The pharmaceutical goods market in South Korea has shown a consistent growth pattern over the years, experiencing an impressive increase from 593.93 million USD in 2012 to 959.62 million USD in 2022. The market saw substantial growth spikes in 2015 and 2016 with year-on-year increases of 8.94% and 17.69%, respectively. However, the market witnessed fluctuations in recent years, particularly a decline of 6.88% in 2022 following a previous 13.98% growth in 2021. The compound annual growth rate (CAGR) over the last five years stands at 2.7%.
Looking forward, certain trends are expected to shape the market trajectory:
• Increasing demand for innovative and advanced pharmaceuticals.
• A shift towards biotechnology and personalized medicine.
• Stricter regulatory environments impacting market entry and drug approval processes.
• Expanding R&D investments from both local and international firms.
• Growing geriatric population driving higher demand for healthcare services and medications.
| # | 41 Countries | US Dollars | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Japan | 3,945,000,000 | 2023 | +1.25% | +1.12% | View data |
| 2 | 2 Germany | 3,201,100,000 | 2023 | -1.13% | -2.07% | View data |
| 3 | 3 France | 2,232,000,000 | 2023 | -2.43% | -2.05% | View data |
| 4 | 4 Italy | 1,865,500,000 | 2023 | -1.63% | -2.55% | View data |
| 5 | 5 United Kingdom | 1,766,700,000 | 2023 | -1.52% | -0.63% | View data |
| 6 | 6 Canada | 1,385,200,000 | 2023 | -0.35% | -0.46% | View data |
| 7 | 7 Spain | 1,172,700,000 | 2023 | -3.14% | -4.6% | View data |
| 8 | 8 South Korea | 1,042,300,000 | 2023 | +3.96% | +4.18% | |
| 9 | 9 Australia | 1,037,800,000 | 2023 | -2.3% | -0.2% | View data |
| 10 | 10 Argentina | 513,000,000 | 2023 | +2.99% | -1.31% | View data |
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