Viral Detection Market size was valued at USD 5.2 Billion in 2024 and is forecasted to grow at a CAGR of 8.7% from 2026 to 2033, reaching USD 10.8 Billion by 2033.
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The South Korean Viral Detection Market is experiencing significant growth, driven by technological advancements and an increasing demand for accurate diagnostic tools. As of 2024, the market is valued at approximately USD 2.22 billion and is projected to reach USD 3.59 billion by 2033, reflecting a compound annual growth rate (CAGR) of 5.50% during the forecast period.
Key factors contributing to this expansion include a rapidly aging population and a high prevalence of chronic diseases, necessitating enhanced diagnostic capabilities. The government's proactive initiatives, such as the enactment of the 'Act on In Vitro Diagnostic Medical Devices' in May 2020, have established a robust legal framework to promote advanced technologies in the in-vitro diagnostics (IVD) sector.
In terms of technology, immunoassay and clinical chemistry dominate the market, collectively accounting for over 60% of the total share in 2022. Molecular diagnostics also hold a significant portion, driven by the need for precise detection methods. The reagents segment leads in product categories, attributed to their essential role in diagnostic tests.
Hospitals and clinics represent the largest end-users, performing a substantial volume of diagnostic procedures. Diagnostic laboratories follow closely, contributing nearly one-third to the overall market share. The increasing adoption of point-of-care testing (POCT) is also noteworthy, offering rapid results and enhancing patient management.
Despite the positive trajectory, the market faces challenges, including stringent regulatory requirements and price control measures. For instance, the government-mandated price reductions for common diagnostic tests have impacted profit margins for manufacturers. Additionally, the approval process for new IVD products has become more rigorous, extending timelines and escalating compliance costs.
Nevertheless, the market's potential remains robust. The rising incidence of infectious diseases, coupled with technological innovations, continues to drive demand for advanced viral detection methods. Companies are investing in research and development to introduce efficient diagnostic solutions, aiming to address both current and emerging healthcare challenges.
In summary, the South Korean Viral Detection Market is poised for sustained growth, underpinned by demographic shifts, government support, and technological progress. Stakeholders must navigate regulatory landscapes and pricing pressures to capitalize on the opportunities within this evolving sector.
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Avance Biosciences Inc
BSL BIOSERVICE
Clean Cells
Charles River Laboratories International
Inc
Lonza Group
Merck KGaA
Sigma-Aldrich Corporation
SGS S.A.
Texcell
WuXi PharmaTech (Cayman) Inc.
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the South Korea Viral Detection Market
Polymerase Chain Reaction (PCR)
Immunoassay
Next-Generation Sequencing (NGS)
Mass Spectrometry
Circular Dichroism (CD)
Infectious Disease Diagnosis
Cancer Detection
Blood Screening
Food & Beverage Safety
Environmental Testing
Hospitals & Clinics
Diagnostic Laboratories
Research Institutes
Pharmaceutical Companies
Contract Research Organizations (CROs)
Viral Detection Kits
Instruments
Reagents & Consumables
Manual Method
Automated Method
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Viral Detection Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. South Korea Viral Detection Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Viral Detection Market, By Type
6. South Korea Viral Detection Market, By Application
7. South Korea Viral Detection Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Viral Detection Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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