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Korea's biohealth industry likely to expand over 20% in 2026: Report

Published: 03 Feb. 2026, 10:36

Cosmetics are displayed at a store in Myeong-dong, central Seoul, on May 14, 2025. [NEWS1]

Korea's biohealth industry is expected to grow nearly 21 percent this year on constant demand for cosmetics and medicines, a local think tank said Tuesday.

According to the Korea Health Industry Development Institute (Khidi), the global biohealth industry, which encompasses pharmaceuticals, medical devices and cosmetics, is estimated to grow 6.2 percent to $15.77 trillion this year from $14.85 trillion in 2025.

Korea's biohealth industry, on the other hand, is projected to post 20.8 percent growth to $290 billion from $240 billion, it said in a report.

Khidi highlighted that the projected annual growth rate of 20.8 percent would mark the highest since 2019.

The local industry is expected to grow further to $329 billion in 2027 and $357 billion in 2029, according to the institute.

Khidi attributed the upbeat outlook to strong export performance in recent years.

Korea's biohealth exports surpassed $10 billion in 2016 and have continued to rise, exceeding $20 billion in 2020. This year, exports are projected to reach $30.4 billion, including $12.5 billion in cosmetics and $11.7 billion in pharmaceuticals.

"Biohealth exports in 2026 are expected to hit a new record high once again, following last year's achievement, driven by market diversification in the cosmetics industry, steady growth in the U.S. and European pharmaceutical markets, and a recovery in medical device exports," KHIDI said.

Yonhap