Market Trends of South Korea In Vitro Diagnostics Industry
This section covers the major market trends shaping the South Korea In Vitro Diagnostics Market according to our research experts:
Reagents By Product are Expected to Witness Significant Growth Over the Forecast Period.
The reagent segment is anticipated to witness lucrative growth over the forecast period owing to the increasing use of chemical, biological, or immunological components, solutions, or preparations intended by the manufacturers to use during the in-vitro diagnosis process.
Furthermore, the COVID-19 outbreak has fueled the demand for in-vitro diagnostic reagents, as several market players in the country are engaged in implementing strategic initiatives, thereby contributing to market growth. For instance, in September 2021, a South Korean company, Seegene, launched the Novaplex SARS-CoV-2 Variants V Assay. It is a new concept diagnostic reagent that detects the Delta and Lambda variants. Such developments will likely supplement the market's growth throughout the analysis period.
Similarly, in June 2022, Parse Biosciences partnered with Molecular Diagnostics Korea (MDxK) to expand its presence in Asia by providing its entire line of Evercode Whole Transcriptome products and Cell and Nuclei Fixation kits in South Korea. MDxK provides instruments, consumables, and other services to support molecular research.
Also, as per the data published by the National Statistical Office Korea, in 2021, 16.5% of the total population was 65 years of age or older due to the rapidly aging society. The percentage is anticipated to rise, even more, reaching 20.3% in 2025 and 43.9% in 2060. With the increasing burden of the geriatric population in the country, the burden of chronic diseases in South Korea is also expected to rise. It, in turn, is anticipated to drive the demand for IVD tests used in diagnosing chronic diseases. As a result, the use of reagents across various IVD testing is also anticipated to increase over the coming years.
Thus, due to the increasing use of chemical, biological, or immunological components and solutions, the growing burden of chronic diseases, the rising geriatric population, and technological advancements, the segment is anticipated to witness significant growth over the forecast period.
Cancer/Oncology Segment is Expected to Witness Significant growth Over the Forecast Period.
The cancer segment is expected to witness significant growth over the forecast period due to the increasing number of cancer cases reported in South Korea. For instance, in 2020, the International Agency for Research on Cancer reported 230,000 cases were recorded in the Republic of Korea 2020. This number is expected to increase to 350,000 by 2040. Thus, the increasing number of cancer cases is expected to increase the demand for IVD instruments for cancer diagnosis, thereby driving the growth of the studied market.
Similarly, an article published by the journal JGO in February 2022 reported that the cervical cancer screening rate was 56.0% in 2021 among South Korean women. The article said the high prevalence of cervical cancer in South Korean women and the rising awareness among them is constantly propelling the demand for IVD kits, thereby contributing to market growth.
Furthermore, South Korea's government initiative to control cancer cases by assisting with cancer testing is also contributing to the growth of this segment. For instance, in October 2022, National Cancer Center Korea reported it initiated the Vision 2020 program. It represents specific guidelines to protect the Korean people from cancer through innovative research, quality medical care, optimal cancer expert training, and national cancer control programs support. Thus, such initiatives are leading to increasing cancer diagnoses, thereby driving the growth of the studied market.
Thus, the rising cancer cases are leading to increasing demand for IVDs and driving the growth of South Korea's in-vitro diagnostics market.
