8,030 | 1000 Alfred Nobel Drive, Hercules, CA, United States, 94547 | www.bio-rad.com |
| Bruker Corp | View profile | 9,707 | 40 Manning Road, Billerica, MA, United States, 01821 | www.bruker.com |
| Waters Corp | View profile | 7,900 | 34 Maple Street, Milford, MA, United States, 01757 | www.waters.com |
| PerkinElmer | View profile | 10001+ | Waltham, Massachusetts, United States, North America | www.perkinelmer.com |
South Korea Laboratory Supplies 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 Laboratory Supplies Market Outlook will help companies and investors design strategic landscapes.
Equipment was the largest segment with a revenue share of 62.59% in 2023.
Horizon Databook has segmented the South Korea laboratory supplies market based on equipment, disposables covering the revenue growth of each sub-segment from 2018 to 2030.
Its medical device market is significantly dependent on imports, with low-end medical devices being locally manufactured and high-end medical devices being imported from the U.S, Japan, & EU countries. The medical equipment imports from these regions account for 60.0% of the total market demand, with the U.S. holding the largest share among the three regions.
According to Business Korea, in 2018, the total amount of Korea’s R&D investment reached 4.6% of its GDP. As of 2018, there were 616 research-based pharmaceutical companies in South Korea, out of which, Hanmi Pharmaceutical was leading the market.
Hanmi Pharmaceutical has invested over 150 billion in R&D for developing new drug projects for anticancer drugs, targeting the global market. The presence of such research-oriented companies is anticipated to fuel the demand for lab supplies. Supportive government reforms are anticipated to facilitate market growth.
- South Korea Laboratory Supplies Market Product Outlook (Revenue, USD Million , 2018-2030)
- Equipment
- Disposables
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Horizon Databook provides a detailed overview of country-level data and insights on the South Korea Laboratory Supplies Market Outlook, including forecasts for subscribers. This country databook contains high-level insights into South Korea Laboratory Supplies Market Outlook from 2018 to 2030, including revenue numbers, major trends, and company profiles.
South Korea Laboratory Supplies Market, 2018-2030 (US$M)
South Korea laboratory supplies market statistics, by product, 2018-2030 (US$M)
