South Korea’s vaccine market is projected to expand sharply, reaching the $2 billion mark by 2029, fueled by steady post-pandemic growth and rising investment in essential vaccine R&D.
According to Kim Sung-soon, director at the Infectious Disease R&D Foundation under the Korea Health Industry Development Institute (KHIDI), the domestic vaccine industry — excluding COVID-19 vaccines — was valued at $870 million in 2023, accounting for about 1.7% of the global market. Citing a MarketsandMarkets report, Kim noted that the sector is expected to grow at an average annual rate of 9.5%, outpacing the global average of 8.7%, and reach $1.49 billion by 2029.
“By 2024, South Korea’s vaccine production, exports, and imports had increased by roughly 74–76% compared to 2019,” Kim wrote, adding that “even after the pandemic subsided, the overall scale of the domestic vaccine industry remained significantly larger than before.”
As of late 2023, at least 36 Korean companies were developing 108 vaccine candidates, according to Kim’s analysis. While research is underway for most essential vaccines not yet produced domestically, he pointed out a lack of development pipelines for measles, mumps, and rubella (MMR) vaccines.
Kim emphasized the need for a dual approach to strengthen South Korea’s vaccine ecosystem — balancing public health security with economic competitiveness. “Sustainable R&D and unwavering government support are essential to overcoming challenges such as ensuring a stable antigen supply, conducting clinical trials, and improving profitability,” he said.
Highlighting success stories, Kim cited EuBiologics’ cholera vaccine and LG Chem’s polio vaccine as prime examples of how analyzing global supply-demand dynamics and maintaining close cooperation with international organizations can help secure profitability in essential vaccine markets.
From an economic standpoint, Kim urged policymakers to reduce reliance on exports to low- and middle-income countries by expanding into advanced markets and developing high-value-added vaccines.
He added that if SK bioscience’s pneumococcal vaccine, currently being co-developed with Sanofi, succeeds, it would mark a major milestone in South Korea’s entry into developed markets. “Partnerships between innovative Korean vaccine companies and global pharmaceutical firms are expected to accelerate further,” Kim predicted.
