South Korea In-Vitro Diagnostics Market - Growth, Trends, and Forecasts (2017 - 2022)

The South Korean market for in-vitro diagnostics was estimated at USD 2.43 billion for the year 2014 and is projected to reach USD 3.16 billion by the end of 2020 at a CAGR of 5.40% during the forecast period from 2014 to 2021.

The IVD products are majorly applied in the areas of medicine, which include infectious diseases, diabetes, oncology, cardiology, autoimmune diseases, nephrology, drug testing, HIV/AIDS and others. IVD products used in the infectious disease area account for the largest share, followed by oncology, which is the fastest growing segment owing to the increasing prevalence of cancer. Hospitals, laboratories, academics, point of care testing and others are the end-users of the IVD market. Laboratories generate the highest revenue, followed by point of care testing.

South Korea In-Vitro Diagnostics Market-Market Dynamics

The market in South Korea is witnessing stable growth with the launch of a number of innovative techniques having applications across multiple therapeutic areas and is gradually becoming a competitive force.


Rapid increase in the chronic diseases
Increasing number of private hospitals and independent testing laboratories
Government initiatives for promoting medical tourism, implementing u-healthcare and regulating IVD products
Technological advances
Aging population

Lack of expertise in advanced technologies
Price concern
Lack of proper reimbursement policies
Stringent regulatory framework
South Korea?s IVD market is segmented based on products, technology, and usability. The products segment includes instruments, reagents, data management systems and services. On the basis of technology, the IVD market is segmented into clinical chemistry, immunoassays, hematology, coagulation and hemostasis, microbiology, point of care diagnostics and molecular diagnostics. The usability segment is sub-segmented into disposable and reusable IVD devices. Instruments hold the highest market share, while the reagents market is growing at a fast pace. Reusable IVD devices hold the largest revenue share in the IVD usability market as doctors and clinicians prefer disposable devices to avoid infections. Based on technology, the IVD market share of immunoassays is large, followed by clinical chemistry and molecular diagnostics.

Asia-Pacific is an emerging market and has scope for growth. This is due to the increasing chronic disease patient pool and technological advances in the field of diagnostics. South Korea?s contribution to the growth of the Asia-Pacific market, in terms of financials, is increasing gradually. This is because of the increasing demand for quality healthcare.

Many players in this market are trying to expand their product portfolio in order to top the global market. Some companies have adopted product innovation and new product launches as their key business strategy to ensure their dominance in this market. South Korea?s market is expanding its growth by merger & acquisition activity. The acquisition of SD Diagnostics by Inverness in 2010 is a prominent example.

Some of the key players in the market are:

Abbott Laboratories
Bio-Rad Laboratories, Inc.
Danaher Corporation
Johnson & Johnson
Roche Diagnostics
Siemens Healthcare
Key Deliverables in the Study

Market analysis for South Korea?s in-vitro diagnostics market, with region-specific assessments and competition analysis on the global and regional scale.
Market definition along with the identification of key drivers and restraints.
Identification of factors instrumental in changing the market scenario, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale.
Extensively researched competitive landscape section with profiles of major companies along with their market share.
Identification and analysis of the macro and micro factors that affect South Korea?s in-vitro diagnostics market on both global and regional scale.
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market.
Insights on the major countries/regions in which this industry is growing and to also identify the regions that are still untapped.

1. Introduction

1.1 Study Deliverables

1.2 Market Definition

1.3 Sizing Units

1.4 Base Currency

1.5 Review and Forecast Period Years

1.6 General Study Assumptions

2. Research Methodology

2.1 Introduction

2.2 Analysis Methodology

2.3 Econometric Forecast Model

2.4 Research Assumptions

3. Executive Summary

4. Key Inferences

5. Market Overview and Industry Trends

5.1 Current Market Scenario

5.2 Applications of In-Vitro Diagnostics

5.3 Technology Overview

5.4 New Developments

5.5 Industry Value-Chain Analysis

5.6 Product Life-Cycle Analysis

5.7 Product Benchmarking

5.8 Investment Analysis

5.8 Porter?s Five Forces

5.8.1 Bargaining Power of Suppliers

5.8.2 Bargaining Power of Consumers

5.8.3 Threat of New Entrants

5.8.4 Threat of Substitute Products and Services

5.8.5 Competitive Rivalry within the Industry

6. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)

6.1 Market Drivers

6.1.1 Rapid Increase in the Chronic Diseases

6.1.2 Increasing Number of Private Hospitals and Independent Testing Laboratories

6.1.3 Government Initiatives

6.1.4 Technological Advances

6.1.5 Aging Population

6.2 Market Restraints

6.2.1 Lack of Expertise in Advanced Technologies

6.2.2 Price Concern

6.2.3 Lack of Proper Reimbursement Policies

6.2.4 Stringent Regulatory Framework

6.3 Key Challenges

6.4 Current Opportunities in the Market

7. Market Segmentation

7.1 By Technology

7.1.1 Clinical Chemistry

7.1.2 Immunoassays

7.1.3 Hematology

7.1.4 Coagulation and Hemostasis

7.1.5 Microbiology

7.1.6 Point Of Care Diagnostics

7.1.7 Molecular Diagnostics

7.2 By Product

7.2.1 Instruments

7.2.2 Reagents

7.2.3 Data Management Systems and Services

7.3 By Usability

7.3.1 Disposable IVD Devices

7.3.2 Reusable IVD Devices

7.4 By End-User

7.4.1 Hospitals

7.4.2 Laboratories

7.4.3 Academics

7.4.4 Point Of Care Testing

7.5 By Application

7.5.1 Infectious Diseases

7.5.2 Diabetes

7.5.3 Oncology

7.5.4 Cardiology

7.5.5 Autoimmune Diseases

7.5.6 Nephrology

7.5.7 HIV/AIDS

7.5.8 Drug testing

7.5.9 Others

8. Competitive Landscape

8.1 Merger and Acquisition Analysis

8.2 New Product Launches

8.3 Agreements, Collaborations & Partnerships

9. Company Profiles

9.1 Roche Diagnostics

9.2 Abbott Laboratories

9.3 Bio-Rad Laboratories, Inc.

9.4 Danaher Corporation

9.5 Johnson & Johnson

9.6 Siemens Healthcare

9.7 Becton, Dickinson, and Company

9.8 Thermo Fisher Scientific, Inc.

10. Analyst Outlook for Investment Opportunities

11. Future Outlook of the Market

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