South Korea In-Vitro Diagnostics Market to be Dominated by the Rise of Chronic Diseases Through 2028
Increasing
incidences of infectious and chronic disease is expected to drive the growth of
South Korea In-vitro Diagnostics Market in the forecast period, 2024-2028.
According to TechSci Research report, “South
Korea In-Vitro Diagnostics Market – By Region, Competition Forecast and Opportunities, 2018-2028F”, South Korea In-Vitro
Diagnostics market is anticipated to grow at a steady rate in the forecast period 2024-2028.
This can be ascribed to the rising incidences of chronic diseases. The market
of in-vitro diagnostics is increasing in South Korea due to rise in healthcare
expenditure and developments in in-vitro diagnostic
devices. The government of South Korea has been increasing its healthcare
expenditure in recent years, which has led to improved healthcare
infrastructure, increased access to healthcare services, and higher demand for
in-vitro diagnostic products. Furthermore, the growth is influenced by the regular
requirement of checkup for above 40 aged population and increase in the number
of patients suffering from chronic kidney diseases. In addition, cancer is also
expected to drive the market for in-vitro diagnostics during the forecast
years. Cancer is a significant public health issue in South Korea. Stomach
cancer is most common type of cancer in South Korea. The high prevalence of
cancer in South Korea is attributed to several factors, including an aging
population, changes in lifestyle, environmental factors, and genetic
predisposition. The South Korean government has implemented several programs to
promote cancer prevention, early detection, and treatment, including the
National Cancer Screening Program, which provides free cancer screening to
eligible individuals. Despite these efforts, cancer remains a significant
public health issue in South Korea, and further measures are needed to address
the issue, which is supporting the growth of in-vitro diagnostic market.
The market's expansion is impeded by the
high cost of in-vitro diagnostics, stringent regulatory policies regarding the
approval of in-vitro diagnostic devices, limiting
reimbursement policies, limited awareness and adoption, and shortage of skilled
professionals. Obtaining regulatory approval for in-vitro diagnostic products
can be a lengthy and expensive process, which can impede the growth of the in-vitro
diagnostic market. Shortage of skilled professionals in the in-vitro diagnostic
market in South Korea, including laboratory technicians and pathologists can
impact the quality of testing and limit the growth of the in-vitro diagnostic
market.
The in vitro diagnostics (IVD) market in
South Korea has witnessed significant technological advancements in recent
years. These advancements have led to the development of more accurate,
efficient, and cost-effective in-vitro diagnostic tests, which have improved
patient outcomes and contributed to the growth of the market. Technological
advancement in in-vitro diagnostics includes Next Generation Sequencing (NGS),
Digital PCR, Point of Care Testing and Lab-on-a-Chip (LOC) Technology. These technological advancements have
transformed the in-vitro diagnostic market in South Korea, leading to the
development of more advanced and innovative diagnostic tests.
Today, people diagnose diseases by doing
tests at home using bodily fluid samples like blood, urine, or saliva. Over the
forecast period, the market expansion will be constrained by these self-testing
gadgets.
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The South
Korea In-vitro Diagnostics Market
can be segmented by product, by technology, by application, by end user and by region.
Based on technology, there are several
subsectors of the South Korea in-vitro diagnostics market: immunoassay,
hematology, clinical chemistry, molecular diagnostics, microbiology, and others.
Due to the requirement for molecular diagnostics in the diagnosis of infectious
diseases, molecular diagnostics will dominate in the coming years.
The rise in the prevalence of acute and chronic diseases in South
Korea is responsible for the expansion of the molecular diagnostic
market. The molecular diagnostic segment has witnessed significant advancements
in recent years, including the development of advanced sequencing technologies,
next-generation sequencing (NGS), and real-time PCR techniques. These advancements
have led to the development of more accurate and efficient molecular diagnostic
tests, leading to the growth of this segment. Government of South Korea is also
influencing the market by promoting the development and adoption of molecular
diagnostic technologies for more accuracy.
The South Korea in-vitro diagnostics
market is segmented into instruments, reagents, and software & services. In
2023, the instrument segment will hold the highest share. This is a result of
the increased attention being paid to the creation of cutting-edge technology,
which supports the growing demand for early disease detection. Increasing
product usage in hospitals and diagnostic centers during the COVID-19 pandemic
has strengthened the market. During the projection period 2024–2028, new
product introductions will represent significant growth prospects in the South
Korea In-Vitro diagnostics market.
The South Korea In-vitro Diagnostics market can
be further divided into Hospitals & Clinics, Diagnostic Centers &
Laboratories, and Others, based on end user. Diagnostic Centers &
Laboratories account for the largest share, owing to growing number of chronic
diseases and increasing awareness regarding the early diagnosis of disorders.
Major companies operating in South Korea In-vitro Diagnostics Market are:
- Abbott Korea Ltd.
- Becton Dickinson Korea Ltd.
- Siemens Healthineers AG
- Bio-Rad Laboratories Inc.
- Danaher Corporation
- FUJIFILM Business Innovation Korea Co.,
Ltd
- Roche Korea Co Ltd.
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“The market for
in-vitro diagnostics will expand significantly in the coming years. The
proliferation of chronic diseases and the emergence of numerous germs with
detrimental effects on human health are further supporting the market. South
Korea In-vitro Diagnostics market growth is being hampered by the high
cost of in-vitro tests and strict regulatory requirements for their approval.”
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
“South
Korea In-vitro Diagnostics Market By Product (Instruments,
Reagents, Software & Services), By Technology (Immunoassay, Hematology,
Clinical Chemistry, Molecular Diagnostics, Microbiology, Others), By Application (Infectious Diseases, Diabetes,
Oncology, Cardiology, Nephrology, Others), By End User (Hospitals &
Clinics, Diagnostic Centers & Laboratories, Others), By Region, Competition, Forecast &
Opportunities, 2018-2028F”, has evaluated
the future growth potential of South Korea In-vitro Diagnostics Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in South Korea In-vitro Diagnostics Market.
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