Subsequent yr’s bio-health business exports are anticipated to achieve a report excessive of $30.4 billion (roughly 44.9 trillion received), pushed by market growth in the USA and Europe.
The Korea Well being Business Growth Institute introduced on Dec. 18 its “Bio-health Business Export 2025 Developments and 2026 Outlook” and projected that subsequent yr’s export worth will attain $30.4 billion, a 9.0% enhance from this yr. The institute expects record-breaking efficiency because the business strikes away from its Asia-Pacific-centered export construction and strengthens its place in the USA and Europe.
By product class, pharmaceutical exports are anticipated to achieve $11.651 billion, rising 10.5% from this yr. This progress is attributed to elevated demand for biopharmaceuticals in the USA and Europe, in addition to improved home contract growth and manufacturing group (CDMO) capabilities. Specifically, export progress is anticipated attributable to expanded abroad approvals for toxins and toxoids reminiscent of Botox, and provide chain growth to rising markets together with Latin America.
Medical gadget exports are projected to extend 4.5% to $6.249 billion. With growing older populations and power illnesses driving elevated demand for diagnostic tools, exports of ultrasound imaging diagnostic units and radiographic tools are anticipated to rise.
Cosmetics are projected to develop 9.9%, pushed by the Okay-beauty increase. The institute acknowledged, “As Okay-beauty experiences unfold amongst Technology Z and online-based consumption turns into extra energetic, penetration into rising markets can even speed up.”
This yr’s bio-health business exports are anticipated to report roughly $27.9 billion, a ten.6% enhance from final yr. Elevated exports of main merchandise reminiscent of biopharmaceuticals and fundamental cosmetics to the USA and Europe drove total efficiency enchancment.
Bio-health business exports surpassed $10 billion in 2016 and continued to develop steadily, exceeding $20 billion in 2020. Though progress stagnated in 2022-2023 attributable to decreased medical gadget exports following the COVID-19 endemic, the business recovered its progress trajectory final yr, pushed by the development of Okay-beauty.
Lee Byeong-gwan, director of the Bio-health Innovation Planning Division, projected, “Subsequent yr’s bio-health exports will as soon as once more set a brand new report following this yr, pushed by cosmetics market diversification, regular progress within the pharmaceutical business centered on the USA and Europe, and restoration within the medical gadget business.”
