South Korea In Vitro Diagnostics Market Size (2024 - 2029)

The in vitro diagnostics market in South Korea is projected to experience notable growth, driven by an increasing burden of chronic diseases, a rising use of point-of-care diagnostics, and heightened awareness and acceptance of personalized medicine and companion diagnostics. The market's expansion is further supported by technological advancements that enhance the efficiency and cost-effectiveness of diagnostic tests. Despite these positive trends, the market's development may face challenges due to stringent regulatory requirements.

Market Size of South Korea In Vitro Diagnostics Industry

South Korea In Vitro Diagnostics Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Market Size (2024) USD 1.99 Billion
Market Size (2029) USD 2.59 Billion
CAGR (2024 - 2029) 5.42 %

Major Players

South Korea In Vitro Diagnostics Market Major Players

*Disclaimer: Major Players sorted in no particular order

South Korea In Vitro Diagnostic Market Analysis

The South Korea In Vitro Diagnostics Market size is estimated at USD 1.99 billion in 2024, and is expected to reach USD 2.59 billion by 2029, growing at a CAGR of 5.42% during the forecast period (2024-2029).

The COVID-19 pandemic significantly impacted South Korea's in-vitro diagnostic market. For instance, an article published by ERMPS in January 2022 reported the high prevalence of infectious diseases in South Korea during the COVID-19 pandemic. Thus, initially, the high prevalence of infectious diseases and increasing COVID-19 cases in South Korea surged the demand for IVD in the country. In the current scenario, it is anticipated with a substantial decrease in COVID-19 cases due to the increase in COVID-19 vaccination; the demand for IVD kits may get reduced as compared to the initial pandemic times. However, due to the growing burden of other infectious and chronic diseases, the studied market is expected to witness stable growth over the next 3-4 years.

The factors that are driving the growth of the studied market are:

  • The growing burden of chronic disease.
  • Increasing use of point-of-care diagnostics.
  • Raising awareness and acceptance of personalized medicine and companion diagnostics.

For instance, an article published in the journal Cancer Res Treat. in April 2022 reported that 274,488 new cancer cases are anticipated to occur in 2022. The most common cancer site is expected to be the thyroid, followed by the lung, colon and rectum, breast, and stomach. These five cancers are expected to represent half of Korea's overall cancer burden. Thus, the high prevalence of chronic diseases like cancer is increasing the demand for IVD testing, thereby driving the growth of the studied market.

Moreover, with the technological advancement in the various in-vitro diagnostics technologies, the use of these tests is increasing rapidly due to better results in less time and cost, thus driving South Korea's IVD market. For instance, in January 2022, South Korea's molecular diagnostic company, Seegene Inc., launched the Allplex SARS-CoV-2 fast PCR assay, which can deliver PCR results in just 60 minutes. Thus, such product launches are propelling the growth of the studied market.

Furthermore, the increasing awareness and acceptance of personalized medicine and companion diagnostics are fueling the studied market's growth. For instance, in June 2022, Agilent Technologies Inc reported South Korea's MFDS had approved the company's PD-L1 IHC 22C3 pharmDx as a companion diagnostic (CDx). It will identify patients with non-small cell lung cancer suitable for first-line monotherapy with KEYTRUDA (pembrolizumab) on the Dako Omnis platform. Thus, such approvals and product launches are fueling South Korea's IVD market.

So, due to the growing burden of chronic diseases, increasing use of point-of-care diagnostics, and increasing awareness and acceptance of personalized medicine and companion diagnostics, the studied market is expected to witness significant growth over the forecast period. However, stringent regulations may slow down the development of the studied market.

South Korea In Vitro Diagnostic Industry Segmentation

As per the scope of this report, in vitro diagnostics involves medical devices and consumables utilized to perform in vitro tests on various biological samples. Doctors use them for different medical conditions diagnosis, such as chronic diseases. South Korea's In Vitro Diagnostic Market is segmented by test type (clinical chemistry, molecular diagnostics, immune diagnostics, hematology, and other test types), product (instrument, reagent, and other products), applications (infectious disease, diabetes, cancer/oncology, cardiology, nephrology, and other applications), and end users (diagnostic laboratories, hospitals, and clinics and other end users). The report offers the value in ( USD million) for the above segments.

By Test Type
Clinical Chemistry
Molecular Diagnostics
Immuno Diagnostics
Haematology
Other Types
By Product
Instrument
Reagent
Other Products
By Application
Infectious Disease
Diabetes
Cancer/Oncology
Cardiology
Nephrology
Other Applications
By End User
Diagnostic Laboratories
Hospitals and Clinics
Other End Users
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South Korea In Vitro Diagnostics Market Size Summary

The South Korean in vitro diagnostics (IVD) market is poised for steady growth, driven by the increasing prevalence of chronic diseases and the rising adoption of point-of-care diagnostics. The market experienced a surge in demand during the COVID-19 pandemic due to the high prevalence of infectious diseases, but this demand is expected to stabilize as vaccination rates increase. Technological advancements in IVD technologies, such as rapid PCR assays, are enhancing the efficiency and cost-effectiveness of diagnostics, further propelling market growth. The growing awareness and acceptance of personalized medicine and companion diagnostics are also contributing to the market's expansion, with regulatory approvals and product launches supporting this trend.

The market's competitive landscape is characterized by the presence of both international and local players, including major companies like Abbott Laboratories, Siemens Healthineers, and Seegene Inc. The reagent segment is anticipated to witness significant growth due to the increasing use of chemical, biological, and immunological components in diagnostics. The rising geriatric population and the burden of chronic diseases, particularly cancer, are expected to drive demand for IVD tests. Government initiatives and programs aimed at cancer control are further supporting market growth. Overall, the South Korean IVD market is expected to experience moderate competition and continued expansion over the forecast period.

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South Korea In Vitro Diagnostics Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Growing Burden of Chronic Diseases

      2. 1.2.2 Increasing Use of Point-of-Care Diagnostics

      3. 1.2.3 Increasing Awareness and Acceptance of Personalized Medicine and Companion Diagnostics

    3. 1.3 Market Restraints

      1. 1.3.1 Stringent Regulations

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size by Value- USD million)

    1. 2.1 By Test Type

      1. 2.1.1 Clinical Chemistry

      2. 2.1.2 Molecular Diagnostics

      3. 2.1.3 Immuno Diagnostics

      4. 2.1.4 Haematology

      5. 2.1.5 Other Types

    2. 2.2 By Product

      1. 2.2.1 Instrument

      2. 2.2.2 Reagent

      3. 2.2.3 Other Products

    3. 2.3 By Application

      1. 2.3.1 Infectious Disease

      2. 2.3.2 Diabetes

      3. 2.3.3 Cancer/Oncology

      4. 2.3.4 Cardiology

      5. 2.3.5 Nephrology

      6. 2.3.6 Other Applications

    4. 2.4 By End User

      1. 2.4.1 Diagnostic Laboratories

      2. 2.4.2 Hospitals and Clinics

      3. 2.4.3 Other End Users

South Korea In Vitro Diagnostics Market Size FAQs

The South Korea In Vitro Diagnostics Market size is expected to reach USD 1.99 billion in 2024 and grow at a CAGR of 5.42% to reach USD 2.59 billion by 2029.

In 2024, the South Korea In Vitro Diagnostics Market size is expected to reach USD 1.99 billion.

South Korea In Vitro Diagnostic Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)