In Vitro Diagnostics Business Outlook’s (IVD BO) latest issue provides a detailed analysis of the global blood screening diagnostic market.
Thank you to IVD Business Outlook and Daniel Granderson for this insightful issue, published in October 2024 in Volume 3, Issue 4, and for allowing us to report on the findings. This blog will explore findings from the Region Watch section, focusing on the IVD market in South Korea. IVD BO is published by healthcare and diagnsotics market research firm Kalorama Information, part of Science and Medicine Group, a leading research and advisory firm serving the life science, analytical instrument, diagnostic, healthcare, radiology, and dental industries.
South Korea, with a population of 52.1 million people, generates a robust per capita GDP of $50,600, surpassing those of its neighbouring countries Japan ($46,300) and China ($22,100). This solid economic foundation makes South Korea an appealing market for in vitro diagnostics (IVD) vendors looking to expand their market presence and capitalize on new growth opportunities. Healthcare spending in South Korea is substantial, with national health expenditures projected to account for approximately 7-8% of the country's total GDP.
The IVD market in South Korea
The IVD market in South Korea benefits from favourable regulatory environment and attractive opportunities for foreign investment. The country’s healthcare sector is undergoing substantial growth, driven by the rising imports of advanced medical equipment. This growth is further accelerated by the increasing demand for molecular testing technologies and point-of-care testing solutions which are propelling market expansion. Major factors driving this growth include the prevalence of obesity, diabetes, cardiovascular diseases, and cancer. Additionally, the aging population remains a growing concern for health authorities in South Korea.
South Korea’s strong economic position and forward-thinking strategies have positioned it as an attractive market for both IVD vendors and medical tourists. The country’s proactive initiatives have contributed to a sharp increase in medical tourism, indicating a strong and growing demand for its medical services. Overall, the rising imports of advanced medical technologies, favourable regulatory environment and aging population provide substantial opportunities for market expansion. These factors highlight South Korea's potential as a leading destination for medical tourism and a key player in the global healthcare market.
Like many countries. South Korea uses flatforms unique to the country including Naver, which is the most used search engine in the country, with 58% of all search queries in the country, ahead of Google. 95% of Naver’s traffic is domestic, making this the platform of choice for South Korean businesses. This means that if you need to market your brand into South Korea, you have to be able to use Naver. As a global agency working in B2B in science, talk to The Scott Partnership for your Naver support in South Korea.
If your company is interested in working in the South Korean market, The Scott Partnership is equipped to support. Find out more here: https://www.scottpr.com/
References
Kalorama Information’s In Vitro Diagnostics Business Outlook, Volume 3, Issue 4 - Blood Screening
