South Korea In-vitro Diagnostics Market - Growth, Trends, Covid-19 Impact, And Forecasts (2021 - 202

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The market studied has observed a positive impact of COVID-19 with the rising number of cases of COVID-19 and product launches related to the diagnosis of COVID-19. In April 2020, Seasun Biomaterials announced to launch the ''AQ-TOP COVID-19 Rapid Detection Kit'' for the diagnosis of COVID-19. Hence, such developments are expected to positively impact the market due to the growing need for the diagnosis of COVID-19.

In addition, in March 2020, the Ministry of Food and Drug Safety (MFDS), South Korea approved urgent-use licenses to four COVID-19 diagnostic kits in order to ramp up the diagnostic procedures in the country and curb the transmission of the disease. Hence, IVD has played a crucial role in the pandemic scenario, and hence, a significant positive impact can be expected on the market growth.

Some of the major factors that are driving the market growth include the high prevalence of chronic diseases, increasing use of point-of-care (POC) diagnostics, advanced technologies, and increasing awareness and acceptance of personalized medicine and companion diagnostics. The World Health Organization (WHO) has ...
... identified chronic diseases as one of the world's most pressing health problems. According to Globocan, 2020, about 230,317 new cases of cancer were reported in South Korea.

Furthermore, as per the International Diabetes Federation, in 2020, about 3,689,400 adults in South Korea were suffering from diabetes constituting around 9.2% of the population. In-vitro diagnostics played a crucial role in detection of these diseases. Hence, with such factors into consideration, the growing burden of chronic diseases is expected to accelerate the market growth.

Also, advantages associated with point of care testing has increased the demand for in-vitro diagnostics products in South Korea. Point-of-care testing helps bring testing closer to the patients and obtain results quickly for the healthcare provider to expedite diagnoses and subsequent treatment. Hence, this is likely to increase the adoption of in-vitro diagnostics in the country.

Key Market Trends

Reagents are Expected to Hold the Major Share by Product Over the Forecast Period

The reagent segment of the market studied includes chemical, biological, or immunological components, solutions, or preparations intended by the manufacturer to be used during the in-vitro diagnosis process. The outbreak of COVID-19 has fuelled the demand for IVD reagents. For instance, in February 2020, Seegene Inc. received approval from Korea Centers for Disease Control & Prevention for its product "Allplex 2019-nCoV Assay", a real-time PCR assay. Furthermore, in March 2020, Gencurix introduced its new product, COVID-19 rapid immunodiagnostic kit in Korea and European Union.

Because of the high cost of many diagnostic platforms, it is common for manufacturers to lease equipment instead of selling technology outright to end-users. In these arrangements, the lease is tied to contracts to purchase associated reagents or assays for the equipment over the life of the contract. Companies are adopting growth strategies in order to grow their presence in the market. For instance, Celltrion and BBB, a South Korea-based Healthcare company went under partnership in order to develop point-of-care antigen testing (POCT) kit for detection of COVID-1. Thus, with the above-mentioned factors the market studied is expected to show significant growth in this segment.

However, in May 2020, the Medical Device Policy Division of the Ministry of Food and Drug Safety (MFDS), South Korea reformed its regulations related to in-vitro diagnostics. As per the new guidelines issued the regulatory authority will primarily focus on the manufacturing and importing of the IVD products including reagents, in order to ensure that the IVD products are in compliant with the applicable safety and performance requirements. Such stringent regulatory framework may obstruct the market growth.

Competitive Landscape

The South Korean in-vitro diagnostics market is moderately competitive and consists of a number of major players. Companies, like Abbott Laboratories, Becton, Dickinson and Company, Bio-Rad Laboratories Inc., Danaher Corporation, Roche Diagnostics, Siemens Healthcare, and Sysmex Corporation, among others, hold a substantial market share in the South Korean in-vitro diagnostics market.

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