South Korea Cancer Diagnostics Market Size & Outlook
South Korea cancer diagnostics market, 2018-2030 (US$M)
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South Korea cancer diagnostics market highlights
- The South Korea cancer diagnostics market generated a revenue of USD 2,751.9 million in 2023 and is expected to reach USD 5,370.1 million by 2030.
- The South Korea market is expected to grow at a CAGR of 10% from 2024 to 2030.
- In terms of segment, consumables was the largest revenue generating product in 2023.
- Consumables is the most lucrative product segment registering the fastest growth during the forecast period.
Cancer diagnostics market data book summary
| Market revenue in 2023 | USD 2,751.9 million |
| Market revenue in 2030 | USD 5,370.1 million |
| Growth rate | 10% (CAGR from 2023 to 2030) |
| Largest segment | Consumables |
| Fastest growing segment | Consumables |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Services, Instruments, Consumables |
| Key market players worldwide | Abbott Laboratories, Roche Holding AG, GE HealthCare Technologies Inc Common Stock, Qiagen NV, Becton Dickinson & Co, Koninklijke Philips NV, Siemens Healthineers AG ADR, Hologic Inc, Thermo Fisher Scientific Inc, Illumina Inc |
Other key industry trends
- In terms of revenue, South Korea accounted for 2.6% of the global cancer diagnostics market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, Japan cancer diagnostics market is projected to lead the regional market in terms of revenue in 2030.
- China is the fastest growing regional market in Asia Pacific and is projected to reach USD 8,680.0 million by 2030.
Consumables was the largest segment with a revenue share of 59.93% in 2023. Horizon Databook has segmented the South Korea cancer diagnostics market based on services, instruments, consumables covering the revenue growth of each sub-segment from 2018 to 2030.
Increasing R&D investments by key pharmaceutical companies in South Korea are expected to create a lucrative environment for market growth. For instance, in October 2022, AstraZeneca announced plans to spend USD 630.0 million on R&D in South Korea over the next 5 years to improve access to healthcare.
Furthermore, key players have constantly been focusing on the launch of products and geographic expansion to diversify and expand their product portfolios. Some of the initiatives are: In December 2020, a team of researchers in South Korea developed a novel liquid biopsy method to detect circulating tumor DNAs in the blood without gene amplification.
The researchers demonstrated that this method provides sufficient sensitivity to detect tumor DNAs. In August 2019, the Korean Lung Cancer Screening Project launched a lung cancer screening program in Korea. It was the first multicenter prospective lung cancer screening study conducted in Asia.
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Cancer Diagnostics Market Scope
Cancer Diagnostics Market Companies
| Name | Profile | # Employees | HQ | Website |
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South Korea cancer diagnostics market size, by product, 2018-2030 (US$M)
South Korea Cancer Diagnostics Market Outlook Share, 2023 & 2030 (US$M)
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