South Korea In Vitro Diagnostic Market

South Korea In Vitro Diagnostic Market Size Report – In a Glance

As per the survey report on South Korea in vitro diagnostic market, the market is expected to foresee a CAGR value of 5.6% during 2025-2035, and further generate a market size of USD 3.6 billion by the end of 2035. In 2025, the market size was value at USD 2.2 billion revenue.

• The South Korea in vitro diagnostic market’s growth is driven by rising demand for reliable diagnostic solutions.
• KDMI analyst’s growth analysis foresees increasing geriatric population as the growth driver for South Korea in vitro diagnostic market.

South Korea In Vitro Diagnostic Market Analysis

In Vitro Diagnostics (IVD) are medical tests conducted to test samples of blood, tissues, and other bodily fluids in laboratory settings. These medical tests are necessary for diagnosing chronic diseases, assessing health risks, monitoring treatment effectiveness, and others. These tests help medical professionals to detect diseases and provide timely treatments to patients, especially aged patients. The South Korea in vitro diagnostic market growth is driven by rising demand for reliable diagnostic solutions and growing aging population. According to International Medical Device Regulators Forum (IMDRF), in 2021, 53.9% of in vitro diagnostic medical devices were imported out of total medical device import. The country is highly depended on imports of in vitro diagnostic tools, leading to the growing advancement in the devices. Abbott Laboratories, Dickinson, and Danaher Corporation are some of the significant participants in the South Korea in vitro diagnostic market.

South Korea In Vitro Diagnostic Market Growth Drivers and Restraints

Growth Drivers

• Technological Advancements in Diagnostic tools – The South Korea in vitro diagnostic market is experiencing significant growth due to technological advancement and integration of innovations in diagnostic tools. Advancement and innovation have rapidly increased the demand for diagnostic tools, including next-generation sequencing, point-of care testing, high-sensitivity molecular diagnostics, and others that offer effective treatment and therapy for chronic diseases. The adoption of advancement enables quicker, accurate, and early detection of diseases, leading to the facilities of timely treatments. With the integration of AI-technology and automation like robotics in medical industry, diagnostic efficiency has rapidly improved, offering reduced frequent visits and improved patient outcomes, contributing to the growth of market.
• Increasing geriatric population – South Korea is one of the largest countries with highest elderly population, and due to which the demand for in vitro diagnostic tools is rising in the country. The elderly population are more prone to chronic diseases such as cardiovascular diseases, diabetes, and cancer, that creates the greater demand for advanced diagnostic tools and equipment, helping in early detection of diseases and treatments. Aged population require frequent health-check-ups to keep record of their health and provide timely treatment. The healthcare industry is increasingly adopting innovations and automation in medical sector to overcome certain limitations of traditional tools.

Restraints

• High cost of advanced diagnostics – The advancement and automation are necessary in this modern world, in every sector including medical industry, but the high costs associated with installation, integration, and maintenance restraints the growth of market. Specialized equipment and tools require skilled and professional personnel, which are expensive and make certain procedures unaffordable for consumers, especially middle-income individuals. Also, limited insurance coverage for various high0end diagnostic restricts the accessibility to advanced treatments, limiting the market growth.

South Korea In Vitro Diagnostic Market Segmentation

Our experts at KD Market Insights have segmented the South Korea in vitro diagnostic market research report as:

Analyst’s Observation on South Korea In Vitro Diagnostic Market Recent Developments

Over the years, the experts at KD Market Insights have been observing the recent developments associated with South Korea in vitro diagnostic market trends. Our expert’s market forecast analysis has recorded the market players adopting plentiful of key strategies including new product launches, mergers & acquisitions, and collaborations.

SD Biosensor Inc have announced the signing of tripartite memorandum of understanding (MoU) for research and development of new products, aiming to develop extensively drug-resistant tuberculosis (XDR-TB) using its Point-of-Care (POC) molecular diagnostic platform “STANDARD M10”.

Kwangdong Pharmaceutical has announced to acquire 29.7% stake of Precision Bio, amounting to USD 12.2 million. The acquisition is aimed to build infrastructure for entering the personalized healthcare business. Precision Bio is a specialized company in manufacturing and selling specialized in vitro diagnostic devices for both human and animals.

South Korea In Vitro Diagnostics Market Competitive Landscape

Some of the significant participants who top the South Korea in vitro diagnostic market share:

• 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