South Korea Flu Diagnostic And Treatment Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type Of Flu (Type A, Type B), By Offering (Diagnostics (Rapid Influenza Diagnostic Test, Rapid Molecular Assay, Others), Therapeutics), By Age Group (0-14 Years, 15-64 Years, >=65 Years), And By End-User (Hospital Laboratory, Outpatient Clinic, Reference Laboratory) - Forecasts From 2022 To 2027

  • Published : Aug 2022
  • Report Code : KSI061613438
  • Pages : 90

The South Korean flu diagnostic and treatment market is projected to grow at a CAGR of 10.53% throughout the forecast period. The market was valued at US$642.107 million in 2020 and is expected to reach a market size of US$1,294.081 million by 2027.

The growth in the flu diagnostics and treatment market in South Korea is due to the advancement in healthcare infrastructure and support from the government. The government does conduct national campaigns to make people aware of preventive measures to be taken. According to the Ministry of Health and Welfare, the influenza vaccination coverage rate increased from 26.3 percent in 2009 to 31.7 percent in 2012 owing to the improvements in public awareness caused by the health campaigns the government conducted. Even with these medical campaigns run by the government, the rate of vaccination is considered to be quite low due to the fact that most people are aged and fall into the priority influenza group in South Korea. In South Korea, there is the National Immunization Program (NIP), which provides free influenza vaccines (seasonal influenza vaccination) only to priority groups including aged people, individuals with a disability, and soldiers. The growing efforts by the South Korean government to treat people quickly and prevent the spread of infection to the community by putting infected people in isolation. This is a major factor in the increase in the demand for flu diagnostics and treatment solutions in South Korea.

Investment by pharmaceutical companies is limited in the country due to high non-tariff barriers thereby limiting investment in the development of new medicines for patients. The lengthy and complex regulatory approval process also limits the sale of new drugs and medicines in the country.  This is increasing the demand for over-the-counter (OTC) drugs and medicines for treating patients with influenza. The adoption of advanced technology in the flu diagnostic and treatment market will help in improving the quality of flu diagnostic kits and increase the demand for it. The growing adoption of vaccines and high enforcement by the government over the use of vaccines for preventing the spread of deadly diseases will hinder the growth of the flu diagnostic and treatment market in South Korea. The increasing cost of flu diagnostic and treatment solutions is also a restraining factor for the market’s growth.

The South Korean flu diagnostic and treatment market has been segmented based on the type of flu, age group, and end-user. The type of flu, market has been classified on the basis of type A and type B based on the type of flu. By offering, the market has been segmented into diagnostics and therapeutics. By age group, the market has been segmented based on 0-14 years, 15-64 years, and >=65 years. By the end-user, the segmentation has been done based on the hospital laboratory, outpatient clinic, and reference laboratory.

The steady research and development of new and effective vaccines to tackle the flu are bound to propel market growth.

SKY Cellfu developed by SK Chemicals, South Korea-based leading life sciences firm, is the first-ever cell-culture flu vaccine launched in South Korea. These sub-unit vaccines are more refined and purified than split vaccines, facilitating fewer side effects. The vaccine was developed for children and adolescents from 6 months to 18 years. According to the firm, soon after its launch in 2015, domestic sales crossed 1 million within two weeks. Furthermore, Sk Chemicals also developed a quadrivalent vaccine, SKY Cellfu Quadrivalent. This quadrivalent vaccine, as the name implies, is effective against four viruses, two strains of Type-A influenza and two strains of Type-B influenza.

GC Flu Quadrivalent, launched by GC Biopharma, South Korea's largest biopharmaceutical, is the second global quadrivalent influenza vaccine to be launched. This vaccine can effectively prevent two influenzas A strains (H1N1 and H3N2) and two influenzas B strains (Victoria and Yamagata). The GC Flu Quadrivalent vaccine is an improved version of the formerly developed Green Cross vaccine, which targets three influenza strains.

COVID-19 Insights

COVID-19 had a positive impact on South Korea. The growing prevalence of influenza and covid during the pandemic and the commonalities in the symptoms among the two surged the demand for influenza diagnosis and treatment solutions. According to the financials released by SK chemicals, the sales of the influenza vaccine were about 2 trillion KRW in the 4th quarter of 2020.

South Korea Flu Diagnostic and Treatment Market Scope:

 

Report Metric Details
 Market Size Value in 2020  US$642.107 million
 Market Size Value in 2027  US$1,294.081 million
 Growth Rate  CAGR of 10.53% from 2020 to 2027
 Base Year  2020
 Forecast Period  2022–2027
 Forecast Unit (Value)  USD Million
 Segments Covered  Type of Flu, Offering, Age Group, And End-User
 Companies Covered Abbott, F. Hoffmann-La Roche Ltd, BD, Thermo Fisher Scientific Inc., 3M, Quidel Corporation
 Customization Scope  Free report customization with purchase

 

Key Market Segmentation

  • By Type of Flu
    • Type A
    • Type B
  • By Offering
    • Diagnostics
      • Rapid Influenza Diagnostic Test
      • Rapid Molecular Assay
      • Others
    • Therapeutics
  • By Age Group
    • 0-14 Years
    • 15-64 Years
    • >=65 Years
  • By End-User
    • Hospital Laboratory
    • Outpatient Clinic
    • Reference Laboratory

1. Introduction
1.1. Market Overview
1.2. COVID-19 Impact
1.3. Market Definition
1.4. Market Segmentation

2. Research Methodology
2.1. Research Data
2.2. Assumptions

3. Executive Summary
3.1. Research Highlights

4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Market Opportunities
4.4. Porters Five Forces Analysis
4.4.1. Bargaining Power of Suppliers
4.4.2. Bargaining Power of Buyers
4.4.3. Threat of New Entrants
4.4.4. Threat of Substitutes
4.4.5. Competitive Rivalry in the Industry
4.5. Industry Value Chain Analysis

5. South Korea Flu Diagnostic and Treatment Market Analysis, By Type of Flu
5.1. Introduction
5.2. Type A
5.3. Type B

6. South Korea Flu Diagnostic and Treatment Market Analysis, By Offering
6.1. Introduction
6.2. Diagnostics
6.2.1. Rapid Influenza Diagnostic Test
6.2.2. Rapid Molecular Assay
6.2.3. Others
6.3. Therapeutics

7. South Korea Flu Diagnostic and Treatment Market Analysis, By Age Group
7.1. Introduction
7.2. 0-14 Years
7.3. 15-64 Years
7.4. >=65 Years

8. South Korea Flu Diagnostic and Treatment Market Analysis, By End-User 
8.1. Introduction
8.2. Hospital Laboratory
8.3. Outpatient Clinic
8.4. Reference Laboratory

9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix

10. Company Profiles
10.1. Abbott
10.2. F. Hoffmann-La Roche Ltd
10.3. BD
10.4. Thermo Fisher Scientific Inc.
10.5. 3M
10.6. Quidel Corporation


Abbott

F. Hoffmann-La Roche Ltd

BD

Thermo Fisher Scientific Inc.

3M

Quidel Corporation