Exports of the Korean healthcare industry are expected to increase more than 5 percent in 2023, compared to 2022, a report said.

The Korea Health Industry Development Institute (KHIDI) released the report on this year’s health export trends and the outlook for next year at a press conference on Wednesday.

KHIDI forecast that exports of pharmaceutical products, medical devices, and cosmetics will inch up 0.3 percent to $25.5 billion in 2022 from the previous year.

Between January and October this year, Korea’s health exports recorded $20.8 billion.

In the first half of this year, the nation’s health exports hit a record six-month high thanks to the growing demand for Covid-19 vaccines, treatments, and test kits, the KHIDI noted.

However, in the second half when the Covid-19 pandemic started to become an endemic, shipments of quarantine-related items decreased.

In 2023, the health industry’s exports will grow 5.4 percent to $26.9 billion in 2023, compared to 2022, the KHIDI report said.

By business sector, exports of medicines will increase 15.5 percent to $10.1 billion, and skin care products, 6.7 percent to $8.8 billion. However, shipments of medical devices are likely to decrease by 6.2 percent to $8 billion, the institute said.

“Exports of pharmaceutical products are expected to exceed 10 billion for the first time next year,” the KHIDI said.

“Shipments of (Covid-19) vaccines and treatments, which spiked from late 2021, will slow down gradually, but the continuing demand for biopharmaceuticals will sustain the growth of the overall drug exports.”

 

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