South Korea Laboratory Developed Tests Market Size & Outlook
South Korea laboratory developed tests market, 2018-2030 (US$M)
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South Korea laboratory developed tests market highlights
- The South Korea laboratory developed tests market generated a revenue of USD 108.4 million in 2023 and is expected to reach USD 157.6 million by 2030.
- The South Korea market is expected to grow at a CAGR of 5.5% from 2024 to 2030.
- In terms of segment, molecular diagnostics was the largest revenue generating technology in 2023.
- Immunoassays is the most lucrative technology segment registering the fastest growth during the forecast period.
Laboratory developed tests market data book summary
| Market revenue in 2023 | USD 108.4 million |
| Market revenue in 2030 | USD 157.6 million |
| Growth rate | 5.5% (CAGR from 2023 to 2030) |
| Largest segment | Molecular diagnostics |
| Fastest growing segment | Immunoassays |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Immunoassays, Hematology and Coagulation, Molecular Diagnostics, Microbiology, Clinical Chemistry, Histology/Cytology, Flow Cytometry, Mass Spectroscopy |
| Key market players worldwide | Quest Diagnostics Inc, 23andMe Holding Co Class A, Abbott Laboratories, Guardant Health Inc, NeoGenomics, Siemens Healthineers AG ADR, Qiagen NV, Illumina Inc, Roche Holding AG ADR |
Other key industry trends
- In terms of revenue, South Korea accounted for 0.9% of the global laboratory developed 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 laboratory developed tests 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 1,142.9 million by 2030.
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Laboratory Developed Tests Market Scope
Laboratory Developed Tests Market Companies
| Name | Profile | # Employees | HQ | Website |
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South Korea laboratory developed tests 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 laboratory developed tests market will help companies and investors design strategic landscapes.
Molecular diagnostics was the largest segment with a revenue share of 23.8% in 2023. Horizon Databook has segmented the South Korea laboratory developed tests market based on immunoassays, hematology and coagulation, molecular diagnostics, microbiology, clinical chemistry, histology/cytology, flow cytometry, mass spectroscopy covering the revenue growth of each sub-segment from 2018 to 2030.
Cancer research has become a national priority for the Korean government. It supports several universities, institutions, and researchers to facilitate cancer research activities, which is anticipated to create significant demand for LDTs in the coming years for early and rapid diagnosis.
Furthermore, increasing R&D investments by key companies in South Korea are expected to create a lucrative environment for market growth. For instance, in October 2022, AstraZeneca announced that it will spend USD 630.0 million on R&D in South Korea over the next 5 years to improve access to healthcare.
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Our clientele includes a mix of laboratory developed tests market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of country-level data and insights on the South Korea laboratory developed tests market , including forecasts for subscribers. This country databook contains high-level insights into South Korea laboratory developed tests market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea laboratory developed tests market size, by technology, 2018-2030 (US$M)
South Korea Laboratory Developed Tests Market Outlook Share, 2023 & 2030 (US$M)
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