The South Korean market for in-vitro diagnostics was estimated at USD 2.7 billion for the year 2016 and is projected to reach USD 3.18 billion by the end of 2021 at a CAGR of 5.40% during the forecast period from 2016 to 2021.
The IVD products are majorly applied in the areas of medicine, which include infectious diseases, diabetes, oncology, cardiology, autoimmune diseases, nephrology, drug testing, HIV/AIDS and others. IVD products used in the infectious disease area account for the largest share, followed by oncology, which is the fastest growing segment owing to the increasing prevalence of cancer. Hospitals, laboratories, academics, point of care testing and others are the end-users of the IVD market. Laboratories generate the highest revenue, followed by point of care testing.
South Korea In-Vitro Diagnostics Market-Market Dynamics
The market in South Korea is witnessing stable growth with the launch of a number of innovative techniques having applications across multiple therapeutic areas and is gradually becoming a competitive force.
South Korea’s IVD market is segmented based on products, technology, and usability. The products segment includes instruments, reagents, data management systems and services. On the basis of technology, the IVD market is segmented into clinical chemistry, immunoassays, hematology, coagulation and hemostasis, microbiology, point of care diagnostics and molecular diagnostics. The usability segment is sub-segmented into disposable and reusable IVD devices. Instruments hold the highest market share, while the reagents market is growing at a fast pace. Reusable IVD devices hold the largest revenue share in the IVD usability market as doctors and clinicians prefer disposable devices to avoid infections. Based on technology, the IVD market share of immunoassays is large, followed by clinical chemistry and molecular diagnostics.
Asia-Pacific is an emerging market and has scope for growth. This is due to the increasing chronic disease patient pool and technological advances in the field of diagnostics. South Korea’s contribution to the growth of the Asia-Pacific market, in terms of financials, is increasing gradually. This is because of the increasing demand for quality healthcare.
Many players in this market are trying to expand their product portfolio in order to top the global market. Some companies have adopted product innovation and new product launches as their key business strategy to ensure their dominance in this market. South Korea’s market is expanding its growth by merger & acquisition activity. The acquisition of SD Diagnostics by Inverness in 2010 is a prominent example.
Some of the key players in the market are:
Key Deliverables in the Study