Market Trends of South Korea Diagnostic Imaging Equipment Industry
This section covers the major market trends shaping the South Korea Diagnostic Imaging Equipment Market according to our research experts:
Magnetic 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.
