South
Korea Diagnostic Labs market is anticipated to register an impressive
CAGR during the forecast period, 2024-2028. This
can be ascribed to the growing burden of chronic diseases. Additionally, the
expansion of the South Korea Diagnostic Labs market is being influenced by the
increasing demand for early detection of chronic diseases. Owing to the
development of new technologies, the diagnostic lab market in South Korea is
predicted to increase significantly during the forecast period.
The
market for diagnostic labs in South Korea is expanding as a result of
increasing healthcare costs, rising point-of-care diagnostics utilisation, and
rising chronic diseases prevalence. However, the overall market expansion is
hampered by the lack of skilled professionals.
The
market for diagnostic labs was expanding steadily before the COVID-19
pandemic as cancer screening, consultations, and treatments became common.
During the pandemic, the detection and diagnosis of COVID patients had a
significant impact on the diagnostic lab market. The healthcare-focused IT
sector offers a variety of investment opportunities, particularly in start-ups
that are creating innovative drugs and diagnostic devices.
Moreover,
the rising healthcare expenditure to improve the existing healthcare
infrastructure in developing countries has resulted in the establishment of
numerous new hospitals and diagnostic labs and the upgrade of the existing
facilities. Development of new diagnostic labs in South Korea is expected to influence
the growth of South Korea Diagnostic Labs Market during the forecast period.
The
primary cause of death in South Korea is Cancer. 161.1 deaths per 100,000 have
been observed due to cancer in 2021, which is an increase of 0.6% percent from
the year 2020. Most deaths are caused due to lung cancer, followed by liver
cancer.
Growing
Incidences of Chronic Diseases
In South Korea,
chronic diseases currently account for six of the top ten causes of mortality
as a result of a dramatic increase in their prevalence over the previous few
years. As a result, treating chronic illnesses has become more popular across
the country. In order to manage and prevent chronic diseases, the government
continues to implement several pilot programs based on the "Act on the
Prevention and Management of Cardiovascular Diseases."
As the population
ages, chronic diseases are becoming more common. Multimorbidity, the
coexistence of several chronic diseases in one patient is also becoming common.
A patient is said to have multiple chronic disease (MCD), regardless of the
disease kind, if they are coping with two or more chronic conditions
concurrently. However, comorbidity is distinct from several chronic diseases.
The prevalence of several chronic diseases rapidly increases between the ages
of 40 and 70. Numerous chronic diseases are becoming increasingly prevalent as
a result of higher life expectancies and an aging population. According to the
Ministry of Health and Welfare, the majority of disorders in South Korea are
chronic diseases, which is a condition made worse by the healthcare system's
focus on treatment rather than prevention. The prevalence of chronic disease
in South Korea is around 24%. Chronic degenerative diseases are more common
in South Korea as the population ages. There will be 38% more elders than
there were in 2014, by the year 2050. The majority of healthcare
professionals treat patients using curative rather than preventative strategies
because there are few financial incentives for preventive therapy. In order to
undergo therapy, patients must be tested at diagnostic laboratories, which is
what is expected to fuel the market expansion for diagnostic labs throughout
the forecast period.
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Increasing
Demand for Early Detection/Screening
The
goal of early disease detection is to locate individuals who are showing
symptoms as soon as possible to offer them the best opportunity of making a
full recovery. The effects of poor or delayed detection include a lower chance
of survival, more challenging treatment, and more expensive care. Early
diagnosis is a crucial public health policy because it improves disease
outcomes by providing care at the earliest feasible time.
Early
screening is defined as the suspected discovery of undetected disease in a
community of people who appear healthy and asymptomatic utilising tests,
examinations, or other methods that may be provided to the target population
rapidly and inexpensively. A screening program must cover the full screening
process, from inviting the target group to giving individuals who are found to
have disease access to quality care. The diagnostic labs must analyse the
sample for the screening programs before treating patients.
As the
population is focusing on getting their tests done for early diagnosis, this
factor is also driving market growth. The Covid pandemic also influenced
routine health screenings and early disease identification in the population.
Market
Segmentation
South Korea Diagnostic
Labs market can be segmented on the basis of provider type, test type, end user,
and region. Based on provider type, the market can be divided into stand alone
diagnostic labs, hospital based diagnostic labs, and diagnostic chains. Based
on test type, the market is divided into pathology and radiology. Based on end
user, the market is further divided into referrals, walk-ins, and corporate
clients.
Market Players
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 are some of the leading players operating in the South Korea
Diagnostic Labs market.
|
Attribute
|
Details
|
|
Base
Year
|
2022
|
|
Historic
Data
|
2018 – 2021
|
|
Estimated
Year
|
2023
|
|
Forecast
Period
|
2024 – 2028
|
|
Quantitative
Units
|
Revenue in USD Million, and CAGR for 2018-2022 and 2023-2028
|
|
Report
coverage
|
Revenue
forecast, volume forecast, company share, competitive landscape, growth
factors, and trends
|
|
Segments
covered
|
By Provider
Type
By Test Type
By End User
By Region
|
|
Regional
scope
|
North;
South; Central
|
|
Key
companies profiled
|
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
|
|
Customization
scope
|
10%
free report customization with purchase. Addition or alteration to country,
regional & segment scope.
|
|
Pricing
and purchase options
|
Avail customized purchase options to meet your exact research needs. Explore purchase options
|
|
Delivery
Format
|
PDF and Excel through Email (We can also provide the editable
version of the report in PPT/Word format on special request)
|
Report Scope:
In this report, South Korea Diagnostic Labs market has been segmented into following
categories, in addition to the industry trends which have also been detailed
below:
·
South Korea
Diagnostic Labs Market, By Provider
Type:
o Stand Alone Diagnostic Labs
o Hospital-Based Diagnostic Labs
o Diagnostic Chains
·
South Korea
Diagnostic Labs Market, By Test Type:
o Pathology
o Radiology
·
South Korea
Diagnostic Labs Market, By End User:
o Referrals
o Walk-ins
o Corporate Clients
Competitive Landscape
Company
Profiles: Detailed
analysis of the major companies present in South Korea Diagnostic Labs Market.
Available Customizations:
With the given market data, TechSci
Research offers customizations according to a company’s specific needs. The
following customization options are available for the report:
Company Information
- Detailed analysis and profiling of
additional market players (up to five).
South Korea Diagnostic Labs Market is an upcoming report to be released soon. If you wish an early
delivery of this report or want to confirm the date of release, please contact
us at [email protected]