By Margareth Theresia 

The domestic vaccine market is expected to rise 9.5% per year to USD 1.49 billion (KRW 2.13 trillion) by 2029, surpassing the global growth average of 8.7%.

The Korea Health Industry Development Institute (KHIDI) made the announcement in its paper "Analysis of Domestic and International Vaccine Market Trends in the New Normal Era After the COVID-19 Pandemic" published on Oct. 31.

Excluding COVID-19 vaccines, the vaccine market in 2023 was valued at USD 870 million (KRW 1.24 trillion), comprising 1.7% of the global market, the paper said.

Domestic vaccine output hit KRW 838 billion last year, up 74% from 2019, the year before the pandemic, but 59% lower than in 2022, when COVID-19 vaccine production peaked.

Vaccine exports rose 76% from 2019 mainly to Brazil, Sudan, Ethiopia and Congo. By type, vaccines for the flu, cholera and polio accounted for the majority.

KHIDI's survey and analysis of publicly available data from 36 domestic vaccine companies found as of 2023 a combined 108 pipelines of vaccine research and development (R&D) in operation. The most common targets for R&D were COVID-19, influenza, the human papillomavirus aka HPV and shingles in that order.

margareth@korea.kr