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.
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.