South Korea Diagnostic Imaging Market

South Korea Diagnostic Imaging Market By Type (X-Ray Imaging Solutions, Ultrasound Systems, MRI Systems, CT Scanners, Nuclear Imaging Solutions), By Mobility (Portable v/s Standalone), By Source (Domestic v/s Import), By Application (Cardiology, Oncology, Neurology, Orthopedics, Gastroenterology, Gynecology, Others), By End User (Hospitals & Clinics, Diagnostic Centers, Ambulatory Care Centers, Others), By Region, Competition Forecast & Opportunities, 2018-2028F

South Korea Diagnostic Imaging Market is anticipated to witness robust growth with an impressive CAGR in the forecast period 2024-2028. This can be attributed to growing technological advancements, a growing geriatric population, and the rising prevalence of associated diseases. Several startup companies are combining AI and machine learning techniques into medical diagnostics to ensure better and faster diagnoses, thereby accelerating the growth of the South Korea Diagnostic Imaging Market.

Medical images, such as X-rays, CT scans, and MRIs, can be analyzed by AI algorithms to help detect and diagnose a variety of illnesses. Large datasets of annotated medical images can be used to train machine learning models to discover patterns and identify abnormalities. This can make it easier and more accurate for South Korean radiologists and medical professionals to identify illnesses like cancer, cardiovascular issues, and neurological disorders.

The interpretation of medical images by radiologists is aided by AI-based CAD solutions. With the use of these tools, radiologists can focus their attention on specific sections of an image by automatically highlighting areas of concern or abnormalities. Machine learning algorithms can help CAD systems continuously learn from novel circumstances and improve their performance over time.

Additionally, the expansion of the South Korea Diagnostic Imaging Market is being influenced by the rise in chronic diseases. Lunit Inc. recently collaborated with military hospitals and the largest healthcare network in the UAE to provide AI-based X-ray and mammography analytical techniques to over 1000 institutions.

For patients to have better outcomes, early detection of diseases and diagnosis are essential. Early diagnosis enables immediate treatment interventions, improving prognoses and increasing the likelihood of an effective course of therapy. The demand for diagnostic imaging services rises as a result of people becoming more aware of this benefit and seeking out routine check-ups and screenings.

However, the future expansion of the South Korea diagnostic imaging market is being hampered by the lack of qualified experts (radiologists) to operate diagnostic imaging technologies and the high cost of these devices.

Technological Advancements

New businesses are producing diagnostic imaging equipment by combining AI and machine learning into the manufacturing process. Recently, Guardant Health and a South Korean medical software startup company, Lunit, merged to improve biomarker detection. To improve the precision of biomarker discovery, Guardant Health has incorporated Lunit SCOPE PD-L1, an AI-based PD-L1 score algorithm, into the Guardant360 TissueNextTM PD-L1 test for non-small cell lung cancer (NSCLC). The introduction of new diagnostic imaging technologies will likely have an impact on the growth of the South Korea diagnostic imaging market. A premium full-field digital mammography system called AIDIA was introduced at the Korea International Medical & Hospital Equipment Show (KIMES) in 2021. This product is for general radiography and mammography imaging. The rising product launch in South Korea is also supporting market expansion.

Increasing Prevalence of Chronic Diseases

Due to a sharp rise in the frequency of chronic diseases over the past several years, they now constitute six of the top 10 causes of death in South Korea. This has led to the increased popularity of chronic sickness treatment in the country. The government is implementing several pilot programs based on the "Act on the Prevention and Management of Cardiovascular Diseases" to manage and prevent chronic diseases.

Various chronic diseases are becoming increasingly common today, particularly among individuals aged 40 to 70. The prevalence of chronic diseases is rising as the population ages, and comorbidity, the presence of multiple chronic illnesses in one patient, is also on the rise. Regardless of the disease type, a patient is considered to have multiple chronic diseases (MCD) if they are managing two or more chronic ailments simultaneously. However, comorbidity differs from having multiple chronic conditions. As the population ages, chronic degenerative diseases become more prevalent in South Korea. By 2050, the number of elderly people is projected to increase by 38% compared to 2014. Due to the lack of financial incentives for preventive therapy, the majority of healthcare practitioners in South Korea tend to treat patients using curative rather than preventative methods. Before starting therapy, patients must undergo evaluation at diagnostic laboratories using diagnostic imaging equipment, which will drive the market growth for diagnostic imaging in South Korea in the coming years.

Market Segmentation

South Korea Diagnostic Imaging Market can be segmented by type, by mobility, by source, by application, by end user, by region and competitive landscape. Based on type, the market can be divided into X-Ray Imaging Solutions, Ultrasound Systems, MRI Systems, CT Scanners, and Nuclear Imaging Solutions. Based on mobility, the market is divided into Portable and Standalone. Based on source, the market is divided into Domestic and Import. Based on application, the market is divided into Cardiology, Oncology, Neurology, Orthopedics, Gastroenterology, Gynecology and Others. Based on end user, the market is divided into Hospitals & Clinics, Diagnostic Centers, Ambulatory Care Centers, and Others.

Market Players

FUJIFILM Holdings Corp, GE Healthcare Korea Co Ltd, Koninklijke Philips N.V, Siemens Healthineers, Canon Medical Systems Korea, F. Hoffmann-La Roche AG, Bio-Rad Laboratories, Inc., Abbott Korea Ltd., Fisher Scientific Korea Ltd., DR TECH CORP are some of the leading players operating in the South Korea Diagnostic Imaging Market.

Report Scope:

In this report, South Korea Diagnostic Imaging Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

• South Korea Diagnostic Imaging Market, By Type:
• X-Ray Imaging Solutions
• Ultrasound Systems
• MRI Systems
• CT Scanners
• Nuclear Imaging Solutions
• South Korea Diagnostic Imaging Market, By Mobility:
• Portable
• Standalone
• South Korea Diagnostic Imaging Market, By Source:
• Domestic
• Import
• South Korea Diagnostic Imaging Market, By Application:
• Cardiology
• Oncology
• Neurology
• Orthopedics
• Gastroenterology
• Gynecology
• Others
• South Korea Diagnostic Imaging Market, By End User:
• Hospitals & Clinics
• Diagnostic Centers
• Ambulatory Care Centers
• Others

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in South Korea Diagnostic Imaging Market.

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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