South Korea Diagnostic Labs Market to be Dominated by the Pathology Segment Through 2028
Increasing
incidences of chronic disease is expected to drive the growth of South Korea
Diagnostic Labs Market during the forecast period.
According to TechSci Research report, “South
Korea Diagnostic Labs Market - Industry Size, Share, Trends, Opportunity, and
Forecast, 2018-2028”, the
South Korea
Diagnostic Labs Market is expected to grow at a steady rate during the forecast period, 2023-2028.
This can be ascribed to the rise in incidences of chronic diseases. The market
of diagnostic labs is increasing in South Korea owing to rise in healthcare
expenditure and developments in diagnostic laboratories. Furthermore, the
growth is influenced by the regular requirement of checkup for those aged above
40. Increase in the number of patients suffering from chronic kidney diseases
and cancer is also expected to drive the market for diagnostic labs during the
forecast period.
Additionally, benefits such as quick
test results, easy procedure of testing, ease of procurement of samples, less
pain, among others associated with clinical diagnostics are further expected to
propel the market through 2028.
An institution (or a facility inside an
institution) that is equipped with tools and supplies to conduct diagnostic
tests for human infections is referred to as a diagnostic laboratory. In
comparison to older methods, modern medical facilities are adequate. Diagnostic
labs can choose the appropriate strategy because it is easier for them to
understand the sickness.
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The market's expansion is impeded by the
rising popularity of self-testing tools such as glucometers and other similar
instruments. Today, people diagnose diseases by doing tests at home using
bodily fluid samples such as blood, urine, or saliva. During the forecast
period, the market expansion will be constrained by these self-testing gadgets.
South Korea
Diagnostic Labs Market can be segmented on the basis of provider
type, by test type, by end user, and by region.
Based on the test type, the South Korea
diagnostic labs market is further split into pathology and radiology. Pathology
segment accounted for the largest share since diagnostic labs need more
expensive testing equipment than pathology laboratories. Blood testing and
other pathology tests are the fundamental tests needed to diagnose all
disorders.
The South Korean diagnostic labs market can be
further divided into corporate clients, walk-ins, and referrals based on end
user. Throughout the forecast period, referral segment revenue is expected to
rise. When a patient visits a doctor, the physician will always recommend
a few diagnostic tests to help identify and diagnose any underlying illnesses.
The patients always have their tests performed in diagnostic labs in order to
receive early diagnosis for a disease or condition and receive proper
treatment.
Major companies operating in South Korea Diagnostic Labs Market are:
- Green Cross Laboratories
- Seegene Medical Foundation
- Infinitt Healthcare Co., Ltd.
- Medipost Co.,Ltd.
- Bio Focus Co., LtD.
- Geneone Life Science Inc.
- Humanpass Inc.
- Ellead
- Eone Diagnomics Genome Center
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“In the coming
years, the market for diagnostic labs will see robust growth. This is brought
on by the prevalence of chronic illnesses and the development of numerous
microorganisms that have an adverse effect on human health. The development of
affordable, user-friendly, self-testing technology will also have an impact on
market growth during the forecast period.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research- based global management consulting
firm.
“South
Korea Diagnostic Labs Market By Provider Type (Stand
Alone Diagnostic Labs, Hospital Based Diagnostic Labs, Diagnostic Chains), By Test
Type (Pathology v/s Radiology), By
End User (Referrals, Walk-ins, Corporate Clients), By Region, Competition, Forecast &
Opportunities, 2018-2028F”, has evaluated
the future growth potential of South Korea Diagnostic Labs Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in South Korea Diagnostic Labs Market.
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