Korean Companies Account for Just 0.8% of the Markets
Nova One Advisor said in its recent report that the global biotech market would grow from US$1 trillion in 2021 to US$3.88 trillion in 2030. Fortune Business Insights recently said that the global medical hardware industry would grow from US$490 billion in 2021 to US$720 billion in 2029.
According to Precedence Research, the global digital healthcare market is expected to reach US$1.35 trillion in 2030 from US$270 billion in 2021, which is equivalent to an average annual growth of no less than 19.2 percent.
These global markets and industries are growing fast, with South Korean companies’ share standing at just 0.8 percent. According to experts, an economic effect of more than US$2 trillion can be anticipated by raising the market share to 10 percent.
“In these industries, even a single innovative technology can cause a sea change unlike in the manufacturing sector and such innovation is impossible without medical and scientific brains,” one of them said, adding that the government needs to come up with more useful measures.