Report Overview

South Korea Diagnostic Imaging Equipment Market - Industry Trends & Forecast Report, 2029

South Korea diagnostic imaging equipment market size was estimated at USD 144.4 million in 2022. During the forecast period between 2023 and 2029, the size of South Korea diagnostic imaging equipment market is projected to grow at a 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 forecasts 81,277 cancer deaths and 274,488 new cancer cases for the year 2022 in 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.

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 factors such as 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.

South Korea Diagnostic Imaging Equipment Market

Growth Drivers

Growing Prevalence of Chronic Diseases in South Korea

The frequency of chronic diseases has surged in South Korea, with six of the top 10 causes of death attributed to these conditions. As a result, chronic sickness treatment has gained prominence. The government is implementing pilot programs based on the "Act on the Prevention and Management of Cardiovascular Diseases" to address and prevent chronic illnesses. Chronic diseases are increasingly prevalent, particularly among individuals aged 40 to 70 years, as the population ages. Comorbidity, the coexistence of multiple chronic ailments in one patient, is also on the rise. South Korea is witnessing a higher prevalence of chronic degenerative diseases due to an aging population, projected to see a 38% increase in elderly individuals by 2050. Despite this trend, preventive therapy lacks sufficient financial incentives, leading healthcare practitioners to prioritize curative methods. Consequently, diagnostic imaging equipment in diagnostic laboratories plays a pivotal role in assessing patients before commencing treatment, contributing to the growth of the diagnostic imaging market in South Korea.

Restraints

High Cost of Equipment

Advanced medical imaging devices and technologies can be expensive, posing challenges for healthcare facilities and providers to invest in and upgrade their imaging equipment. The cost constraints may limit the adoption of the latest imaging technologies, particularly in smaller healthcare centers or in rural areas. Additionally, the high equipment cost may lead to higher procedure charges for patients, potentially reducing the overall demand for diagnostic imaging services. Addressing the cost issues and exploring cost-effective solutions are essential to unlock the market's full potential and ensure accessibility to quality diagnostic imaging services across South Korea.

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

COVID-19 pandemic had a 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

Segmental Coverage

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 percent 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.

South Korea Diagnostic Imaging Equipment Market – By Application

Based on application, the South Korea diagnostic imaging equipment market is divided into Oncology, Cardiology, and Orthopedics segments.

South Korea Diagnostic Imaging Equipment Market – By Portability

Based on portability, the South Korea diagnostic imaging equipment market is bifurcated into Stationary X-ray Imaging Systems and Portable X-ray Imaging Systems segments.

South Korea Diagnostic Imaging Equipment Market – By End User

Based on end user, the South Korea diagnostic imaging equipment market is divided into Hospitals, Diagnostic Centers, and Research Centers segments. The hospitals segment held the highest share in the South Korea diagnostic imaging equipment market by end user. Hospitals, being well-funded and equipped, can afford to invest in the latest technological advancements, which improves diagnostic capabilities and patient care. Their comprehensive services and higher patient volume require a greater number of imaging equipment to meet the demand efficiently. Additionally, the presence of specialists and referral cases from other healthcare providers contributes to increased imaging orders. Emergency services and research/teaching facilities in hospitals further drive the need for advanced imaging technology. Government policies and insurance reimbursement structures may also favor hospitals, encouraging them to invest in diagnostic imaging equipment.

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.

Scope of the Report

By Product

• X-Ray Imaging

• Digital

• Analog

• MRI

• Ultrasound

• CT-Scan

• Nuclear Imaging

By Application

• Oncology

• Cardiology

• Orthopedics

By Portability

• Stationary X-ray Imaging Systems

• Portable X-ray Imaging Systems

By End User

• Hospitals

• Diagnostic Centers

• Research Centers

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. South Korea Diagnostic Imaging Equipment Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Increasing prevalence of chronic diseases
         2. Growing geriatric population
      2. Restraints
         1. High cost of equipment
      3. Opportunities
         1. Advancements in technology
      4. Challenges
         1. Reimbursement challenges
   3. Technology Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. South Korea Diagnostic Imaging Equipment Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Product
         1. X-Ray Imaging
         2. Digital
         3. Analog
         4. MRI
         5. Ultrasound
         6. CT-Scan
         7. Nuclear Imaging
      2. By Application
         1. Oncology
         2. Cardiology
         3. Orthopedics
         4. Others
      3. By Portability
         1. Stationary X-ray Imaging Systems
         2. Portable X-ray Imaging Systems
      4. By End User
         1. Hospitals
         2. Diagnostic Centers
         3. Research Centers
5. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. South Korea Diagnostic Imaging Equipment Company Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
6. Impact of Covid-19 on South Korea Diagnostic Imaging Equipment Market
7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
   1. General Electric Company
   2. Hitachi Ltd
   3. Hologic, Inc.
   4. Koninklijke Philips N.V.
   5. Samsung Medison Co., Ltd
   6. Shimadzu Medical Pvt. Ltd
   7. CANON MEDICAL SYSTEM CORPORATION
   8. ESAOTE SPA
   9. Allengers
   10. Other Prominent Players
8. Key Strategic Recommendations
9. Research Methodology
   1. Qualitative Research
      1.  Primary & Secondary Research
   2.   Quantitative Research
   3.   Market Breakdown & Data Triangulation
      1.  Secondary Research
      2.  Primary Research
   4. Breakdown of Primary Research Respondents, By Region
   5.   Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

List of Figures

Figure 1       South Korea Diagnostic Imaging Equipment Segmentation

Figure 2       South Korea Diagnostic Imaging Equipment Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2022

Figure 4       South Korea Diagnostic Imaging Equipment Market Size, By Value (USD Million), 2019–2029

Figure 5       South Korea Diagnostic Imaging Equipment Market Share, By Product, By Value, 2019–2029

Figure 6       South Korea Diagnostic Imaging Equipment Market Share, By Applications, By Value, 2019–2029

Figure 7       South Korea Diagnostic Imaging Equipment Market Share, By Portability, By Value, 2019–2029

Figure 8       South Korea Diagnostic Imaging Equipment Market Share, By End User, By Value, 2019–2029

List of Tables

Table 1        South Korea Diagnostic Imaging Equipment Market Size, By Value (USD Million), 2019–2029

Table 2        South Korea Diagnostic Imaging Equipment Market Size, By Product, By Value, 2019–2029

Table 3        South Korea Diagnostic Imaging Equipment Market Size, By Applications, By Value, 2019–2029

Table 4        South Korea Diagnostic Imaging Equipment Market Size, By Portability, By Value, 2019–2029

Table 5        South Korea Diagnostic Imaging Equipment Market Size, By End User, By Value, 2019–2029

Table 6        General Electric Company Overview

Table 7        General Electric Company Financial Overview

Table 8        Hitachi Ltd Company Overview

Table 9        Hitachi Ltd Financial Overview

Table 10      Hologic, Inc. Company Overview

Table 11      Hologic, Inc. Financial Overview

Table 12      Koninklijke Philips N.V. Company Overview

Table 13      Koninklijke Philips N.V. Financial Overview

Table 14      Samsung Medison Co., Ltd Company Overview

Table 15      Samsung Medison Co., Ltd Financial Overview

Table 16      Shimadzu Medical Pvt. Ltd Company Overview

Table 17      Shimadzu Medical Pvt. Ltd Financial Overview

Table 18      CANON MEDICAL SYSTEM CORPORATION Company Overview

Table 19      CANON MEDICAL SYSTEM CORPORATION Financial Overview

Table 20      ESAOTE SPA Company Overview

Table 21      ESAOTE SPA Financial Overview

Table 22      Allengers Company Overview

Table 23      Allengers Financial Overview