Market Insights Health Medical Technology Medical Devices

Diagnostic Imaging Devices - South Korea

South Korea

The revenue in the Diagnostic Imaging Devices market market in South Korea is estimated to reach €0.67bn in 2024.
Furthermore, it is anticipated that the revenue will experience an annual growth rate (CAGR 2024-2029) of 6.08%, leading to a market volume of €0.90bn by 2029.
When compared globally, the United States is expected to generate the highest revenue with €11,060.00m in 2024.
South Korea is embracing advanced diagnostic imaging devices, such as MRI and CT scanners, to enhance their healthcare system.

Key regions: Germany, Japan, Netherlands, Spain, United States

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Analyst Opinion

The Diagnostic Imaging Devices market in South Korea is experiencing significant growth and development, driven by various factors such as customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Diagnostic Imaging Devices market in South Korea play a crucial role in its development. Customers in South Korea have a growing demand for advanced and innovative imaging devices that provide accurate and detailed diagnostic results. They prefer devices that are compact, portable, and easy to use, as well as those that offer high-resolution imaging capabilities. Additionally, customers in South Korea value devices that are cost-effective and provide efficient and reliable performance. Trends in the market also contribute to the development of the Diagnostic Imaging Devices market in South Korea. One of the key trends is the increasing adoption of digital imaging technologies, such as computed tomography (CT), magnetic resonance imaging (MRI), and ultrasound. These technologies offer improved image quality, faster scanning times, and enhanced diagnostic capabilities. Another trend is the integration of artificial intelligence (AI) and machine learning algorithms into imaging devices, which enables automated analysis and interpretation of medical images, leading to more accurate and efficient diagnoses. Local special circumstances in South Korea further drive the growth of the Diagnostic Imaging Devices market. The country has a well-established healthcare system with a high demand for diagnostic imaging devices. The government has implemented various policies and initiatives to promote the use of advanced medical technologies, including imaging devices, to improve healthcare outcomes. Additionally, South Korea has a strong research and development ecosystem, with collaboration between academia, industry, and government agencies, which fosters innovation and drives the development of new imaging technologies. Underlying macroeconomic factors also contribute to the development of the Diagnostic Imaging Devices market in South Korea. The country has a strong and stable economy, with a high level of healthcare expenditure. The government invests heavily in healthcare infrastructure and technology, including the procurement of diagnostic imaging devices, to improve the quality of healthcare services. Furthermore, South Korea has a rapidly aging population, which increases the demand for diagnostic imaging devices for the diagnosis and monitoring of age-related diseases and conditions. In conclusion, the Diagnostic Imaging Devices market in South Korea is developing rapidly due to customer preferences for advanced and innovative devices, trends in the market such as the adoption of digital imaging technologies and AI integration, local special circumstances including a well-established healthcare system and strong research and development ecosystem, and underlying macroeconomic factors such as a stable economy and an aging population.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.