South Korea Diagnostic Imaging Equipment Market Size Set to Touch USD 224 Million by 2029

Published | 28 August 2023

South Korea diagnostic imaging equipment market is flourishing because of an increasing prevalence of chronic diseases and growing geriatric population in the country.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the South Korea diagnostic imaging equipment market size at USD 144.4 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the South Korea diagnostic imaging equipment market size to grow at a significant CAGR of 7.57% reaching a value of USD 223.8 million by 2029. Major growth drivers for the South Korea diagnostic imaging equipment market include an increasing burden of chronic diseases, a rising aging population, and the growing demand for early and accurate diagnosis. The market also benefits from South Korea's well-established healthcare infrastructure and technological advancements. Another notable factor is the government initiatives aimed at enhancing healthcare accessibility and promoting innovative medical devices play a significant role in shaping the market. Partnerships between domestic and international companies further facilitate the introduction of advanced imaging equipment into South Korea's healthcare landscape. Furthermore, the article titled "Prediction of Cancer Incidence and Mortality in Korea, 2022" published in PubMed Central estimated 81,277 cancer deaths and 274,488 new cancer cases for 2022 in South Korea, emphasizing the need for effective diagnostic imaging solutions. As a result, new imaging techniques with enhanced anatomical details have become widely available, enabling early detection and precision treatment, especially for the elderly population. However, high cost of equipment are anticipated to restrain the overall market growth during the forecast period.

South Korea Diagnostic Imaging Equipment Market – Overview

South Korea diagnostic imaging equipment market refers to the sector within the medical industry that focuses on the production, distribution, and utilization of advanced medical imaging devices and equipment in South Korea. This market includes various imaging modalities, such as X-ray, computed tomography (CT), magnetic resonance imaging (MRI), ultrasound, and nuclear medicine equipment. The primary purpose of these diagnostic imaging devices is to provide detailed and accurate visualizations of internal body structures to aid in the diagnosis and management of medical conditions. The market is driven by the rising burden of chronic diseases, an aging population, and technological advancements in the healthcare sector, making it a crucial component of South Korea's healthcare landscape.

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Impact of COVID-19 on South Korea Diagnostic Imaging Equipment Market

COVID-19 pandemic had mixed impact on the South Korea diagnostic imaging equipment market. During the pandemic, there was a shift in healthcare priorities, with a focus on managing and treating COVID-19 cases. Non-urgent imaging procedures and elective surgeries were postponed or canceled, leading to a temporary decline in demand for diagnostic imaging equipment. Additionally, disruptions in the global supply chain affected equipment availability and led to delays in equipment upgrades. However, with the gradual control of the pandemic and the resumption of healthcare services, the market was expected to recover. The growing awareness of the importance of early diagnosis and preventive healthcare was projected to drive the demand for diagnostic imaging equipment in the post-pandemic period.

South Korea Diagnostic Imaging Equipment Market – By Product

By product, the South Korea diagnostic imaging equipment market is divided into X-Ray Imaging, Digital, Analog, MRI, Ultrasound, CT-Scan, and Nuclear Imaging segments. The MRI segment is expected to hold the highest market share during the forecast period. Magnetic resonance imaging (MRI) is widely recognized as one of the safest medical imaging procedures, devoid of harmful imaging agents. The remarkable growth of MRI in the country can be attributed to continuous technological advancements in MRI modality and its expanding applications in the medical field. In 2020, the Organization for Economic Co-operation and Development (OECD) reported a total of 34.2 MRI units per 1,000,000 inhabitants in South Korea, with a staggering 134.4% increase in MRI scans compared to the previous year. The country also surpassed the OECD average for medical imaging tests, with 229.5 CT scans and 167.8 MRI scans per 1,000 people. This trend is fueled by the presence of universal health insurance coverage, leading more individuals to undergo costly imaging procedures even for mild symptoms. Cancer remains a significant health concern in South Korea, being a leading cause of morbidity and mortality. With around 230,317 new cancer cases in 2020 and 88,597 related deaths, imaging plays a pivotal role in early detection, accurate staging, and precise localization of cancer, guiding surgical and other cancer treatments. As a result, the demand for diagnostic imaging equipment is expected to further drive market growth in the country.

Competitive Landscape

Major players operating in the South Korea diagnostic imaging equipment market include General Electric Company, Hitachi Ltd, Hologic, Inc., Koninklijke Philips N.V., Samsung Medison Co., Ltd, Shimadzu Medical Pvt. Ltd, CANON MEDICAL SYSTEM CORPORATION, ESAOTE SPA, and Allengers. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of South Korea Diagnostic Imaging Equipment Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in South Korea Diagnostic Imaging Equipment Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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