South Korea In Vitro Diagnostics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

South Korea In Vitro Diagnostics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The South Korea in-vitro diagnostics market was valued at USD 1,671.33 million in 2021, and it is expected to witness a revenue of USD 2,319.15 million in 2027, with a CAGR of 5.42% over the forecast period, 2022-2027.

The market studied has observed a positive impact of COVID-19 with the rising number of COVID-19 infections and product launches related to the diagnosis of COVID-19. For instance, the report titled "South Korea's Response to COVID-19", published in June 2021 concurrent with the Korea Centers for Disease Control and Prevention Agency (KDCA), stated that the commercial South Korean in-vitro diagnostic (IVD) test developers recognized the need to begin developing their own specific SARS-CoV-2 diagnostic tests in 2020 amid the pandemic. As a result, the country began developing infectious disease diagnostic test kits in January 2020. Several commercial test manufacturers had received government investments for diagnostic tests R&D. Due to these investments, the technologies developed within the country provided domestic manufacturers with the tools they needed to quickly develop SARS-CoV-2 molecular diagnostic tests to support government testing efforts. Thus, the onset of the outbreak is estimated to have a positive impact on the growth of the market and is likely to continue throughout the pandemic phase.

Furthermore, the major factors driving the market's growth include the growing burden of chronic disease; increasing use of point-of-care diagnostics; and increasing awareness and acceptance of personalized medicine and companion diagnostics.

The growing burden of diseases is a major factor driving the market growth in South Korea. For instance, 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 2022. Thyroid cancer is predicted to be the most common type of cancer, followed by the lung, colon and rectum, breast, and stomach. As in-vitro diagnostic products are used in the early diagnosis of cancer, the growing burden of cancer in South Korea is driving the market growth within the country. Furthermore, as per the International Diabetes Federation 10th Edition 2021, 3,511.8 thousand South Koreans were suffering from diabetes in 2021 and the number is estimated to reach 3,860.9 thousand by the year 2045. Hence, as in-vitro diagnostics play a crucial role in the detection of diabetes, the anticipated increase in the prevalence of diabetes is a major factor driving the market growth.

Hence, with such factors taken into consideration, the growing burden of chronic diseases is expected to accelerate the market's growth. However, stringent regulations about in-vitro diagnostics are one of the major factors hindering the market's growth in South Korea.

Key Market TrendsReagents are Expected to Hold the Major Share Over the Forecast Period

By product, the reagent segment is anticipated to witness lucrative growth over the forecast period. The reagents segment of the market studied includes chemical, biological, or immunological components, solutions, or preparations intended by the manufacturers to be used during the in-vitro diagnosis process.

The outbreak of COVID-19 has fueled the demand for in-vitro diagnostic reagents as several market players in the country are engaged in the implementation of strategic initiatives, thereby contributing to market growth. For instance, in September 2021, Seegene launched the Novaplex SARS-CoV-2 Variants V Assay, a new concept diagnostic reagent that detects the Delta and Lambda variants. Such developments are likely to supplement the market's growth throughout the analysis period.

Furthermore, as per the data published by National Statistical Office Korea, in 2021, 16.5 percent of the total population was 65 years of age or older due to the rapidly aging society. The percentage is anticipated to rise, even more, reaching 20.3 percent in 2025 and 43.9 percent in 2060. With the increasing burden of the geriatric population in the country, the burden of chronic diseases in South Korea is also expected to rise, which, in turn, is anticipated to drive the demand for IVD tests used in diagnosing chronic diseases. As a result, the use of reagents across the various IVD testing platforms is also anticipated to increase over the coming years.

Thus, due to the above-mentioned factors, the segment is anticipated to witness significant growth over the forecast period.

Competitive Landscape

The South Korea In-Vitro Diagnostics market is moderately competitive and consists of a number of major players. Companies like Abbott Laboratories, Becton, Dickinson and Company, Bio-Rad Laboratories Inc., Danaher Corporation, Roche Diagnostics, Siemens Healthcare, and Sysmex Corporation, among others, hold a substantial market share in the South Korea in-vitro diagnostics market.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.