In-Vitro Diagnostics Market, South Korea (By Technology, Application, Product, End User), Size, Share, Major Deals, Government Initiatives, Key Company Profiles, Revenue, Recent Developments - Forecast to 2030

South Korea In-Vitro Diagnostics Market (By Technology, Application, Product, End User), Size, Share, Major Deals, Government Initiatives, Key Company Profiles, Revenue, Recent Developments - Forecast to 2030

South Korea in-vitro diagnostics market is projected to reach US$ 5,014 Million by 2030, from US$ 3,466 Million in 2023. In-vitro diagnostics refers to the diagnosis of disease or other condition of the human body through the collection, preparation, and testing of human samples with reagents, instruments, and systems. South Korea is one of the emerging markets for in-vitro diagnostics. As in other countries, South Korea is facing the challenges of fighting with infectious disease including HBV, TB, HCV and HIV, as well as various chronic diseases and cancer. In-vitro diagnostics plays an important role in the detection of infectious and chronic diseases.

The rising geriatric population and the high burden of chronic and infectious diseases propels the growth of South Korea in-vitro diagnostics market, as these chronic disorders can be diagnosed and monitored using in-vitro diagnostics (IVD) products. Moreover, South Korean government is taking number of initiatives to improve the healthcare sector in the country. For instance, The Korean ‘Act on In Vitro Diagnostic Medical Devices’ came into effect on May 1, 2020, presenting an independent legal foundation to reinforce the IVD industry by promoting advanced technology to be applied promptly. Further, owing to the vast opportunities in this region, key players are coming up with market development strategies to leverage it.

Recent Developments

In January 2024, Seegene Inc. announced selection of Microsoft as a technology partner for its SG OneSystem business in London, UK, to realize 'a world free from all diseases'.
In January 2024, bioMérieux announced the acquisition of LUMED, a software company that has developed a clinical decision support system to help hospitals optimize antimicrobial prescriptions and monitor healthcare-associated infections.
In August 2023, Sysmex Corporation announced an expansion of the Global Business Partnership Agreement (GBPA) with Roche Diagnostics International Ltd.
In January 2023, SD Biosensor and SJL Partners completed transaction to acquire Meridian Bioscience.

By Technology: South Korea IVD Market – Key Takeaways

On technology basis, Immunoassay and Clinical Chemistry are the leading segments of the South Korea IVD market. Together they contributed nearly 60 percent to the total South Korea IVD market in 2023.
Molecular Diagnostics accounted for around 10 percent share of the South Korea IVD market in 2023.
POCT and SMBG segments are competing closely to grab maximum market share of the pie. POCT is transforming diagnostic practices through its convenience and efficiency.
Microbiology testing is witnessing growth due to technological advancements and increasing infectious disease incidences.
The growth of hematology market is attributed to factors such as the increasing incidences of blood disorders and other diseases, growing adoption of automated hematology instruments by diagnostic laboratories, the emergence of high throughput hematology analyzers, and the introduction of technologically advanced hematology instruments.

By Application: South Korea IVD Market – Key Takeaways

Based on application, Infectious diseases and Diabetes are the leading segments of the South Korea IVD market. Together they contributed around 55 percent to the total South Korea IVD market in 2023.
Oncology application segment held 3rd highest share of the South Korea IVD market in 2023, followed by cardiovascular diseases. In South Korea, around 273,076 new cancer cases are anticipated to occur in 2023.
Autoimmune Diseases was responsible for single digit share of the South Korea IVD market in 2023, while Nephrology held least share of the South Korea IVD market.

By Product: South Korea IVD Market – Key Takeaways

Reagents held largest share of the South Korea IVD market in 2023 and is expected to remain dominant over the forecast period, since reagents are a vital part of every in-vitro diagnostics test.
The instruments segment was responsible for a quarter share of the South Korea IVD market in 2023. The introduction of advanced instruments offers an excellent avenue for the segment's growth.
The software and services held least share of the South Korea IVD market.

By End User: South Korea IVD Market – Key Takeaways

Hospitals and Clinics held largest share of the South Korea IVD market in 2023, owing to large volume of diagnostic tests carried out in these settings.
Diagnostic Laboratories contributed nearly one third to the overall South Korea IVD market in 2023.

South Korea IVD Market – Key Company Profiles

Roche diagnostics division revenue declined to US$ 15,677 Million in 2023, following the sharp decline in demand for COVID-19-related tests.
In diagnostics business, Abbott's focus will be on driving sales growth from its Alinity suite of diagnostics instruments and its portfolio of rapid diagnostic testing system.
Seegene Inc. sales revenue increased by more than ninefold year-on-year in 2020.
In August 2023, Sysmex Corporation announced an expansion of the Global Business Partnership Agreement (GBPA) with Roche Diagnostics International Ltd.
SD BioSensor’s sales revenue rose 23-fold year-on-year in 2020.

iGATE RESEARCH report titled “South Korea In-Vitro Diagnostics Market (By Technology, Application, Product, End User), Size, Share, Major Deals, Government Initiatives, Key Company Profiles, Revenue, Recent Developments - Forecast to 2030” provides a comprehensive analysis of the South Korea In-Vitro Diagnostics (IVD) Market.

This 297 Pages report with 72 Figures and 9 Tables has been analyzed from 10 View Points:

1) South Korea In-Vitro Diagnostics Market and Forecast (2018 - 2030)
2) South Korea In-Vitro Diagnostics Market Share and Forecast (2018 - 2030)
3) By Technology - South Korea In-Vitro Diagnostics Market & Forecast (2018 - 2030)
4) By Application - South Korea In-Vitro Diagnostics Market & Forecast (2018 - 2030)
5) By Product - South Korea In-Vitro Diagnostics Market & Forecast (2018 - 2030)
6) By End User - South Korea In-Vitro Diagnostics Market & Forecast (2018 - 2030)
7) South Korea In-Vitro Diagnostics Market - Key Company Profiles (2014 - 2030)
8) In-Vitro Diagnostics (IVD) Market - Major Deals
9) In-Vitro Diagnostics (IVD) Market - Recent Developments
10) South Korea In-Vitro Diagnostics - Market Dynamics

By Technology - South Korea IVD Market and Forecast

1. Immunoassay
2. Clinical Chemistry
3. Hematology
4. Coagulation/Hemostasis
5. Microbiology
6. Molecular Diagnostics
7. Self-Monitoring of Blood Glucose (SMBG)
8. Point of Care Testing (POCT)
9. Others

By Application - South Korea IVD Market and Forecast

1. Infectious Diseases
2. Cardiovascular Diseases
3. Diabetes
4. Oncology
5. Nephrology
6. Autoimmune Diseases
7. Others

By Product - South Korea IVD Market and Forecast

Reagents
Instruments
Software and Services

By End User - South Korea IVD Market and Forecast

Hospitals and Clinics
Diagnostic Laboratories
Other End Users

South Korea IVD Market - Key Players Analysis

1. Roche
2. Abbott
3. Sysmex Corporation
4. Danaher Corporation
5. Thermo Fischer Scientific Inc.
6. Siemens Healthineers
7. Biomerieux SA
8. Bio-Rad Laboratories, Inc
9. Becton Dickinson and Company
10. Nihon Kohden Corporation
11. Seegene Inc.
12. SD Biosensor Inc.
13. Sugentech Inc.

Data Source

iGATE RESEARCH employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports. This report is built by using data and information sourced from Proprietary Information Database, Primary and Secondary Research Methodologies, and In house analysis by iGATE Research dedicated team of qualified professionals with deep industry experience and expertise.

Research Methodologies

Primary Research Methodologies:

Questionnaires, Surveys, Interviews with Individuals, Small Groups, Telephonic Interview, etc.

Secondary Research Methodologies:

Printable and Non-printable sources, Newspaper, Magazine and Journal Content, Government and NGO Statistics, white Papers, Information on the Web, Information from Agencies Such as Industry Bodies, Companies Annual Report, Government Agencies, Libraries and Local Councils and a large number of Paid Databases.