Market Size of South Korea Diagnostic Imaging Equipment Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.20 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South Korea Diagnostic Imaging Market Analysis
The South Korea diagnostic imaging market is expected to register a CAGR of nearly 5.6% during the forecast period (2022-2027).
The COVID-19 pandemic is expected to have a significant impact on the market. The COVID-19 pandemic has an impact on the demand for imaging diagnostics, in view of the potential benefits, such as reduced exposition of healthcare workers to infected patients, repeatability during follow-up, low costs, and easier application in low-resource settings, which might have a slightly positive impact on the diagnostic imaging market.
The major factors driving the South Korean diagnostic imaging market include technological advancements, the increasing prevalence of chronic diseases, and the rising geriatric population.
As the burden of chronic diseases grows, the overall growth of the studied market is also expected to rise in South Korea. As per the article titled "Prediction of Cancer Incidence and Mortality in Korea, 2022" published in PubMed Central, in 2022, it was concluded that in Korea, 81,277 cancer deaths and 274,488 new cancer cases are anticipated to occur in the year 2022As Thus, the number of diseases requiring imaging procedures, also increases. New models for therapy and diagnoses are being developed, which provide precise results, help in early detection of diseases, and help minimize the cost of treating these diseases. New imaging techniques that reveal greater anatomical details are available in most of the diagnostic labs and hospitals, which makes imaging procedures accessible to older population for early detection of diseases.
Furthermore, there will be a huge demand for imaging services for diagnosing chronic conditions, therefore, launches by key players are the major factor contributing to the market growth. in March 2021, a South Korean company, DRTECH launched three new innovative products for general radiography and mammography imaging, AIDIA; premium full-field digital mammography system at Korea International Medical & Hospital Equipment Show (KIMES) 2021. The rising product launch in the country will positively impact the market growth. Thus, owing to the factors mentioned above, the studied market is expected to see robust growth.
