South Korea In-Vitro Diagnostics Market Analysis

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  • Type: Service area
  • Published : June 2021
  • Region: Asia
  • Country: South Korea
  • Report ID : 4959

  • Format: PPT, PDF

South Korea In-Vitro Diagnostics Market: Segmented By Product (Reagents, Instruments, and Others), By Technique (Immunodiagnostics, Haematology, Molecular Diagnostics, Tissue Diagnostics, Clinical Chemistry, and Others) and By End Users (Diagnostic Laboratories, Hospitals and Clinics, and Other Users)- Growth, Trends, and Forecasts (2019 – 2028)

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Report Overview

The South Korea In Vitro Diagnostics market size stood at around USD xx billion in 2019 and is projected to reach xx billion by 2028, exhibiting a CAGR of around 5.4% during the forecast period.

South Korea is the 27th largest country worldwide. There is a growing demand for new technologies in the laboratory sector and the business environment in South Korea for medical devices and equipment is favourable and fairly efficient.

In vitro diagnostics (IVD) are medical devices, which require use of assays and reagents to diagnose a medical condition. These instruments analyse body fluids and tissue samples collected from a patient. In addition, there are various types of in vitro diagnostic instruments that work on different techniques such as immunodiagnostics, tissue diagnostics, haematology, and molecular diagnostics. In vitro diagnostics are employed in diagnosis of various medical conditions such as infectious diseases, cancer, cardiac disorders, and nephrological disorders. Use and handling of in vitro diagnostics require technical expertise and thus, instruments are used in specialized medical facilities to carry out diagnosis.

 

 

Market Drivers

In 2020, South Korea reported around 230,317 new cases of cancer (Globocan) and around 3,689,400 cases of adults suffering from diabetes (International Diabetes Federation). In vitro diagnostics played a vital role in the detection of these diseases. Hence, with such factors taken into attention, the growing burden of chronic diseases is expected to accelerate the market growth.

Point-of-care testing has advantages as it helps in bringing testing closer to the patients and obtain results quickly for the healthcare providers to accelerate diagnoses and subsequent treatment. Hence, this is likely to increase the adoption of in vitro diagnostics in the country.

Some of the other major factors driving the market growth include advanced technologies, increasing awareness and acceptance of personalized medicines and companion diagnostics. Furthermore, IVD has played a crucial role in the pandemic of COVID-19, and hence, a significant positive impact can be expected on the market growth.

1. South Korea In Vitro Diagnostics Market Overview……….
A. Market Size
2. Market Growth Drivers………………………………………………….
A. High Prevalence of Chronic Diseases
B. Increasing Use of Point-Of-Care Diagnostics
C. Advanced Technologies and Increasing Awareness
D. COVID-19 Pandemic
3. Applications of In Vitro Diagnostics………………………………………..
A. Infectious Diseases
B. Cancer
C. Cardiac Diseases
D. Immune System Disorders
E. Nephrological Diseases
F. Gastrointestinal Diseases
G. Others
4. In Vitro Diagnostics Market Segmentation………….
A. Products
I. Reagents
II. Instruments
III. Others
B. Technique
I. Immunodiagnostics
II. Haematology
III. Molecular Diagnostics
IV. Tissue Diagnostics
V. Clinical Chemistry
VI. Others
C. End Users
I. Diagnostic Laboratories
II. Hospitals and Clinics
III. Other Users
5. In Vitro Diagnostics Major Products Market Share…………………….
A. Market Analysis, Insights and Forecast – By Revenue
6. Competitive Landscape………………………………………………
A. Major Players
B. Products in Pipeline
7. Key Company Profiles…………………………………….
A. Abbott Laboratories Company Overview, Product & Services, Strategies & Financials
B. Roche Diagnostics Company Overview, Product & Services, Strategies & Financials
C. Bio-Rad Laboratories Company Overview, Product & Services, Strategies & Financials
8. Healthcare Policies and Regulatory Landscape……………………
A. Policy changes and Reimbursement scenario
9. Factors Driving Future Growth………………………………………
A. New Trends and Development of In Vitro Diagnostics Market.
B. Future Opportunities
10. Conclusion

Market Segmentation

By Product:

On the basis of product market is segmented into reagents, instruments, and others. Reagents are expected to hold the major share over the forecast period. The reagents segment includes chemical, biological, or immunological components, solutions, or preparations used by the manufacturers in the in vitro diagnosis process.

By Technique:

According to the techniques used market is segmented as immunodiagnostics, haematology, molecular diagnostics, tissue diagnostics, clinical chemistry, and others.

By End Users:

According to end users in vitro diagnostics market is segmented as diagnostic laboratories, hospitals and clinics and other users.

Top Players

South Korea in vitro diagnostics market is fairly competitive and consists of a number of major players. Companies that hold a sizeable share in the South Korea in vitro diagnostics market are Abbott Laboratories, Becton, Dickinson and Company, Bio-Rad Laboratories Inc., Danaher Corporation, Roche Diagnostics, Siemens Healthcare, and Sysmex Corporation.

 

Research Methodology

Insights10 will provide you reports within 10 key parameters which are:

  1. Market overview
  2. Market growth drivers & restraints
  3. Epidemiology or disease type
  4. Market segmentation
  5. Market share
  6. Competitive landscape
  7. Key company profiles
  8. Healthcare policies & regulatory framework
  9. Reimbursement scenario
  10. Factors driving future growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision making for business stakeholders. Our focused approach to develop reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

Our analysis methodology involves three critical stages:

Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers and researchers across countries through which we engage with local experts to gather key data points and assumptions around each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain the high level of accuracy and consistency. The market data is analysed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, market share as well as segment-level analysis of the specific market. Our report includes precise, to the point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.

Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:

  • Statistical Databases
  • Company Websites/Annual Reports
  • Trade Publications
  • Online Databases
  • Published Research Reports
  • Whitepapers
  • Press Releases of Key Market Players

Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameter and micro indicators. The macro parameters includes changes in government policies, demand and supply of the market, government intervention programs and major market share. The micro indicators GDP growth, market size, market volume etc. We also understand nuances specific to each country like US, Canada, India, Germany, etc. and have worked across 60+ countries and hence no only understand global trends, but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. start with large overall market and segment different areas and bottom-up approach i.e. start with population and epidemiology and roll up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach mainly used for new product forecasting and bottom-up approach is used for demand estimation of any product for different countries summed up to form total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as North America, Europe, Asia-Pacific, and Africa for the period of 2020 to 2028. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape and policy and regulatory scenario and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases and the company level averages etc.

We make sure to finalize the numbers in alignment to the market research. Firstly, our internal experts ensure thorough validation and checking to ensure the accurate and precise analysis and then validation is also done using multiple data analysis model.  Two level validation is done and entails finalization of report scope and to way of representation pattern.

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analysed and synthesized. A second series of interviews are done if necessary to check and validate. The future opportunities are analysed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results are then, interpreted by considering following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue / volume
  • Analyzing current needs and determining penetration to estimate market

Insights: Our reports deliver actionable insights backed with supporting facts and figures to assist you in achieving exemplary growth. Our in-depth analyses are interspersed with relevant insights and statistics to offer an executive-level view of a given market. The description helps in correlating many minor factors affecting the market and its impact to the different segments within the market.
Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumptions.
The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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