Korea Biohealth Exports to Hit Record $30.4 Billion in 2026

Korea's biohealth industry exports are projected to reach a record $30.4 billion (approximately 44.9 trillion won) next year, driven by expansion in the U.S. and European markets.

The Korea Health Industry Development Institute (KHIDI) released its "Biohealth Industry Export Trends for 2025 and Outlook for 2026" report Wednesday, forecasting exports to increase 9.0% from this year to $30.4 billion. The industry is expected to set a new record as it strengthens its presence in the U.S. and Europe, moving away from its Asia-Pacific-centered export structure.

By product category, pharmaceutical exports are projected to grow 10.5% to $11.651 billion. This growth is attributed to rising demand for biopharmaceuticals in the U.S. and Europe and improved domestic contract development and manufacturing organization (CDMO) capabilities. Exports are particularly expected to increase due to expanded overseas approvals for toxins such as botox and toxoids, as well as supply chain expansion into emerging markets including Latin America.

Medical device exports are forecast to rise 4.5% to $6.249 billion. Demand for diagnostic equipment is increasing due to aging populations and chronic diseases, with exports of ultrasound imaging devices and radiography equipment expected to grow.

Cosmetics exports are projected to grow 9.9%, riding the K-beauty wave. "K-beauty experiences are spreading among Generation Z, and online-based consumption is becoming more active, accelerating entry into emerging markets," KHIDI said.

Biohealth industry exports this year are expected to reach approximately $27.9 billion, up 10.6% from last year. Increased exports of key products including biopharmaceuticals and basic cosmetics to the U.S. and Europe drove overall performance improvement.

Biohealth industry exports surpassed $10 billion in 2016 and steadily increased to exceed $20 billion in 2020. Exports slowed in 2022-2023 due to declining medical device exports following the COVID-19 endemic transition, but recovered last year on the back of K-beauty's strong performance.

"Next year's biohealth exports will set another record following this year, driven by cosmetics market diversification, solid growth in the pharmaceutical industry centered on the U.S. and Europe, and recovery in the medical device industry," said Lee Byung-kwan, director of the Biohealth Innovation Planning Division.