South Korea In Vitro Diagnostics Market Size

South Korea In Vitro Diagnostic Market Analysis

South Korea's in vitro diagnostics market is expected to register a CAGR of 5.42% over the forecast period.

The COVID-19 pandemic significantly impacted South Korea's in-vitro diagnostic market. For instance, an article published by ERMPS in January 2022 reported the high prevalence of infectious diseases in South Korea during the COVID-19 pandemic. Thus, initially, the high prevalence of infectious diseases and increasing COVID-19 cases in South Korea surged the demand for IVD in the country. In the current scenario, it is anticipated with a substantial decrease in COVID-19 cases due to the increase in COVID-19 vaccination; the demand for IVD kits may get reduced as compared to the initial pandemic times. However, due to the growing burden of other infectious and chronic diseases, the studied market is expected to witness stable growth over the next 3-4 years.

The factors that are driving the growth of the studied market are:

• The growing burden of chronic disease.
• Increasing use of point-of-care diagnostics.
• Raising awareness and acceptance of personalized medicine and companion diagnostics.

For instance, an article published in the journal Cancer Res Treat. in April 2022 reported that 274,488 new cancer cases are anticipated to occur in 2022. The most common cancer site is expected to be the thyroid, followed by the lung, colon and rectum, breast, and stomach. These five cancers are expected to represent half of Korea's overall cancer burden. Thus, the high prevalence of chronic diseases like cancer is increasing the demand for IVD testing, thereby driving the growth of the studied market.

Moreover, with the technological advancement in the various in-vitro diagnostics technologies, the use of these tests is increasing rapidly due to better results in less time and cost, thus driving South Korea's IVD market. For instance, in January 2022, South Korea's molecular diagnostic company, Seegene Inc., launched the Allplex SARS-CoV-2 fast PCR assay, which can deliver PCR results in just 60 minutes. Thus, such product launches are propelling the growth of the studied market.

Furthermore, the increasing awareness and acceptance of personalized medicine and companion diagnostics are fueling the studied market's growth. For instance, in June 2022, Agilent Technologies Inc reported South Korea's MFDS had approved the company's PD-L1 IHC 22C3 pharmDx as a companion diagnostic (CDx). It will identify patients with non-small cell lung cancer suitable for first-line monotherapy with KEYTRUDA (pembrolizumab) on the Dako Omnis platform. Thus, such approvals and product launches are fueling South Korea's IVD market.

So, due to the growing burden of chronic diseases, increasing use of point-of-care diagnostics, and increasing awareness and acceptance of personalized medicine and companion diagnostics, the studied market is expected to witness significant growth over the forecast period. However, stringent regulations may slow down the development of the studied market.