South Korea Nuclear Imaging Market Size

South Korea Nuclear Imaging Market Analysis

The South Korea Nuclear Imaging Market size is estimated at USD 113.82 million in 2024, and is expected to reach USD 135.18 million by 2029, growing at a CAGR of 3.5% during the forecast period (2024-2029).

The outbreak of the COVID-19 pandemic has pushed the healthcare industry into action, with a race to develop both therapeutic and preventive drugs. Initially, the outbreak of the pandemic adversely impacted the market in South Korea. For instance, according to a study published in NCBI in June 2021, a web-based survey conducted from March to April 2020 for the Asian Regional Cooperative Council for Nuclear Medicine and Asia Nuclear Medicine Board communities, highlighted a significant reduction in nuclear medicine practice and radioisotope supply at the onset of the COVID-19 pandemic. Therefore, such a scenario restrained the market growth at the initial times of the pandemic. However, the same study also reported that a second follow-up survey was conducted from March to April 2021 which clearly stated the recovery of both nuclear medicine practice and radioisotope supply. It also reported that various communications and educational sessions were also actively performed online in the Asian nuclear community during the pandemic. Therefore, during the initial days of the pandemic the market witnessed a slow growth, however in the later times with the positive developments the market gained momentum and is expected to maintain the upward trend over the forecast period.

The rise in the prevalence of cancer and the growth in applications of nuclear medicine and imaging are the major drivers for the market. For instance, as per the NCBI study published in January 2021, South Korea has seen a rapid increase in the incidence of colorectal cancer. It also stated that South Korea had the second-highest incidence of colorectal cancer worldwide in 2020, with an estimated rate of 44.5 cases per 100,000 persons per year. Nuclear imaging helps healthcare professionals to diagnose and treat cancer with high efficiency. Therefore, increasing incidence of cancer cases is anticipated to propel the demand for nuclear imaging, thereby surging the market growth.

The rising cases of cardiovascular diseases and technological advancements are also driving market growth. For instance, as per the study published in NCBI in June 2021, in South Korea, the incidence and mortality rate of cardiovascular diseases have increased for decades and the burden of cardiovascular diseases is still likely to increase. Similarly, as per the survey published by ScienceDirect in April 2022, the awareness regarding cardiovascular diseases among Korean women is extremely low and does not consider it an important health issue. Therefore, government and key players should take initiative to create awareness regarding cardiovascular diseases and screening of cardiovascular diseases which in turn may create opportunities for the market. Therefore, owing to such instances considerable market growth is anticipated over the forecast period.

However, the high cost of the techniques and the short half-life of radiopharmaceuticals are expected to hinder market growth over the forecast period.