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 (Clinical Chemistry, Molecular Diagnostics, Immuno Diagnostics, Hematology, and Other Types), Product (Instrument, Reagent, and Other Products), Application (Infectious Disease, Diabetes, Cancer/Oncology, Cardiology, Nephrology, and Other Applications), and End User (Diagnostic Laboratories, Hospitals and Clinics, and Other End Users). The report offers the market size and forecasts in value (USD million) for the above segments.

Market Snapshot

South Korea In Vitro Diagnostics Market Overview
Study Period: 2018-2026
Base Year: 2020
CAGR: 5.2 %
South Korea In Vitro Diagnostics Market Top Companies

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Market Overview

The South Korea in vitro diagnostics market was valued at approximately USD 1,650 million in 2020, and it is expected to reach USD 2,200 million in 2026, witnessing a CAGR of 5.20% over the forecast period, 2021-2026.

The market studied has observed a positive impact of COVID-19 with the rising number of cases of COVID-19 and product launches related to the diagnosis of COVID-19. In April 2020, Seasun Biomaterials announced the launch of the ''AQ-TOP COVID-19 Rapid Detection Kit'' for the diagnosis of COVID-19. Hence, such developments are expected to positively impact the market due to the growing need for the diagnosis of COVID-19.

In addition, in March 2020, the Ministry of Food and Drug Safety (MFDS), South Korea, approved urgent-use licenses to four COVID-19 diagnostic kits to ramp up the diagnostic procedures in the country and curb the transmission of the disease. Hence, IVD has played a crucial role in the pandemic scenario, and hence, a significant positive impact can be expected on the market growth.

Some of the major factors 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 medicines and companion diagnostics. The World Health Organization (WHO) has identified chronic diseases as one of the world’s most pressing health problems. According to Globocan, 2020, about 230,317 new cases of cancer were reported in South Korea.

Furthermore, as per the International Diabetes Federation, in 2020, about 3,689,400 adults in South Korea were suffering from diabetes, constituting around 9.2% of the population. In vitro diagnostics played a crucial role in the detection of these diseases. Hence, with such factors taken into consideration, the growing burden of chronic diseases is expected to accelerate the market growth.

Also, advantages associated with point-of-care testing have increased the demand for in vitro diagnostics products in South Korea. Point-of-care testing helps bring testing closer to the patients and obtain results quickly for the healthcare providers to expedite diagnoses and subsequent treatment. Hence, this is likely to increase the adoption of in vitro diagnostics in the country.

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. The South Korea in vitro diagnostics market is segmented by test type (clinical chemistry, molecular diagnostics, immunodiagnostics, hematology, and other types), product (instrument, reagent, and other products), application (infectious disease, diabetes, cancer/oncology, cardiology, nephrology, and other applications), and end user (diagnostic laboratories, hospitals and clinics, and other end users). The report offers the market size and forecasts in value (USD million) for the above segments.

By Test Type
Clinical Chemistry
Molecular Diagnostics
Immuno Diagnostics
Haematology
Other Types
By Product
Instrument
Reagent
Other Products
By Application
Infectious Disease
Diabetes
Cancer/Oncology
Cardiology
Nephrology
Other Applications
By End User
Diagnostic Laboratories
Hospitals and Clinics
Other End Users

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Key Market Trends

Reagents are Expected to Hold the Major Share Over the Forecast Period

The reagents segment of the market studied includes chemical, biological, or immunological components, solutions, or preparations intended by the manufacturers to be used during the in vitro diagnosis process. The outbreak of COVID-19 has fueled the demand for IVD reagents. For instance, in February 2020, Seegene Inc. received approval from the Korea Centers for Disease Control & Prevention for its product, "Allplex 2019-nCoV Assay", a real-time PCR assay. Furthermore, in March 2020, Gencurix introduced its new COVID-19 rapid immunodiagnostic kit in South Korea and the European Union.

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. Companies are adopting growth strategies to expand their presence in the market. For instance, Celltrion and BBB, a South Korea-based healthcare company, entered a partnership to develop point-of-care antigen testing (POCT) kit for the detection of COVID-19. Thus, with the above-mentioned factors, the market studied is expected to show significant growth in this segment.

However, in May 2020, the Medical Device Policy Division of the Ministry of Food and Drug Safety (MFDS), South Korea, reformed its regulations related to in vitro diagnostics. The new guidelines issued by the regulatory authority will primarily focus on the manufacturing and importing of IVD products, including reagents, to ensure that the IVD products are compliant with the applicable safety and performance requirements. Such a stringent regulatory framework may obstruct the market growth.

South Korea In Vitro Diagnostics Market Market key Trends

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Competitive Landscape

The South Korea 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, Roche Diagnostics, Siemens Healthcare, and Sysmex Corporation, among others, hold a substantial market share in the South Korea in vitro diagnostics market.

Recent Developments

  • In April 2020, SUGENTECH introduced 'SGTi-flex COVID-19 IgM&IgG' based on immunochromatographic testing. This kit has also been approved by South Korean MFDS for export to other countries.
  • In March 2020, Gencurix introduced the COVID-19 detection kit in South Korea. This product is based on a gene amplification-based PCR test. The company had filed for this product for approval of an emergency use authorization.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Growing Burden of Chronic Diseases

      2. 4.2.2 Increasing Use of Point-of-care (POC) Diagnostics

      3. 4.2.3 Increasing Awareness and Acceptance of Personalized Medicine and Companion Diagnostics

    3. 4.3 Market Restraints

      1. 4.3.1 Stringent Regulations

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Test Type

      1. 5.1.1 Clinical Chemistry

      2. 5.1.2 Molecular Diagnostics

      3. 5.1.3 Immuno Diagnostics

      4. 5.1.4 Haematology

      5. 5.1.5 Other Types

    2. 5.2 By Product

      1. 5.2.1 Instrument

      2. 5.2.2 Reagent

      3. 5.2.3 Other Products

    3. 5.3 By Application

      1. 5.3.1 Infectious Disease

      2. 5.3.2 Diabetes

      3. 5.3.3 Cancer/Oncology

      4. 5.3.4 Cardiology

      5. 5.3.5 Nephrology

      6. 5.3.6 Other Applications

    4. 5.4 By End User

      1. 5.4.1 Diagnostic Laboratories

      2. 5.4.2 Hospitals and Clinics

      3. 5.4.3 Other End Users

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Abbott Laboratories

      2. 6.1.2 Becton, Dickinson and Company

      3. 6.1.3 Bio-Rad Laboratories Inc.

      4. 6.1.4 Danaher Corporation

      5. 6.1.5 F. Hoffmann-La Roche AG

      6. 6.1.6 Siemens Healthineers

      7. 6.1.7 Sysmex Corporation

      8. 6.1.8 Thermo Fisher Scientific Inc.

      9. 6.1.9 Seegene Inc.

      10. 6.1.10 Gencurix

      11. 6.1.11 Diasorin SA

      12. 6.1.12 NGeneBio Co. Ltd

      13. 6.1.13 KogeneBiotech

      14. 6.1.14 Diagnostic Biosystems

      15. 6.1.15 Illumina Inc.

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments

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Frequently Asked Questions

The South Korea In Vitro Diagnostics Market market is studied from 2018 - 2026.

The South Korea In Vitro Diagnostics Market is growing at a CAGR of 5.2% over the next 5 years.

Abbott Laboratories, Beckton, Dickinson, and Company , Bio-Rad Laboratories Inc., Danaher Corporation, Siemens Healthineers are the major companies operating in South Korea In Vitro Diagnostics Market.

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