South Korea Clinical Laboratory Tests Market Size & Outlook
South Korea clinical laboratory tests market, 2018-2030 (US$M)
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South Korea clinical laboratory tests market highlights
- The South Korea clinical laboratory tests market generated a revenue of USD 1,193.0 million in 2023 and is expected to reach USD 2,812.3 million by 2030.
- The South Korea market is expected to grow at a CAGR of 13% from 2024 to 2030.
- In terms of segment, hba1c tests was the largest revenue generating type in 2023.
- HGB/HCT tests is the most lucrative type segment registering the fastest growth during the forecast period.
Clinical laboratory tests market data book summary
| Market revenue in 2023 | USD 1,193.0 million |
| Market revenue in 2030 | USD 2,812.3 million |
| Growth rate | 13% (CAGR from 2023 to 2030) |
| Largest segment | Hba1c tests |
| Fastest growing segment | HGB/HCT tests |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Complete blood count, HGB/HCT tests, Basic metabolic panel, BUN creatinine tests, Electrolytes testing, HbA1c tests, Comprehensive metabolic panel tests, Liver panel tests, Renal panel tests, Lipid panel tests |
| Key market players worldwide | Quest Diagnostics Inc, Abbott Laboratories, Labcorp Holdings Inc, ARUP Laboratories, OPKO Health Inc, Clinical Reference Laboratory, Sonic Healthcare Ltd, Cinven, Unilabs |
Other key industry trends
- In terms of revenue, South Korea accounted for 1.0% of the global clinical laboratory tests market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China clinical laboratory tests market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 5,145.7 million by 2030.
Hba1c tests was the largest segment with a revenue share of 12.08% in 2023. Horizon Databook has segmented the South Korea clinical laboratory tests market based on complete blood count, hgb/hct tests, basic metabolic panel, bun creatinine tests, electrolytes testing, hba1c tests, comprehensive metabolic panel tests, liver panel tests, renal panel tests, lipid panel tests covering the revenue growth of each sub-segment from 2018 to 2030.
South Korea is a prominent destination for clinical trials in Asia, with its superior medical infrastructure, highly educated medical personnel, and wide patient pool. In addition, increasing government support has led to a rise in the number of opportunities for drug development companies.
This plan was launched to enhance clinical trial management by 2023. The plan included three strategies, which involved improving international competitiveness in clinical trials, developing a clinical trial safety management system, and expanding treatment opportunities & communication systems for patients.
Clinical laboratories in the country are trying to improve their testing efficiency and are trying to receive accreditation from international regulatory authorities. For instance, in September 2022, South Korea’s GC Labs became the first one in the country to obtain U.S. CDC certification.
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Clinical Laboratory Tests Market Scope
Clinical Laboratory Tests Market Companies
| Name | Profile | # Employees | HQ | Website |
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South Korea clinical laboratory tests market size, by type, 2018-2030 (US$M)
South Korea Clinical Laboratory Tests Market Outlook Share, 2023 & 2030 (US$M)
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