South Korea Nuclear Imaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The South Korea Nuclear Imaging Market is segmented by Product (Equipment and Radioisotope) and Application (SPECT Applications and PET Applications).

Market Snapshot

South Korea Nuclear Imaging Market Size
Study Period: 2018 - 2026
Base Year: 2021
CAGR: 6.68 %
South Korea Nuclear Imaging Market Key Players

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Market Overview

The South Korean nuclear imaging market is expected to project a growth of 6.68% . The increasing prevalence of cancer, along with certain cardiovascular diseases, is the major driver for the South Korean nuclear imaging market. According to the Cancer Research and Treatment Organization, Korea, a total of 221,347 new cancer cases are estimated to be recorded in 2019, and males (120,352) are more likely to be affected than females (100,995). Additionally, increasing technological advancements in PET or SPECT imaging, simultaneously, with radionuclide/radiopharmaceutical therapy, are expected to propel the growth of the nuclear imaging market in South Korea.

However, the ever-increasing healthcare expenses pose a major challenge to the healthcare environment, in terms of cost-effectiveness. The high capital investment needed for the generation of radionuclide, and for the maintenance of machines, is a major obstacle in the market in South Korea.

Scope of the Report

As per the scope of the report, nuclear imaging encompasses gamma, SPECT, and PET imaging techniques. Nuclear medicine imaging procedures are non-invasive and, with the exception of intravenous injections, are usually painless medical tests that help physicians diagnose and evaluate medical conditions. These imaging scans use radioactive materials called radiopharmaceuticals or radiotracers.

By Product
Equipment
Single Photon Emission Computed Tomography (SPECT)
Positron-emission Tomography (PET)
Radioisotope
SPECT Radioisotopes
PET Radioisotopes
By Application
Orthopedics
Thyroid
Cardiology
Oncology
Others

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Key Market Trends

Cardiology Dominates the SPECT Application Segment in the South Korea Nuclear Imaging Market

The cardiology segment of the market studied is expected to show a faster growth in the South Korea Nuclear Imaging Market. A SPECT scan of the heart refers to a non-invasive nuclear imaging test that uses radioactive tracers. These tracers are injected into the blood, in order to produce pictures of the heart. SPECT is used to diagnose coronary artery disease, as well as to detect a heart attack. SPECT can demonstrate how well the heart is working and how well the blood is flowing to the heart. Cardiac SPECT is mostly safe for people. The amount of radiation is small, and one’s body is likely to get rid of it through kidneys, within about 24 to 72 hours. According to the WHO’s most recent findings (taken from 2015 figures), an average of 74.6 CVD-related fatalities were observed in South Korea, for every 100,000 people, in a year. According to the 2018 article, “Current Status of Nuclear Cardiology in South Korea”, in 2016, SPECT MPI (Myocardial Perfusion Imaging) had 12.8% share in the total gamma imaging studies. The recent installation of cadmium-zinc-telluride (CZT) cardiac-dedicated SPECT system in South Korea has brought even higher volumetric expansion of SPECT MPI. CZT SPECT-measured myocardial blood flow (MBF) and myocardial flow reserve (MFR) are also available in the country. Hence, the promising results and clinical usefulness of CZT SPECT MPI may undoubtedly promote nuclear cardiology in South Korea.

South Korea Nuclear Imaging Market Trends

South Korea Nuclear Imaging Market Growth

Competitive Landscape

Market players focus on continuous product development and offering a wide range of products at competitive prices, especially in the developing countries. Companies are focusing on the expansion of their product portfolios by adopting inorganic growth strategies, such as acquisitions, mergers, and partnerships.  Major market players in the South Korean nuclear imaging market are DuChemBIO Co. Ltd, FutureChem, GE Healthcare, IBA Radiopharma Solutions, KAERI (Korea Atomic Energy Research Institute), KIRAMS (Korea Institute of Radiological & Medical Sciences), NuCare Inc., Samyoung Unitech, and Siemens Healthineers.

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 Rise in Prevalence of Cancer and Cardiac Disorders

      2. 4.2.2 Increase in Technological Advancements

      3. 4.2.3 Growth in Applications of Nuclear Medicine and Imaging

    3. 4.3 Market Restraints

      1. 4.3.1 High Cost of the Techniques

      2. 4.3.2 Short Half-life of Radiopharmaceuticals

    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 Product

      1. 5.1.1 Equipment

        1. 5.1.1.1 Single Photon Emission Computed Tomography (SPECT)

        2. 5.1.1.2 Positron-emission Tomography (PET)

      2. 5.1.2 Radioisotope

        1. 5.1.2.1 SPECT Radioisotopes

        2. 5.1.2.2 PET Radioisotopes

    2. 5.2 By Application

      1. 5.2.1 Orthopedics

      2. 5.2.2 Thyroid

      3. 5.2.3 Cardiology

      4. 5.2.4 Oncology

      5. 5.2.5 Others

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 DuChemBIO Co. Ltd

      2. 6.1.2 FutureChem

      3. 6.1.3 GE Healthcare

      4. 6.1.4 IBA Radiopharma Solutions

      5. 6.1.5 KAERI (Korea Atomic Energy Research Institute)

      6. 6.1.6 KIRAMS (Korea Institute of Radiological & Medical Sciences)

      7. 6.1.7 NuCare Inc.

      8. 6.1.8 Samyoung Unitech

      9. 6.1.9 Siemens Healthineers

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

**Competitive Landscape Covers - Business Overview, Financials, Products and Strategies, and Recent Developments

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Frequently Asked Questions

The South Korea Nuclear Imaging Market market is studied from 2018 - 2026.

The South Korea Nuclear Imaging Market is growing at a CAGR of 6.68% over the next 5 years.

GE Healthcare, FutureChem, IBA Radiopharma Solutions, NuCare Inc., Samyoung Unitech are the major companies operating in South Korea Nuclear Imaging Market.

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