South Korea In-Vitro Diagnostics (IVD) Market Report 2023: A $3.7 Billion Market by 2028 - Rising Incidence of Various Infectious and Chronic Diseases Drives Demand

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Jun 16, 2023, 19:00 ET

DUBLIN, June 16, 2023 /PRNewswire/ -- The "South Korea In-Vitro Diagnostics (IVD) Market (By Technology, Application, Product, End User), Size, Share, Major Deals, Key Players Analysis, Government Initiatives, Recent Developments - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

South Korea In-Vitro Diagnostics (IVD) market is predicted to reach US$ 3.7 Billion by 2028

South Korea is one of the emerging markets for in vitro diagnostics (IVD). As in other countries, South Korea is facing the challenges of fighting with infectious disease including HBV, TB, HCV, COVID-19 and HIV, as well as various chronic disease and cancer.

In-vitro diagnostics (IVDs) play an important role in the detection of infectious and chronic diseases. In vitro diagnosis refers to the diagnosis of diseases or other condition of the human body through the collection, preparation, and testing of human samples with reagents, instruments, and systems.

Backed by the growing geriatric population and the high burden of chronic and infectious diseases, like diabetes, cancer, and COVID-19, the South Korea IVD market is slated to show significant growth, 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.

South Korea In-Vitro Diagnostics (IVD) Market - Driving Factors

Government Initiatives Drives In-Vitro Diagnostics (IVD) Market
South Korea - Act on In Vitro Diagnostic Medical Devices
South Korea - Classification of In Vitro Diagnostic Medical Devices
Rising Incidence of Various Infectious and Chronic Diseases
Expanding Elderly Population Segment
Technology Advancement Spurring the IVD Market

South Korea In-Vitro Diagnostics (IVD) Market - Challenges

Operational Barriers Faced in Conducting Diagnostic Tests
Regulatory Challenges

Recent Developments

In June 2023, Seegene Inc. obtained the European Union's In Vitro Diagnostic Medical Device Regulation (IVDR) certification for 30 diagnostic assays.
In January 2023, SD Biosensor and SJL Partners completed transaction to acquire Meridian Bioscience.
In December 2022, bioMerieux announced the CE-marking of VIDAS KUBE, the next generation automated immunoassay system for the VIDAS range.
In July 2022, DiaCarta Inc. received CE-IVD Mark for its newly developed QuantiVirus SARS-CoV-2 & Flu A/B test.

By Technology South Korea IVD Market - Key Takeaway

On technology basis, Immunoassay and Clinical Chemistry are the leading segment of the South Korea IVD market. In 2022, they contributed over 60 percent to the total South Korea IVD market.
Molecular Diagnostics was responsible for 3rd highest share of the South Korea IVD market.
Hematology and Self-Monitoring of Blood Glucose (SMBG) segments are competing closely to grab maximum market share of the pie.
Point of Care Testing (POCT) segment held least share of the South Korea IVD market.

By Application South Korea IVD Market - Key Takeaway

Based on application, Infectious diseases and Diabetes are the leading segment of the South Korea IVD market. Together they contributed over 50 percent to the total South Korea IVD market.
Oncology application segment held 3rd highest share of the South Korea IVD market in 2022, followed by cardiovascular diseases.
Autoimmune Diseases was responsible for single digit share of the South Korea IVD market in 2022, while Nephrology held least share of the South Korea IVD market.

By Product South Korea IVD Market - Key Takeaway

Reagents held largest share of the South Korea IVD market in 2022 and is expected to remain dominant over the forecast period.
The instruments segment was responsible for nearly a quarter of the South Korea IVD market in 2022.
The software and services held least share of the South Korea IVD market.

By End User South Korea IVD Market - Key Takeaway

Hospitals and Clinics was responsible for lion's share of the South Korea IVD market in 2022.
Diagnostic Laboratories contributed nearly one third to the overall South Korea IVD market in 2022.

Company Analysis

In 2022, Roche diagnostics division generated revenues worth US$ 19,708 Million.
In the diagnostics business, Abbott will focus 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 May 2023, Siemens Healthineers announced the launch of next-gen hematology analyzers: Atellica HEMA 570 Analyzer and the Atellica HEMA 580 Analyzer.
SD BioSensor's sales revenue rose 23-fold year-on-year in 2020.

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.

Key Topics Covered:

1. Executive Summary

2. South Korea In-Vitro Diagnostics (IVD) Market and Forecast (2018 - 2028)

3. South Korea In-Vitro Diagnostics (IVD) Market Share and Forecast (2018 - 2028)
3.1 By Technology - South Korea In-Vitro Diagnostics (IVD) Market Share and Forecast
3.2 By Application - South Korea In-Vitro Diagnostics (IVD) Market Share and Forecast
3.3 By Product - South Korea In-Vitro Diagnostics (IVD) Market Share and Forecast
3.4 By End User - South Korea In-Vitro Diagnostics (IVD) Market Share and Forecast

4. By Technology - South Korea In-Vitro Diagnostics (IVD) Market and Forecast (2018 - 2028)
4.1 South Korea - Immunoassay Market and Forecast
4.2 South Korea - Clinical Chemistry Market and Forecast
4.3 South Korea - Hematology Market and Forecast
4.4 South Korea - Coagulation/Hemostasis Market and Forecast
4.5 South Korea - Microbiology Market and Forecast
4.6 South Korea - Molecular Diagnostics Market and Forecast
4.7 South Korea - Self Monitoring of Blood Glucose (SMBG) Market and Forecast
4.8 South Korea - Point of Care Testing (POCT) Market and Forecast
4.9 South Korea - Others Market and Forecast

5. By Application - South Korea In-Vitro Diagnostics (IVD) Market and Forecast (2018 - 2028)
5.1 South Korea - Infectious Diseases Market and Forecast
5.2 South Korea - Cardiovascular Diseases Market and Forecast
5.3 South Korea - Diabetes Market and Forecast
5.4 South Korea - Oncology Market and Forecast
5.5 South Korea - Nephrology Market and Forecast
5.6 South Korea - Autoimmune Diseases Market and Forecast
5.7 South Korea - Others Market and Forecast

6. By Product - South Korea In-Vitro Diagnostics (IVD) Market and Forecast (2018 - 2028)
6.1 South Korea In-Vitro Diagnostics - Reagents Market and Forecast
6.2 South Korea In-Vitro Diagnostics - Instruments Market and Forecast
6.3 South Korea In-Vitro Diagnostics - Software and Services Market and Forecast

7. By End User - South Korea In-Vitro Diagnostics (IVD) Market and Forecast (2018 - 2028)
7.1 South Korea In-Vitro Diagnostics - Hospitals and Clinics Market and Forecast
7.2 South Korea In-Vitro Diagnostics - Diagnostic Laboratories Market and Forecast
7.3 South Korea In-Vitro Diagnostics - Other End Users Market and Forecast

8. South Korea IVD Market - Key Players Analysis (2014 - 2028)
8.1 Company Overview
8.2 Recent Developments
8.3 Diagnostics Revenue and Forecasts

9. In-Vitro Diagnostics (IVD) Market - Major Deals
9.1 2023
9.2 2022
9.3 2021
9.4 2020
9.5 2019

10. In-Vitro Diagnostics (IVD) Market - Recent Developments

For more information about this report visit https://www.researchandmarkets.com/r/k5msv

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