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The year 2023 posts $319bn in revenue, up 4.8%
- Charts or tables shown below cover 224 companies listed on the Taipei Exchange (TPEx) and trading in OCT and emerging stock markets.
- Total revenue of 2023 increased by $146bn to nearly $319bn, a 4.8% growth over the previous year.
Biomedical Industry Revenue 2018-2023
Year |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
Revenue(TWD, 100M) |
2507 |
2475 |
2531 |
2913 |
3041 |
3187 |
YoY Growth |
10.9% |
-1.3% |
2.3% |
15.1% |
4.4% |
4.8% |
Note: Dyaco International, Johnson Health Tech and Chi Hua Fitness have moved from the category “Healthcare” to “Sports and Recreation” since July 2023, hence the exclusion of their revenue.
One third of total revenues generated by bio-pharmaceutical sector
- “Bio-Pharmaceuticals” ended the year at over $100 billion, an increase of $11.2bn compared to last year.
- “Medical Device R&D, Manufacturing” amounted to $71.1bn, despite a $5.1bn drop.
- “Pharmacy & Distributor” climbed to $70.6bn, making almost $4.1bn more than that of 2022.
Biomedical sectors by revenue 2022-2023 (listed and unlisted combined)
Pharmacy & distributor sector tops average revenue
- “Pharmacy & Distributor” sector has 19 companies that made $3.71bn in average- the highest among others.
- Seven companies under “APIs” reached $1.93bn.
- 14 companies under “Food Science & Health Supplements” ranked third with an average turnover of $18.2bn.
Cellular-related sector takes crown for year-on-year growth
- "Cell Therapy" sector is still relatively new to the following chart, despite its impressive 38% growth rate.
- "Aesthetic Medicine & Beauty Care" came second with 15.41%, followed by Bio-Pharmaceuticals with 13.87%.
- Some sectors faced headwinds, namely "Genetic Testing & Wellness Check" at -7.67%, "Medical Device R&D, Manufacturing" at -6.75%, and "Agriculture & Agricultural Science" at -3.48%.
Overview of revenue 2023 with average and year-on-year growth
Business focus / product types |
Q1-Q4, 2023 |
Q1-Q4, 2022 |
YoY Growth (%) |
Top 3 by Revenue 2023 |
No. of Company |
Total Revenue (TWD, 100M) |
Average Revenue (TWD, 100M) |
Total Revenue (TWD, 100M) |
Bio-Pharmaceuticals |
73 |
1004.55 |
13.76 |
882.17 |
13.87 |
Lotus Pharmaceutical Co., Ltd. $17.0bn Bora Pharmaceuticals Co., LTD. $14.2bn China Chemical & Pharmaceutical Co., Ltd. $8.6bn |
Medical Device R&D, Manufacturing |
66 |
711.25 |
10.78 |
762.74 |
-6.75 |
Pegavision Corporation $6.8bn TaiDoc Technology Corporation $4.8bn BenQ Medical Technology Corporation $4.5bn |
Pharmacy & Distributor |
19 |
706.01 |
37.16 |
665.3 |
6.12 |
Great Tree Pharmacy Co., Ltd. $16.1bn Excelsior Medical Co., Ltd. $8.2bn MedFirst Healthcare Services, Inc. $7.5bn |
Food Science & Health Supplement |
14 |
253.84 |
18.13 |
248.94 |
1.97 |
Grape King Bio Ltd $10.6bn TCI Co., Ltd. $8.0bn Syngen Biotech Co.,Ltd. $1.8bn |
Aesthetic Medicine & Beauty Care |
11 |
168.96 |
15.36 |
146.4 |
15.41 |
Chlitina Holding Limited $4.5bn Jourdeness Group Limited $3.0bn Shiny Brands Group Co., Ltd. $3.0bn |
APIs |
7 |
135.61 |
19.37 |
128.66 |
5.4 |
Formosa Laboratories, Inc. $4.4bn ScinoPharm Taiwan, Ltd. $3.2bn Chunghwa Chemical Synthesis & Biotech Co., Ltd. $2.1bn |
Agriculture & Agricultural Science |
9 |
124.56 |
13.84 |
129.05 |
-3.48 |
Morn Sun Feed Mill Corp. $2.9bn All Cosmos Bio-Tech Holding Corporation $2.8bn Huikwang Corporation $1.5bn |
CRO Service & Genetic Testing |
13 |
52.34 |
4.03 |
56.69 |
-7.67 |
Healthconn Corp. $1.3bn Level Biotechnology Inc. $0.7bn Genetics Generation Advancement Corp. $0.6bn |
Cell Therapy |
12 |
29.96 |
2.5 |
21.71 |
38.0 |
BIONET Corp. $1.1bn Ever Supreme Bio Technology Co., Ltd $0.8bn Taiwan Advance Bio-Pharmaceutical Inc. $0.3bn |
Total |
224 |
3187.08 |
14.23 |
3041.67 |
4.78 |
|
Source: MOPS; compiled by IBMI & RBMP
Related Top 20 biomedical companies by revenue 2023