Republic of Korea: Medical Gel Preparations Market 2024

Medical Gel Preparations Market Size in Republic of Korea

In 2022, the South Korean medical gel preparations market decreased by -2.4% to $X, falling for the second year in a row after two years of growth. Overall, consumption continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market remained at a somewhat lower figure.

Medical Gel Preparations Production in Republic of Korea

In value terms, medical gel preparations production stood at $X in 2022 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of 18%. As a result, production attained the peak level of $X. From 2017 to 2022, production growth remained at a lower figure.

Medical Gel Preparations Exports

Exports from Republic of Korea

In 2022, the amount of gel preparations for human or veterinary medicine exported from South Korea soared to X tons, with an increase of 42% on the previous year's figure. In general, exports enjoyed a resilient increase. The pace of growth was the most pronounced in 2019 with an increase of 49%. The exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, medical gel preparations exports shrank to $X in 2022. Over the period under review, exports recorded a remarkable increase. The most prominent rate of growth was recorded in 2013 when exports increased by 53% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

China (X tons), Japan (X tons) and Taiwan (Chinese) (X tons) were the main destinations of medical gel preparations exports from South Korea, with a combined 93% share of total exports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +127.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), China ($X) and Taiwan (Chinese) ($X) were the largest markets for medical gel preparations exported from South Korea worldwide, together accounting for 70% of total exports.

China, with a CAGR of +122.5%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average medical gel preparations export price amounted to $X per ton, reducing by -36.3% against the previous year. In general, the export price continues to indicate a pronounced shrinkage. The most prominent rate of growth was recorded in 2013 when the average export price increased by 51%. Over the period under review, the average export prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+13.5%), while the prices for the other major destinations experienced mixed trend patterns.

Medical Gel Preparations Imports

Imports into Republic of Korea

After two years of growth, purchases abroad of gel preparations for human or veterinary medicine decreased by -5.9% to X tons in 2022. In general, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 with an increase of 112% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, medical gel preparations imports rose to $X in 2022. Over the period under review, total imports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +117.8% against 2015 indices. The most prominent rate of growth was recorded in 2013 when imports increased by 51% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

The United States (X tons), Japan (X tons) and Germany (X tons) were the main suppliers of medical gel preparations imports to South Korea, with a combined 93% share of total imports. China, Italy and Ireland lagged somewhat behind, together accounting for a further 6.5%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Ireland (with a CAGR of +489.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of gel preparations for human or veterinary medicine to South Korea, comprising 68% of total imports. The second position in the ranking was held by Japan ($X), with a 16% share of total imports. It was followed by China, with a 5.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States stood at +3.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+41.9% per year) and China (+174.3% per year).

Import Prices by Country

In 2022, the average medical gel preparations import price amounted to $X per ton, picking up by 8.8% against the previous year. In general, the import price saw notable growth. The most prominent rate of growth was recorded in 2018 when the average import price increased by 35% against the previous year. The import price peaked at $X per ton in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Ireland ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ireland (+50.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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