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South Korea In-vitro Diagnostics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
The South Korea In-vitro Diagnostics Market is segmented by Test Type, Product (Instrument, Reagent, and Other Products), Application, and End User.
- ABOUT THIS REPORT
- Market Snapshot
- Market Overview
- Scope of the Report
- Key Market Trends
- Competitive Landscape
- Major Players
- TABLE OF CONTENTS
Market Snapshot
Study Period:
2018 - 2026
Base Year:
2020
CAGR:
5.4 %
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Market Overview
The South Korean in-vitro diagnostics market is expected to witness a CAGR of 5.4% during the forecast period. Certain factors that are driving the market growth include the high prevalence of chronic diseases, increasing use of point-of-care (POC) diagnostics, advanced technologies, and increasing awareness and acceptance of personalized medicine and companion diagnostics.
- According to the Ministry of Health and Welfare, chronic illness accounts for the majority of ailments in South Korea, a condition worsened by the healthcare system’s focus on treatment relatively more than prevention. South Korean adults run the risk of chronic diseases due to an unhealthy diet, a report from a state-run agency showed.
- According to the “Public Health Weekly Report” published in 2018 by the Korea Centers for Disease Control and Prevention, Koreans eat much less than the recommended daily intake of nuts and seeds, calcium, milk, vegetables, and fruits. On the other hand, they eat much more than the recommended amount of red meat, processed meat, and sugar-sweetened beverages. This can result in various chronic diseases, which is expected to supplement the growth of the market.
Scope of the Report
As per the scope of this report, in-vitro diagnostics involves medical devices and consumables that are utilized to perform in-vitro tests on various biological samples. They are used for the diagnosis of various medical conditions, such as chronic diseases.
| By Test Type | |
| Clinical Chemistry | |
| Molecular Diagnostics | |
| Immuno Diagnostics | |
| Haematology | |
| Other Types |
| Product | |
| Instrument | |
| Reagent | |
| Other Products |
| Application | |
| Infectious Disease | |
| Diabetes | |
| Cancer/Oncology | |
| Cardiology | |
| Nephrology | |
| Other Applications |
| End Users | |
| Diagnostic Laboratories | |
| Hospitals and Clinics | |
| Other End Users |
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Key Market Trends
Reagents are Expected to hold the Largest Market Share in the Product Segment
The reagent segment of the market studied includes chemical, biological, or immunological components, solutions, or preparations intended by the manufacturer to be used during the in-vitro diagnosis process. Because of the high cost of many diagnostic platforms, it is common for manufacturers to lease equipment instead of selling technology outright to end users. In these arrangements, the lease is tied to contracts to purchase associated reagents or assays for the equipment over the life of the contract.
Many diagnostic companies have an excess of 75% of sales from consumables, such as assays and reagents, and such agreements guarantee the generation of cyclic revenues associated with the sale of reagents and other consumables.
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Competitive Landscape
The South Korean in-vitro diagnostics market is moderately competitive and consists of a number of major players. Companies, like Abbott Laboratories, Becton, Dickinson and Company, Bio-Rad Laboratories Inc., Danaher Corporation, Johnson & Johnson, Roche Diagnostics, Siemens Healthcare, and Thermo Fisher Scientific Inc., among others, hold the substantial market share in the South Korean in-vitro diagnostics market.
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Table Of Contents
1. INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 High Prevalence of Chronic Diseases
4.2.2 Increasing Use of Point-of-care (POC) Diagnostics
4.2.3 Increasing Awareness and Acceptance of Personalized Medicine and Companion Diagnostics
4.3 Market Restraints
4.3.1 Stringent Regulations
4.3.2 Cumbersome Reimbursement Procedures
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Test Type
5.1.1 Clinical Chemistry
5.1.2 Molecular Diagnostics
5.1.3 Immuno Diagnostics
5.1.4 Haematology
5.1.5 Other Types
5.2 Product
5.2.1 Instrument
5.2.2 Reagent
5.2.3 Other Products
5.3 Application
5.3.1 Infectious Disease
5.3.2 Diabetes
5.3.3 Cancer/Oncology
5.3.4 Cardiology
5.3.5 Nephrology
5.3.6 Other Applications
5.4 End Users
5.4.1 Diagnostic Laboratories
5.4.2 Hospitals and Clinics
5.4.3 Other End Users
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Abbott Laboratories
6.1.2 Becton, Dickinson and Company
6.1.3 Bio-Rad Laboratories Inc.
6.1.4 Danaher Corporation
6.1.5 F. Hoffmann-La Roche AG
6.1.6 Siemens Healthineers
6.1.7 Sysmex Corporation
6.1.8 Thermo Fisher Scientific Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
*List Not Exhaustive
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments
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