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South Korea In Vitro Diagnostics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

  • ID: 4763917
  • Report
  • March 2022
  • Region: South Korea
  • 75 Pages
  • Mordor Intelligence


  • Abbott Laboratories
  • Danaher Corporation
  • Diasorin SA
  • Gencurix
  • KogeneBiotech
  • Seegene Inc.
The South Korea in-vitro diagnostics market is expected to grow at a CAGR of 5.20% over the forecast period.

The market studied has observed a positive impact of COVID-19 with the rising number of COVID-19 infections and product launches related to the diagnosis of COVID-19. For instance, in February 2022, Seegene Inc., South Korea's leading molecular diagnostic company, signed a supply deal with the Ministry of Health of Brazil to deliver four million COVID-19 tests. Such developments indicate that the companies are establishing a strong geographical presence, thereby having a strong foothold in the market even amid the COVID-19 pandemic. In addition, as per the report titled "South Korea's Response to COVID-19", published in June 2021 concurrent with the Korea Centers for Disease Control and Prevention Agency (KDCA), stated that the commercial South Korean in-vitro diagnostic (IVD) test developers recognized the need to begin developing their own specific SARS-CoV-2 diagnostic tests in 2020 amid the pandemic. As a result, the country began developing infectious disease diagnostic test kits in January 2020. Several commercial test manufacturers had received government investments for diagnostic test R&D; owing to these investments, the technologies developed within the country provided domestic manufacturers with the tools they needed to quickly develop SARS-CoV-2 molecular diagnostic tests in order to support government testing efforts. Thus, the onset of the outbreak is estimated to have a positive impact on the growth of the market.

Further, the major factors driving the market's growth include the growing burden of chronic disease, increasing use of point-of-care diagnostics, and increasing awareness and acceptance of personalized medicine and companion diagnostics.

The growing burden of diseases is a major factor driving the market growth in South Korea. For instance, according to Globocan, in 2020, about 230,317 new cases of cancer were reported in South Korea, and the number is estimated to reach 351,000 by the year 2040. As in-vitro diagnostic products are used in the diagnosis of cancer, the growing burden of cancer in South Korea is driving the market growth within the country. Furthermore, as per the International Diabetes Federation 10th Edition 2021, 3,511.8 (in 1,000s) people were suffering from diabetes in 2021 and the number is estimated to reach 3,860.9 (in 1,000s) by the year 2045. Hence, as in-vitro diagnostics play a crucial role in the detection of diabetes, the anticipated increase in the prevalence of diabetes is a major factor driving the market growth. Hence, with such factors taken into consideration, the growing burden of chronic diseases is expected to accelerate the market's growth.

However, stringent regulations pertaining to in-vitro diagnostics are one of the major factors hindering the market's growth in South Korea.

Key Market Trends

Reagents are Expected to Hold the Major Share Over the Forecast Period

By products, the reagent segment is anticipated to witness lucrative growth over the forecast period. The reagents segment of the market studied includes chemical, biological, or immunological components, solutions, or preparations intended by the manufacturers to be used during the in-vitro diagnosis process.

The outbreak of COVID-19 has fueled the demand for in-vitro diagnostic reagents as several market players in the country are engaged in the implementation of strategic initiatives, thereby contributing to market growth. For instance, in September 2021, Seegene launched the Novaplex SARS-CoV-2 Variants V Assay, a new concept diagnostic reagent that detects the Delta and Lambda variants. Similarly, in May 2021, the Food and Drug Administration granted PaxzenBio a complete Korean domestic permit for the COVID-19 molecular diagnostic reagent PaxView SARS-CoV-2 real-time RT-PCR Kit. Such developments are likely to supplement the market growth throughout the analysis period.

Furthermore, as per the data published by Statistics Korea, in 2020, the population aged 65 and over accounted for 15.7% of the total population. As per the same above-mentioned source, South Korea is projected to become a super-aged society by 2025, when the elderly population reaches 20.3% of the total population. With the increasing burden of the geriatric population in the country, the burden of chronic diseases in South Korea is also expected to rise, which, in turn, is anticpated to drive the demand for IVD tests used in diagnosing the chronic diseases. As a result, the use of reagents across the various IVD testing platforms is also anticipated to increase over the coming years.

Thus, due to the above-mentioned factors, the segment is anticipated to witness significant growth over the forecast period.

Competitive Landscape

The South Korea in-vitro diagnostics market is moderately competitive and consists of a number of major players. Companies like Abbott Laboratories, Becton, Dickinson and Company, Bio-Rad Laboratories Inc., Danaher Corporation, Roche Diagnostics, Siemens Healthcare, and Sysmex Corporation, among others, hold a substantial market share in the South Korea in-vitro diagnostics market.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

This product will be delivered within 2 business days.
Note: Product cover images may vary from those shown


  • Abbott Laboratories
  • Danaher Corporation
  • Diasorin SA
  • Gencurix
  • KogeneBiotech
  • Seegene Inc.

1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Burden of Chronic Diseases
4.2.2 Increasing Use of Point-of-care (POC) Diagnostics
4.2.3 Increasing Awareness and Acceptance of Personalized Medicine and Companion Diagnostics
4.3 Market Restraints
4.3.1 Stringent Regulations
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size by Value- USD million)
5.1 By Test Type
5.1.1 Clinical Chemistry
5.1.2 Molecular Diagnostics
5.1.3 Immuno Diagnostics
5.1.4 Haematology
5.1.5 Other Types
5.2 By Product
5.2.1 Instrument
5.2.2 Reagent
5.2.3 Other Products
5.3 By Application
5.3.1 Infectious Disease
5.3.2 Diabetes
5.3.3 Cancer/Oncology
5.3.4 Cardiology
5.3.5 Nephrology
5.3.6 Other Applications
5.4 By End User
5.4.1 Diagnostic Laboratories
5.4.2 Hospitals and Clinics
5.4.3 Other End Users
6.1 Company Profiles
6.1.1 Abbott Laboratories
6.1.2 Becton, Dickinson and Company
6.1.3 Bio-Rad Laboratories Inc.
6.1.4 Danaher Corporation
6.1.5 F. Hoffmann-La Roche AG
6.1.6 Siemens Healthineers
6.1.7 Sysmex Corporation
6.1.8 Thermo Fisher Scientific Inc.
6.1.9 Seegene Inc.
6.1.10 Gencurix
6.1.11 Diasorin SA
6.1.12 NGeneBio Co. Ltd
6.1.13 KogeneBiotech
6.1.14 Diagnostic Biosystems
6.1.15 Illumina Inc.
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • Abbott Laboratories
  • Becton, Dickinson and Company
  • Bio-Rad Laboratories Inc.
  • Danaher Corporation
  • F. Hoffmann-La Roche AG
  • Siemens Healthineers
  • Sysmex Corporation
  • Thermo Fisher Scientific Inc.
  • Seegene Inc.
  • Gencurix
  • Diasorin SA
  • NGeneBio Co. Ltd
  • KogeneBiotech
  • Diagnostic Biosystems
  • Illumina Inc.
Note: Product cover images may vary from those shown