Dublin, March 15, 2024 (GLOBE NEWSWIRE) -- The "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" report has been added to ResearchAndMarkets.com's offering.
South Korea's in-vitro diagnostics market is projected to reach US$ 5,014 Million by 2030, from US$ 3,466 Million in 2023
The rising geriatric population and the high burden of chronic and infectious diseases propel the growth of South Korea's in-vitro diagnostics market, as these chronic disorders can be diagnosed and monitored using in-vitro diagnostics (IVD) products. Moreover, the South Korean government is taking a 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 the 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, bioMerieux 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 a transaction to acquire Meridian Bioscience.
- By Technology: South Korea IVD Market - Key Takeaways
- On a technology basis, Immunoassay and Clinical Chemistry are the leading segments of the South Korean IVD market. Together they contributed nearly 60 percent to the total South Korea IVD market in 2023.
- Molecular Diagnostics accounted for around 10 percent of the South Korean IVD market in 2023.
- POCT and SMBG segments are competing closely to grab the 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 the hematology market is attributed to factors such as the increasing incidences of blood disorders and other diseases, the 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 Korean IVD market. Together they contributed around 55 percent to the total South Korea IVD market in 2023.
- The oncology application segment held 3rd highest share of the South Korean 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 were responsible for a single digit share of the South Korean IVD market in 2023, while Nephrology held the least share of the South Korean IVD market.
By Product: South Korea IVD Market - Key Takeaways
- Reagents held the largest share of the South Korean IVD market in 2023 and are 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 Korean IVD market in 2023. The introduction of advanced instruments offers an excellent avenue for the segment's growth.
- The software and services held the least share of the South Korean IVD market.
By End User: South Korea IVD Market - Key Takeaways
- Hospitals and Clinics held the largest share of the South Korean IVD market in 2023, owing to the large volume of diagnostic tests carried out in these settings.
- Diagnostic Laboratories contributed nearly one-third to the overall South Korean 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 the 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 systems.
- Seegene Inc.'s 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.
This 297 Pages report with 72 Figures and 9 Tables has been analyzed from 10 View Points:
- South Korea In-Vitro Diagnostics Market and Forecast (2018 - 2030)
- South Korea In-Vitro Diagnostics Market Share and Forecast (2018 - 2030)
- By Technology - South Korea In-Vitro Diagnostics Market & Forecast (2018 - 2030)
- By Application - South Korea In-Vitro Diagnostics Market & Forecast (2018 - 2030)
- By Product - South Korea In-Vitro Diagnostics Market & Forecast (2018 - 2030)
- By End User - South Korea In-Vitro Diagnostics Market & Forecast (2018 - 2030)
- South Korea In-Vitro Diagnostics Market - Key Company Profiles (2014 - 2030)
- In-Vitro Diagnostics (IVD) Market - Major Deals
- In-Vitro Diagnostics (IVD) Market - Recent Developments
- South Korea In-Vitro Diagnostics - Market Dynamics
South Korea IVD Market - Key Players Analysis
- Roche
- Abbott
- Sysmex Corporation
- Danaher Corporation
- Thermo Fischer Scientific Inc.
- Siemens Healthineers
- Biomerieux SA
- Bio-Rad Laboratories, Inc
- Becton Dickinson and Company
- Nihon Kohden Corporation
- Seegene Inc.
- SD Biosensor Inc.
- Sugentech Inc.
By Technology - South Korea IVD Market and Forecast
- Immunoassay
- Clinical Chemistry
- Hematology
- Coagulation/Hemostasis
- Microbiology
- Molecular Diagnostics
- Self-Monitoring of Blood Glucose (SMBG)
- Point of Care Testing (POCT)
- Others
By Application - South Korea IVD Market and Forecast
- Infectious Diseases
- Cardiovascular Diseases
- Diabetes
- Oncology
- Nephrology
- Autoimmune Diseases
- 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
For more information about this report visit https://www.researchandmarkets.com/r/5lueue
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