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South Korea Nuclear Imaging Market - Growth, Trends, and Forecast (2019 - 2024)

  • ID: 4828129
  • Report
  • June 2019
  • Region: South Korea
  • 70 pages
  • Mordor Intelligence
UP TO OFF
until Mar 31st 2020
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FEATURED COMPANIES

  • DuChemBIO Co. Ltd
  • FutureChem
  • GE Healthcare
  • IBA Radiopharma Solutions
  • NuCare Inc.
  • Samyoung Unitech
  • MORE
Market Overview

The South Korea nuclear imaging market (henceforth, referred to as the market studied) was valued at USD 274.2 million in 2018 and is expected to reach USD 404.2 million by 2024, with an anticipated CAGR of 6.68%, during the forecast period. The increasing prevalence of cancer, along with certain cardiovascular diseases is the major driving force for Nuclear Imaging market in South Korea. According to the Cancer Research and Treatment Organization, Korea, a total of 221,347 new cancer cases are estimated to be recorded in 2019, and males (120,352) are more likely to be affected than females (100,995). Furthermore, increasing technological advancements in PET or SPECT imaging, simultaneously, with radionuclide/radiopharmaceutical therapy, are expected to propel the growth of the nuclear imaging market in South Korea. However, the ever-increasing healthcare expenses pose a fresh challenge to the healthcare environment, in terms of cost-effectiveness. The high capital investment needed for the generation of radionuclide, and for the maintenance of machines, is a major obstacle in the market in South Korea.

Scope of the Report

As per the scope of the report, nuclear imaging encompasses Gamma, SPECT, and PET imaging techniques. Nuclear medicine imaging procedures are non-invasive and, with the exception of intravenous injections, are usually painless medical tests that help physicians diagnose and evaluate medical conditions. These imaging scans use radioactive materials called radiopharmaceuticals or radiotracers.

Key Market Trends

Cardiology dominates the SPECT Application Segment in South Korea Nuclear Imaging market

The cardiology segment of the market studied was valued at USD 19.00 million in 2018 and is expected to reach USD 27.91 million by 2024, with a CAGR of 6.62%. A SPECT scan of the heart refers to a non-invasive nuclear imaging test that uses radioactive tracers. These tracers are injected into the blood, in order to produce pictures of the heart. SPECT is used to diagnose coronary artery disease, as well as to detect a heart attack. SPECT can demonstrate how well the heart is working and how well the blood is flowing to the heart. Cardiac SPECT is mostly safe for people. The amount of radiation is small, and one’s body is likely to get rid of it through kidneys, within about 24 to 72 hours. WHO’s most recent findings, taken again from 2015 figures, indicate that South Korea has 74.6 CVD-related fatalities every 100,000 people a year. According to the 2018 article, “Current Status of Nuclear Cardiology in South Korea”, SPECT MPI (Myocardial Perfusion Imaging) took 12.8% of the total gamma imaging studies in 2016. The recent installation of cadmium-zinc-telluride (CZT) cardiac-dedicated SPECT system in South Korea has brought an even higher volumetric expansion of SPECT MPI. CZT SPECT-measured myocardial blood flow (MBF) and myocardial flow reserve (MFR) are also available. Hence, the promising results and clinical usefulness of CZT SPECT MPI may undoubtedly promote nuclear cardiology in South Korea.

Competitive Landscape

Market players focus on continuous product development and offering a wide range of products at competitive prices especially in developing countries. Companies are focusing on the expansion of their product portfolios by adopting inorganic growth strategies such as acquisitions, mergers, and partnerships. Major market players in South Korea Nuclear Imaging Market are DuChemBIO Co. Ltd, FutureChem, GE Healthcare, IBA Radiopharma Solutions, KAERI (Korea Atomic Energy Research Institute), KIRAMS (Korea Institute of Radiological & Medical Sciences), NuCare Inc., Samyoung Unitech, Siemens Healthineers.
Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • DuChemBIO Co. Ltd
  • FutureChem
  • GE Healthcare
  • IBA Radiopharma Solutions
  • NuCare Inc.
  • Samyoung Unitech
  • MORE
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rise in Prevalence of Cancer and Cardiac Disorders
4.2.2 Increase in Technological Advancements
4.2.3 Growth in Applications of Nuclear Medicine and Imaging
4.3 Market Restraints
4.3.1 High Cost of the Techniques
4.3.2 Short Half-life of Radiopharmaceuticals
4.4 Porter's Five Force 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
5.1 By Product
5.1.1 Equipment
5.1.1.1 Single Photon Emission Computed Tomography (SPECT)
5.1.1.2 Positron-emission Tomography (PET)
5.1.2 Radioisotope
5.1.2.1 SPECT Radioisotopes
5.1.2.1.1 Technetium-99m (TC-99m)
5.1.2.1.2 Thallium-201 (TI-201)
5.1.2.1.3 Gallium(Ga-67)
5.1.2.1.4 Iodine (I-123)
5.1.2.1.5 Other SPECT Radioisotopes
5.1.2.2 PET Radioisotopes
5.1.2.2.1 Fluorine-18 (F-18)
5.1.2.2.2 Rubidium-82 (RB-82)
5.1.2.2.3 Other PET Radioisotopes
5.2 By Application
5.2.1 SPECT Applications
5.2.1.1 Orthopedics
5.2.1.2 Thyroid
5.2.1.3 Cardiology
5.2.1.4 Other SPECT Applications
5.2.2 PET Applications
5.2.2.1 Oncology
5.2.2.2 Cardiology
5.2.2.3 Neurology
5.2.2.4 Other PET Applications

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 DuChemBIO Co. Ltd
6.1.2 FutureChem
6.1.3 GE Healthcare
6.1.4 IBA Radiopharma Solutions
6.1.5 KAERI (Korea Atomic Energy Research Institute)
6.1.6 KIRAMS (Korea Institute of Radiological & Medical Sciences)
6.1.7 NuCare Inc.
6.1.8 Samyoung Unitech
6.1.9 Siemens Healthineers

7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Note: Product cover images may vary from those shown
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  • DuChemBIO Co. Ltd
  • FutureChem
  • GE Healthcare
  • IBA Radiopharma Solutions
  • KAERI (Korea Atomic Energy Research Institute)
  • KIRAMS (Korea Institute of Radiological & Medical Sciences)
  • NuCare Inc.
  • Samyoung Unitech
  • Siemens Healthineers
Note: Product cover images may vary from those shown
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