South Korea Magnetic Resonance Imaging Market Size

South Korea Magnetic Resonance Imaging Market Analysis

The South Korea Magnetic Resonance Imaging Market size is estimated at USD 312.10 million in 2024, and is expected to reach USD 405.60 million by 2029, growing at a CAGR of 5.38% during the forecast period (2024-2029).

The COVID-19 pandemic affected the market studied severely which was majorly due to the restrictions on non-emergency diagnostic procedures as a preventive major of coronavirus infection. As per an article published in March 2021, 'A critical juncture in universal healthcare: insights from South Korea's COVID-19 experience for the United Kingdom to consider,' the South Korean universal healthcare system, in particular, has been praised for its achievement in flattening the curve of confirmed COVID-19 cases. However, the pandemic has created stressful situations in the initial times. It created many adverse complications in patients. In some places, the lack of healthcare facilities caused difficulties in getting the right therapy. An MRI scan is used to track the progression of COVID-19 symptoms. Neurologic manifestations of COVID-19 are associated with MRI scans of abnormal brains and symptoms of anosmia, partial loss of sense of smell, or changes in taste in a patient with a severe case of COVID-19. Likewise, there are many effects associated with COVID-19 infection reviewed theoretically and practically. Most of them needed MRI imaging to identify the possible changes. Hence, with the use of MRI in South Korea in understanding the adverse effects of COVID-19 on other organs, the market studied was witnessing a gradual rate of growth during the years 2020 and 2021. However, the market is gaining pace currently as there has been a surge in elective diagnostics or procedures.

The major factors that are expected to drive the growth of the magnetic resonance imaging (MRI) market in South Korea include the presence of a large geriatric population, advanced healthcare infrastructure, and new product launches in the country. Furthermore, increasing prevalence and burden of chronic diseases is fueling the market growth in South Korea. For instance, As per the article titled 'Health-economic burden of dementia in South Korea' published by BMC in October 2021, the prevalence of dementia in Korea in the year 2020 was 10.25% among those aged 65 and above which accounted for around 8,30,000 people. It is anticipated to rise to nearly 15.91% by 2050, with a population of 3.02 million suffering from dementia. Thus, increasing cases of dementia in the future will create the demand for MRI scans in the country and will contribute to the market growth.