The South Korea in vitro diagnostics market size is projected to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the growing geriatric population and increasing demand for personalized medicines for variety of treatment.
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In vitro diagnostic are tests that detects the diseases, infections and conditions. These tests can be conducted in hospitals, laboratories, and home with the help of various instruments ranging from small handheld tests to complex laboratory instruments. In vitro diagnostic helps doctor to diagnose patients effectively and to provide the correct treatments. It requires assays and reagents to diagnose a medical condition.
In vitro diagnostic analyzes tissue samples and body fluids collected from a patient. It is also used in precision medicine to identify patients who gets benefit from specific therapies and treatments. In vitro diagnostic includes next generation sequencing tests, which scans the DNA of a person to detect genomic variations.
Market Trends, Drivers, Restraints, and Opportunities
- Growing incidences of infectious and chronic diseases is expected to boost the market growth during the forecast period.
- Rapid growth of the healthcare industry is key factor fueling the market expansion.
- Stringent rules and regulations by government act as major challenge that can hinder the market growth.
- High cost of in vitro diagnostics tests products is anticipated to restrict the market expansion in the coming years.
- R&D investment and technological advancement associated with in vitro diagnostics products & software is projected to offer significant opportunities for the market players.
Market Segment Insights:
Immuno diagnostics segment is projected to account for a large market share
Based on test types, the South Korea in vitro diagnostics market is divided into clinical chemistry, haematology, immuno diagnostics, molecular diagnostics, and others. The immuno diagnostics segment is expected to constitute a key share of the market during the forecast period owing to high usage in detecting infectious microbes by detecting their toxins. Immuno diagnostics is highly accurate in detecting the diseases. However, the clinical chemistry segment is anticipated to expand at a rapid pace during the forecast period due to high usage in analyzing body fluids for therapeutic and diagnostics purposes.
Reagents segment is projected to hold a key market share
On the basis of products, the market is segmented into reagents, instruments, and others. The reagents segment is expected to represent a key share of the market in the coming years due to reagents involved in every part of in vitro diagnostic test and rising demand for self-testing and point-of-care products. On the other hand, the instruments segment is anticipated to expand at a rapid pace during the forecast period owing to growing focus of market key players towards launching of new instruments.
Infectious diseases segment is projected to constitute a major market share
In terms of applications, the South Korea in vitro diagnostics market is segregated into cardiology, diabetes, oncology, infectious diseases, nephrology, autoimmune disease, and others. The infectious diseases segment is expected to account for a key share of the market during the forecast period owing to rising incidences of pneumonia, hepatitis, tuberculosis, HIV-AIDS, and other infectious diseases.
Hospitals and clinics segment is projected to hold a key market share
On the basis of end-users, the market is segmented into hospitals and clinics, diagnostics laboratories, and others. The hospitals and clinics segment is expected to represent a key share of the market in the coming years due to large amount of diagnostic testing required for supporting clinical decision enhancing patient recovery. On the other hand, the diagnostics laboratories segment is anticipated to expand at a rapid pace during the forecast period owing to its collaborations with hospital for various operations.
Competitive Landscape
Key players competing in the South Korea in vitro diagnostics market include Sysmex Corporation; Abbott Laboratories; Danaher Corporation; Becton, Dickinson and Company; Roche Diagnostics; Bio-Rad Laboratories Inc.; and Siemens Healthcare. Some of these players are engaged in several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.
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