South Korea Diagnostic Imaging Market to be Dominated by the Rise of Chronic Disorders Through 2028.5

Increasing incidences of chronic diseases and technological advancement is expected to drive the growth of South Korea Diagnostic Imaging Market in the forecast period 2024-2028.

According to TechSci Research report, “South Korea Diagnostic Imaging - By Region, Forecast and Opportunities, 2018-2028”, South Korea Diagnostic Imaging Market is anticipated to grow at a steady rate in the forecast period 2024-2028, which can be majorly ascribed to the rising incidences of chronic disorders. The market of diagnostic imaging is increasing in South Korea due to the growing geriatric population. Furthermore, the market growth is also influenced by the entry of new startup companies manufacturing diagnostic imaging devices by incorporating artificial intelligence and machine learning.

The market's expansion is impeded by the lack of radiologists and the high cost of diagnostic imaging devices. Nowadays, the population is more aware regarding the early detection and diagnosis of chronic disorders.

The South Korean market for diagnostic imaging has been significantly impacted by the COVID-19 outbreak. The severe need for COVID-19 testing and treatment took precedence during the pandemic, which temporarily reduced the number of imaging operations not related to COVID. To prioritize resources and lower the risk of transmission, many routine tests and elective operations were postponed or cancelled. The pandemic allowed patients to receive consultations and imaging examinations remotely, but it also hastened the implementation of telemedicine and remote imaging services. The pandemic also brought focus to the value of diagnostic imaging in identifying and tracking COVID-19 patients, which raised the demand for chest imaging, such as X-rays and CT scans.

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The South Korea Diagnostic Imaging Market can be segmented by Type, by Mobility, by Source, by Application, by End User and by Region.

The South Korea Diagnostic Imaging Market can be divided into X-Ray Imaging Solutions, Ultrasound Systems, MRI Systems, CT Scanners, and Nuclear Imaging Solutions, based on type. Due to technological developments in the MRI modality and the expansion of MRI's use in the medical field, MRI systems will continue to hold the majority of market share in the coming years. Compared to CT scan, MRI has better soft tissue and can distinguish between fat, water, muscle, and other soft tissue. Bones are typically imaged using CT.

The South Korea Diagnostic Imaging Market is divided into Portable and Standalone based on mobility. In South Korea, the market for diagnostic imaging is expected to be dominated by portable devices throughout the forecast period for a number of factors. Greater accessibility to imaging services is made possible by portability, particularly in remote or underdeveloped regions in which traditional imaging modalities might not be easily accessible. The use of portable gadgets by healthcare providers at the point of service reduces patient wait times and enables quicker diagnostics. These devices provide ease and flexibility. Additionally, improvements in wireless and miniaturization technologies have increased the capability of portable devices, making it possible to provide high-quality imaging that is comparable to that of conventional equipment. The popularity of portable imaging devices is further fueled by the rising need for telemedicine and home healthcare, which makes remote diagnosis and monitoring possible.

Based on end user, the South Korea Diagnostic Imaging market may be further segmented into Hospitals & Clinics, Diagnostic Centers, Ambulatory Care Centers, and Others. In anticipated years, the diagnostic centre is anticipated to gain the highest share. It is because diagnostic centres primarily employ diagnostic imaging equipment for the identification and treatment of various chronic illnesses.

Major companies operating in South Korea Diagnostic Imaging Market are:

       ·         FUJIFILM Holdings Corp

       ·         GE Healthcare Korea Co Ltd

       ·         Koninklijke Philips N.V

       ·         Siemens Healthineers

       ·         Medonica

       ·         Canon Medical Systems Korea

       ·         F. Hoffmann-La Roche AG

       ·         Bio-Rad Laboratories, Inc.

       ·         Abbott Korea Ltd.

       ·         Fisher Scientific Korea Ltd.

       ·         DR TECH CORP

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“In South Korea, the market for diagnostic imaging is expanding significantly due to several factors. Demand is being fueled by increasing awareness regarding early detection and diagnosis, which is being supported by public health efforts and an increased focus on preventative healthcare. Accuracy and efficiency are being improved by technological developments such as advanced imaging modalities and analytics powered by AI. However, there are also challenges, such as high expenses, infrastructural limits, and worries regarding data privacy. The diagnostic imaging market in South Korea will grow more rapidly if these issues are overcome and future trends like telemedicine and remote imaging services are properly taken advantage of.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

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