Market Analysis and Prospect for Korean In-Vitro Diagnostics

Park, Hyosoon; Kim, Jin Q

Abstract

BACKGROUNDS: Korean "in-vitro diagnostics (IVD)" market experienced rapid growth of almost 1800 folds in 20 years from 1970's to 1990's. Until recent financial crisis of Asia, the business showed very brisk annual growth rates; more than 20% for immunoserologic tests and 10-15% for other tests. Around 80-85% of all laboratory goods are imported and 15-20% are local products.
MATERIALS AND METHODS
Market analyses of the world and Korean IVD business were done with interviews and written quesionnaires. Other data used were "List of trading in medical and pharmaceutical materials" by Korea Pharmaceutical Trader's Association and "List of production in medical and pharmaceutical materials" by the Korea Phamaceutical Manufacturers Association.
RESULTS
In 1996, the Korean IVD was 151.64 million US Dollars (USD). Local products were responsible for 15-20% of market and imports for 80-85%. With recent financial crisis, importance of local IVD business and its R/D activity are getting keen attention. Market share by sectors, revenue analysis of local products, revenue according to product categories, export and import figures, comparison of import and local IVD product by sectors and manufacurers by their products were done and listed.
CONCLUSIONS
Market analyses would be used by laboratorians to have a better knowledge and understanding of laboratory business and by the industry to view the Korea as a emerging and stabilizng market and by researchers to focus their resources into more feasible areas.