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The contract research organization (CRO) market in South Korea has been rapidly growing, and many companies are playing significant roles in this market. By analyzing the performance of CRO companies in 2023, we can predict the market trends for 2025. Let’s take a closer look at the performance and future outlook of key CRO companies in Korea.
1. C&R Research
CNR Research recorded a revenue of 50.22 billion KRW in 2023, marking a 14% increase compared to the previous year. Operating profit grew by 37% to reach 6.69 billion KRW, and net income increased by 52%. This growth is attributed to the expansion of their global network and revenue from multinational clinical trials. In 2025, CNR Research is expected to continue its global expansion, with sustained growth in revenue.
2. Dream CIS
Dream CIS posted a revenue of 34.42 billion KRW in 2023, a 7% increase from the previous year, but their operating profit declined by 83%, reaching just 793 million KRW. To overcome this performance decline, securing new projects both domestically and internationally will be crucial. Dream CIS has recently signed contracts with leading domestic clinical trial support organizations through its subsidiary ‘Medtip,’ which is expected to boost its growth in 2025.
3. LSK Global Pharma Services
LSK Global Pharma Services recorded a revenue of 35.94 billion KRW in 2023, a 3% decrease compared to the previous year. Both operating profit and net income fell by 61% and 32%, respectively. Given the importance of global competitiveness, the company needs to diversify its services and innovate its technologies. If these efforts are successful, LSK Global Pharma Services could experience a recovery in performance by 2025.
4. HLB BioStep
HLB BioStep’s revenue in 2023 was 33.32 billion KRW, a 41% decrease compared to the previous year. The company experienced an operating loss of 1.73 billion KRW and a net loss. However, it has recently gained attention due to its rising stock prices. In 2025, HLB BioStep will aim for stable revenue growth and performance recovery, with global market expansion being a key factor.
5. Biotoxtech
Biotoxtech’s 2023 revenue stood at 27.39 billion KRW, a decrease of 18% compared to the previous year. Both operating profit and net income turned negative, indicating a continued slump in performance. To recover, the company will need to innovate its technology and expand into international markets. By 2025, Biotoxtech is expected to recover if these strategies are successfully implemented.
6. DT&CRO
DT&CRO’s 2023 revenue was 26.59 billion KRW, a 40% decrease compared to the previous year. Both operating profit and net income turned negative, showing a difficult performance. To strengthen its global competitiveness, the company must innovate and diversify its services. While a recovery is expected in 2025, continued innovation will be essential.
7. Invites BioCore
Invites BioCore’s revenue in 2023 was 22.02 billion KRW, reflecting a 13% decrease compared to the previous year. Both operating profit and net income showed a negative turn, leading to a challenging performance. Like other companies, technology innovation and global market expansion will be vital. Invites BioCore is likely to see recovery by 2025 if it succeeds in these areas.
8. Kipron Bio
Kipron Bio recorded a revenue of 15.63 billion KRW in 2023, a 15% increase from the previous year. The company achieved operating profit but saw a 48% decrease in net income. To overcome this issue, global market expansion and service diversification will be crucial. By 2025, Kipron Bio is expected to recover its performance.
9. ADM Korea
ADM Korea’s revenue was 13.79 billion KRW in 2023, a 7% decrease compared to the previous year. Both operating profit and net income turned negative. In 2025, technology innovation and global market expansion will be critical for recovery. These efforts are expected to lead to a performance improvement.
10. Global Pharmaceutical Research Center
Global Pharmaceutical Research Center recorded a revenue of 9.86 billion KRW in 2023, a 9% decrease compared to the previous year. However, the company posted positive operating and net profits, showing stable performance. In 2025, the company is expected to continue its stable growth, with global market expansion and service diversification being key factors.
2025 Outlook for the CRO Market
Overall, the Korean CRO market is expected to grow steadily in the coming years, driven by global market expansion, service diversification, and technological innovation. Companies such as CNR Research, Dream CIS, and Kipron Bio are likely to lead revenue growth through global expansion and business diversification strategies. However, some companies are still facing performance difficulties and will need to adopt innovative technologies and expand into international markets.
In 2025, CRO companies are expected to strengthen their competitiveness, expand their presence in the global market, and continue to grow their revenue. Furthermore, ongoing technological innovation and the establishment of global networks will play a key role in shaping the future of the industry.
In conclusion, the Korean CRO market is expected to show stable growth in 2025, driven by global market expansion, service diversification, and technological advancements. Major companies are seeking to recover their performance through various strategies, and companies that can respond quickly to market changes are expected to stand out in the market.