South Korea flu diagnostic and treatment market is projected to grow at a CAGR of 12.28% throughout the forecast period. The growth in the flu diagnostics and treatment market in South Korea is due to the advancement in healthcare infrastructure and support for the government. The government does conduct national campaigns for making 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 by the health campaigns government conducted. Even with these medical campaigns run by the government, the rate of vaccination is considered to be quite low due most of the people are aged and make a part of the priority influenza group in South Korea. As 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 in treating people quickly and preventing the spread to the community by putting infected people in isolation. This is a major factor for the increase in the demand for flu diagnostics and treatment solutions in South Korea. The investment by pharmaceutical companies is limited in the country due to high non-tariff barriers thereby limiting the investment in the development of new medicines for patients. With 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 advance 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 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 growth.
South Korea flu diagnostic and treatment market has been segmented based on the type of flu, age group, and end-user. Based on the type of flu, the market has been classified on the basis of type A and type B. By offering, the market has been segmented into diagnostics and therapeutics. By the 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 hospital laboratory, outpatient clinic, and reference laboratory.
Prominent key market players in South Korea flu diagnostic and treatment market include Abbott, F. Hoffmann-La Roche Ltd, Quidel Corporation, BD, Thermo Fisher Scientific Inc., and 3M. These companies hold a noteworthy share in the market on account of their good brand image and product offerings. Major players in South Korea flu diagnostic and treatment market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last two years.
F. Hoffmann-La Roche Ltd
Thermo Fisher Scientific Inc.
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