South Korea MRI Market - Forecasts from 2024 to 2029

South Korea MRI Market - Forecasts from 2024 to 2029

The South Korean MRI market is projected to grow at a CAGR of 2.66% to reach US$282.493 million by 2029, from US$235.095 million in 2022.

Magnetic Resonance Imaging (MRI) is a medical imaging technique that uses magnets, radio waves, and a computer to generate detailed images of the body's internal structures. Unlike X-rays or CT scans, MRI is safe and widely used, particularly for imaging soft tissues like the brain, spinal cord, muscles, and internal organs. South Korea's MRI market is characterized by factors such as a growing aging population, increasing healthcare expenditures, and technological advancements. The country's modern healthcare infrastructure, including the adoption of MRI, is supported by government initiatives and policies promoting technological innovation, research, and healthcare accessibility.

MRI is used across various medical specialties in South Korea, making it a valuable tool for diagnosing a wide range of conditions. Factors such as the growing geriatric population and the rising prevalence of chronic diseases such as diabetes and cardiovascular disease are expected to act as major growth drivers for the growth of the South Korean MRI market. Moreover, the growing demand for effective diagnostic tools and equipment that can provide accurate results for providing effective treatment is further expected to increase the demand for MRI machines.

MARKET DRIVERS:

Increasing number of elderly populations

The MRI market in South Korea is booming due to the growing elderly population. The number of people aged 65 and up was 4.73 million in 2020, rising to 8.537 million in 2021, accounting for approximately 16.5 percent of the total population (Source: Statics Korea 20201 Elderly Statics). The geriatric population is more susceptible to disease as they have fewer regenerative abilities, which is why they demand better health facilities which is expected to increase the utilization of MRI compatible patient monitoring systems, which in turn is anticipated to drive the overall market growth during the forecast period. The growing geriatric population across the country due to a low fertility rate is expected to increase the number of chronic illness cases, which is anticipated to boost the market growth.

A rising prevalence of chronic disease

The constant surge in the number of diabetic patients in South Korea is expected to contribute to the market growth. In a study published by the Korean Centres for Disease Control and Prevention, it was estimated that the prevalence of diabetes in Korean adults aged thirty or above was 13.7%, which indicates that around 4.8 million adults in Korea have diabetes. The prevalence of diabetes in the Korean population has increased by 5.1%, from 8.6% in 2001 to 13.7% in 2016. The number of people with impaired fasting glucose was estimated to be around 8.3 million, which means it can be predicted that the prevalence of diabetes will further increase in the future as impaired fasting glucose is one of the major causes of the future development of diabetes. Around 25% of patients who have IFG, and impaired glucose tolerance have developed type-1 or type-2 diabetes in the last 3-5 years. According to the international diabetes federation, the number of people with diabetes in South Korea is 3,511.8 in 2021 and was expected to reach 3,934.2 by 2030. The rising prevalence of diabetes has increased the risk of stroke and other CVDs, which is why there is a high demand for MRI scans to analyze any abnormality inside the patient’s body, which is anticipated to further drive the overall market growth.

Key Developments:

January 2024- AIRS Medical, a South Korean AI-powered healthcare solution provider, has received EU Medical Device Regulation (MDR) CE certification for its MRI enhancement solution, 'SwiftMR™'. This certification allows AIRS Medical to sell its product across 27 EU countries, Turkey, EEA countries, Great Britain, and Switzerland. SwiftMR™ uses deep learning technology to enhance MRI image quality, reducing scan times by up to 50% and improving productivity without the need for additional scanner purchases or existing upgrades.
August 2022- AIRS Medical, a South Korean healthcare startup, has raised $20M in Series B funding, with new investors including Q Capital Partners and Hanwha Life. The company has developed and commercialized deep learning technology for MRI image reconstruction, resulting in SwiftMR™, an AI-powered software that improves patient experience and throughput. The company also acquired artiQ, an AI- and robotics-based startup, which shared the vision of a world without sickness. Klim Ventures continues to support the company since Series A.
May 2022- Korea-based Vuno Inc. has signed a memorandum of understanding (MOU) with Visual Medica, a major PACS company in Latin America. The agreement aims to integrate and promote four VUNO Med image diagnostic assistance AI solutions that have European CE certification. The four solutions will be showcased at the Colombian Conference of Radiology in Cartagena, Colombia, where VUNO will present a demo of the integrated solution. The partnership is expected to further develop VUNO's medical diagnostic and predictive technologies.

Market Segmentation
By Type
Closed
Open
By Application
Screening
Diagnosis
Treatment Monitoring
Research