South Korea Covid-19 Diagnostics Market Size & Outlook
South Korea covid-19 diagnostics market, 2020-2030 (US$M)
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South Korea covid-19 diagnostics market highlights
- The South Korea covid-19 diagnostics market generated a revenue of USD 792.3 million in 2023 and is expected to reach USD 96.0 million by 2030.
- The South Korea market is expected to grow at a CAGR of -26% from 2024 to 2030.
- In terms of segment, reagents & kits was the largest revenue generating product in 2023.
- Reagents & Kits is the most lucrative product segment registering the fastest growth during the forecast period.
Covid-19 diagnostics market data book summary
| Market revenue in 2023 | USD 792.3 million |
| Market revenue in 2030 | USD 96.0 million |
| Growth rate | -26% (CAGR from 2023 to 2030) |
| Largest segment | Reagents & kits |
| Fastest growing segment | Reagents & Kits |
| Historical data | 2020 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Instruments, Reagents & Kits, Services |
| Key market players worldwide | Thermo Fisher Scientific Inc, Hologic Inc, Roche, PerkinElmer, Veredus Laboratories, QuidelOrtho Corp, Quest Diagnostics Inc, Luminex, Labcorp Holdings Inc, Abbott Laboratories, 1Drop Diagnostics, ADT Inc, Mylab Discovery Solutions, Neuberg Diagnostics, Aldatu Biosciences, altona Diagnostics GmbH |
Other key industry trends
- In terms of revenue, South Korea accounted for 2.4% of the global covid-19 diagnostics market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, India covid-19 diagnostics market is projected to lead the regional market in terms of revenue in 2030.
- Australia is the fastest growing regional market in Asia Pacific and is projected to reach USD 52.4 million by 2030.
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COVID-19 Diagnostics Market Scope
COVID-19 Diagnostics Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
South Korea covid-19 diagnostics market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to covid-19 diagnostics market will help companies and investors design strategic landscapes.
Reagents & kits was the largest segment with a revenue share of 67.63% in 2023. Horizon Databook has segmented the South Korea covid-19 diagnostics market based on instruments, reagents & kits, services covering the revenue growth of each sub-segment from 2020 to 2030.
With emergence of COVID-19, South Korea adopted widespread and rapid testing, as well as close tracking of all the individuals who have been exposed to the virus. These two factors, testing and tracking, have allowed the country to contain the spread of virus.
Local governments in the country increased the screening centers to detect the potential asymptomatic carriers and assigned hospitals as infection control center to maintain medical capacity. Moreover, the national government started cooperating with national health insurance agency and local governments to monitor & test all the travelers entering from Wuhan.
Increasing cases of COVID-19 have boosted the demand for COVID-19 diagnostic tools in the country. South Korea is one of the top exporters of COVID-19 diagnostic kits in the world. As per the Foundation for Innovative New Diagnostics (FIND), South Korea is in the second position, after China, in the list of countries with the most used COVID-19 diagnostic kits.
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Target buyers of South Korea covid-19 diagnostics market databook
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Our clientele includes a mix of covid-19 diagnostics market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.
Horizon Databook provides a detailed overview of country-level data and insights on the South Korea covid-19 diagnostics market , including forecasts for subscribers. This country databook contains high-level insights into South Korea covid-19 diagnostics market from 2020 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea covid-19 diagnostics market size, by product, 2020-2030 (US$M)
South Korea COVID-19 Diagnostics Market Outlook Share, 2023 & 2030 (US$M)
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