Cancer, Obesity, Diabetes, and Cardiovascular Disease Drive South Korea’s IVD Investment
South Korea ranks as the fifth largest health market in the Asia Pacific region, following China, Japan, Australia, and India.. South Korea’s investment in healthcare, medical devices, and diagnostics is driven by the burden of obesity, diabetes, cardiovascular disease, and cancer. The country’s business environment for medical devices and equipment is favorable and streamlined for U.S. and European participants, with a growing demand for new technologies in the laboratory sector.
The in vitro diagnostics (IVD) market in South Korea exceeded $470 million in 2023 and is forecasted to surpass $600 million in 2028, according to Kalorama Information’s report, The IVD Market in South Korea, 2024. The IVD market is considered favorable for its regulatory process and foreign investment opportunities, with a strong growth trajectory fueled by imports of high-tech equipment and increasing interest in molecular testing and point-of-care (POC) glucose testing.
The aging population in South Korea, expected to reach 27% of the total population by 2033, will drive demand for health care, particularly in areas heavily utilized by this demographic. The 15-64 age group, accounting for the vast majority of the total population, will also drive demand for genetic disease testing and disease monitoring testing technologies.
Cardiovascular disease is the leading cause of death in South Korea, accounting for more than a third of all deaths. The link between weight, diabetes, and cardiovascular disease underscores the importance of addressing these health concerns. South Korea has nearly 4 million people living with diabetes, with an additional 1 million estimated to be undiagnosed. Obesity rates, though relatively low, are steadily climbing, increasing the risk of diabetes and other weight-related conditions.
South Korea also faces a significant cancer burden, with the eighth-highest incidence rate worldwide. Stomach cancer is most common in men, while thyroid, breast, and colorectal cancers are prevalent in women.
For more information, purchase the report. The IVD Market in South Korea, 2024, provides detailed insights into these market dynamics, offering valuable information for companies looking to invest in the South Korean healthcare market.
About the Report
The IVD Market in South Korea, 2024 offers a comprehensive overview of the in vitro diagnostics (IVD) market in South Korea and the factors shaping it. The report presents South Korea’s IVD revenues for 2023 and forecasts for 2028, segmented into:
- clinical chemistry,
- immunoassay,
- microbiology/molecular testing,
- point-of-care (POC),
- and histology/cytology.
Included in the report are trends influencing the industry and country-level data including incidence of disease, life expectancy, population demographics, economic status, healthcare utilization and other market influences.
The report is designed to provide the reader with an overview of the IVD market in South Korea and its influences. The focus is on the IVD discipline including reagents, consumables, calibrators, and controls of key sub-segments.
To purchase the report, view the table of contents, or for more information visit: https://kaloramainformation.com/product/ivd-south-korea-2024/.
About Kalorama Information
Kalorama Information, part of Science and Medicine Group, is the leading publisher of market research in healthcare areas, including in vitro diagnostics (IVD), biotechnology, medical devices, and pharmaceuticals. Kalorama Information produces dozens of reports a year. The firm offers a Knowledge Center, which provides access to all published reports.
Kalorama Information’s studies feature independent primary research conducted by experienced analysts. Researchers build their market analysis independently from published databases, validating data with inside industry contacts and extensive secondary research, so you can have confidence that you’re getting your information from the most trusted source in the industry!
