South Korea Diagnostic Imaging Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

South Korea Diagnostic Imaging Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The South Korea diagnostic imaging market is expected to register a CAGR of nearly 5.6% during the forecast period (2022-2027).

The COVID-19 pandemic is expected to have a significant impact on the market. The COVID-19 pandemic has an impact on the demand for imaging diagnostics, in view of the potential benefits, such as reduced exposition of healthcare workers to infected patients, repeatability during follow-up, low costs, and easier application in low-resource settings, which might have a slightly positive impact on the diagnostic imaging market.

The major factors driving the South Korean diagnostic imaging market include technological advancements, the increasing prevalence of chronic diseases, and the rising geriatric population.

As the burden of chronic diseases grows, the overall growth of the studied market is also expected to rise in South Korea. As per the article titled "Prediction of Cancer Incidence and Mortality in Korea, 2022" published in PubMed Central, in 2022, it was concluded that in Korea, 81,277 cancer deaths and 274,488 new cancer cases are anticipated to occur in the year 2022As Thus, the number of diseases requiring imaging procedures, also increases. ​New models for therapy and diagnoses are being developed, which provide precise results, help in early detection of diseases, and help minimize the cost of treating these diseases. New imaging techniques that reveal greater anatomical details are available in most of the diagnostic labs and hospitals, which makes imaging procedures accessible to older population for early detection of diseases.

Furthermore, there will be a huge demand for imaging services for diagnosing chronic conditions, therefore, launches by key players are the major factor contributing to the market growth. in March 2021, a South Korean company, DRTECH launched three new innovative products for general radiography and mammography imaging, AIDIA; premium full-field digital mammography system at Korea International Medical & Hospital Equipment Show (KIMES) 2021. The rising product launch in the country will positively impact the market growth. Thus, owing to the factors mentioned above, the studied market is expected to see robust growth.

Key Market TrendsMagnetic Resonance Imaging (MRI) Segment is Expected to Account for the Largest Market Share

The MRI segment is set to dominate the diagnostic imaging market. Magnetic resonance imaging (MRI) is considered amongst the safest medical imaging procedures, as it does not involve the use of any harmful imaging agents. The factors contributing to the high growth of MRI in the country are growing technological advancements in MRI modality and widening the application of MRI in the medical field.

According to the Organisation for Economic Co-operation and Development (OECD), in 2020, the total number of MRI units per 1,000,000 inhabitants was 34.2 in South Korea. Moreover, the number of MRI scans jumped by 134.4 percent in 2020 from the previous year. As of 2020, the number of medical imaging tests per 1,000 people was 229.5 for CT and 167.8 for MRI, which is significantly higher than the OECD average of 151.4 and 80.4, respectively, according to the survey released by the Ministry of Health and Welfare. The number of magnetic resonance imaging (MRI) tests in South Korea is more than double the OECD average as more people go for expensive imaging even for light symptoms due to presence of country’s universal health insurance coverage.

Cancer is a major cause of morbidity and the most common cause of death in Korea. According to the Globocan 2020 data, there were around 230,317 new cases of cancer in 2020, which accounts for 88,597 death due to the same disease. Imaging plays an important role in detection, determining the stage and the precise locations of cancer to aid in directing surgery and other cancer treatments., which may further drive the market growth.

Competitive Landscape

The South Korean diagnostic imaging market is moderately competitive, owing to the presence of a few major players. The market players are focusing on R&D to develop technologically advanced products to reduce the cost and side effects associated with the products. The barriers for the new entrants are high in this industry, and hence, few major market players hold the maximum market share. The major players include GE Healthcare, Canon, Siemens Healthineers, Koninklijke Philips NV and FUJIFILM Holdings Corporation.

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