Saudi Arabia Augmented Reality in Healthcare Market Assessment, By Component [Hardware, Software], By Product [AR Displays, AR Sensors, AR Input Devices, AR Semiconductors, Others], By Device Type [Head-Mounted Devices, Handheld Devices, Others], By Appli

Saudi Arabia Augmented Reality in Healthcare Market Assessment, By Component [Hardware, Software], By Product [AR Displays, AR Sensors, AR Input Devices, AR Semiconductors, Others], By Device Type [Head-Mounted Devices, Handheld Devices, Others], By Application [Medical Training, Surgery Virtualization, Medical Imaging, Diagnosis and Treatment, Drug Information, Vein Visualization, Patient Self-Care, Others], By End-user [Hospitals and Clinics, Research Laboratories, Academic Institutions, Others], By Region, Opportunities and Forecast, 2017-2031F

South Korea life science tools market is projected to witness a CAGR of 10.36% during the forecast period 2024-2031, growing from USD 13.58 billion in 2023 to USD 29.89 billion in 2031. The demand for life science tools is anticipated to increase during the forecast period owing to robust developments in research and development and tremendous opportunities for technical advancements.

South Korea has emerged as a global leader in the life sciences industry, with a strong focus on biotechnology and medical devices. The country's life science tools market is expected to grow significantly in the coming years, driven by factors such as government support, increasing R&D investments, and a growing emphasis on healthcare. The robust network of educational institutions and universities across the country favors the industry-academia collaboration for intimidating R&D scenarios. South Korea boasts over 20 life sciences clusters nationwide, with high-tech medical complexes in Daegu and biotech ventures gravitating to cities near Seoul, further raising the demand for life science tools. The combination of government support, rapid growth of the biotechnology industry, establishment of life sciences clusters, and increasing global demand for life science tools drives the growth in demand for life science equipment in South Korea. Moreover, strategic product launches by market players validate their share in the market.

Flourishing Life Sciences Industry in South Korea

South Korea's life sciences industry has seen significant growth in recent years, driven by its advanced research capabilities, strong intellectual property protection, and robust regulatory framework. The country has a well-established ecosystem that includes research institutes, universities, and private companies, all leading the way in scientific and technological advancements. Additionally, South Korea has a highly skilled and educated workforce, with a strong emphasis on STEM education, ensuring a steady supply of talent to drive innovation and research in the life sciences sector. All these factors foster a favorable environment for driving demand for life science tools in the country. New government policies also favor market growth; for instance, in November 2023, the Ministry of Science and ICT (MSIT) announced the ‘National Synthetic Biology Initiative’ to nurture synthetic biology and enhance innovative capabilities in biomanufacturing. Such initiatives boost life science research and drive market growth for life science tools.

Industry-Academia Collaboration to Fasten the Market Growth

South Korea is host to more than 200 universities with promising research and innovations in the pipeline. These academic institutions collaborate with industry players to obtain funding and easily commercialize their research products. As these collaborations strengthen and increase in number in upcoming years, the demand for life science tools and equipment is anticipated to rise further. The symbiotic relationship between both parties benefits each other, as the industry partner gets bright minds for research and research facilities while the academia partner gets the required funding to carry out the research.

For instance, in June 2024, Syensqo SA renewed its partnership with Ewha Womans University in South Korea, which existed before the demerger of Syensqo from the Solvay group. This collaboration aims to promote research cooperation and provide support to the next generations of female scientists. Business activities in the research center established in Ewha’s University-Industry Cooperation Building will continue under the Syensqo brand name following ten years of successful collaboration with Solvay.

Healthcare Organizations to be the Major End-users

Healthcare organizations like hospitals, diagnostic laboratories, clinics, and many more are anticipated to cover the major market share of the South Korea life science tools market. These organizations are the major sites for diagnosis and therapeutics, thus utilizing a large amount of life science tools. The growing use of proteomic and genomic workflows in hospitals for diagnosing and treating various clinical conditions is expected to fuel market growth. The healthcare sector is expanding primarily due to the widespread use and demand for hospital tissue diagnostic solutions. Clinicians increasingly choose tissue-based diagnostic tests over traditional methods because of their quick turnaround time. Integrating genomic sequencing in hospitals and clinical settings is expected to improve patient care and reduce healthcare costs. This advancement is anticipated to drive rapid growth in the healthcare sector.

Consumables Segment to Cover Major Market

The consumables segment is anticipated to cover the major market of life science tools owing to the repeated revenue from consumables, as these are required to be replaced frequently. At the same time, the devices or instruments are usually purchased once and have longer lifecycles. The growing research scenario, developing biopharmaceutical companies, and high investment in R&D further increase the market share of the consumables segment. Market players are also leveraging this dominance to generate high revenue. For instance, in December 2023, Tomocube Inc. announced the launch of its latest innovation: the HT-ready 96 Well Plate. This plate is designed to revolutionize high-content analysis and high-throughput experiments. Specifically created for use with Tomocube’s HT-X1, the HT-ready 96 Well Plate sets a new benchmark in high-content analysis. This innovative black 96-well plate is ideal for various cell culture conditions and is optimized for inverted microscopy, including holotomography, confocal microscopy, and fluorescence microscopy.

Future Market Scenario (2024-2031F)

South Korea is situated on the southern part of the Korean Peninsula, bordered by the Yellow Sea to the west and the Sea of Japan to the east. This strategic location allows for easy access to major Asian markets, facilitating international collaboration and partnerships in life sciences. Proximity to countries like China and Japan, also advancing in biotechnology and health sciences, creates opportunities for cross-border research initiatives and knowledge exchange. This favors the overall market demand growth of South Korea life sciences tools. With changing geopolitical and international trade, South Korea's strategic position will help it emerge as a major exporter in the future.

Key Players Landscape and Outlook

The South Korea life science tools market is dominated by regional subsidiaries of global players like Agilent Technologies, QIAGEN, and many more. These companies are involved in various segments of the life science tools market, including genomic technology, proteomics technology, and cell biology technology, which are pivotal for research and development in biopharmaceuticals and diagnostics.

In April 2023, MGI Tech Co. Ltd., a company dedicated to developing core tools and technology for the advancement of life sciences, inaugurated its Customer Experience Center (CEC) in South Korea. In collaboration with one of the nation's leading companies in life science technology, Bio-Medical Science Co., Ltd., the new CEC located in Cheonan aims to offer local customers and partners direct access to MGI's state-of-the-art products.