South Korea Digital X-Ray Market Size

South Korea Digital X-Ray Market Analysis

The South Korea Digital X-Ray Market size is estimated at USD 258.67 million in 2023, and is expected to reach USD 354.73 million by 2028, growing at a CAGR of 6.52% during the forecast period (2023-2028).

The COVID-19 pandemic had a significant impact on the digital x-ray market in South Korea. Various research studies have been published to provide insight into the effects of the pandemic on the studied market. The state of common cancer in 2019 and 2020 were compared in the study "Innovative Countermeasures Can Maintain Cancer Care Continuity During the Coronavirus Disease-2019 Pandemic in Korea," which was published in the European Journal of Cancer in July 2020. According to the article's findings, 1,694 initial cancer diagnoses were made in total in 2019 as opposed to 1,445 in 2020, a decline of 14.7%. As a result, the pandemic adversely impacted digital imaging methods during the initial stages of South Korea's cancer screening program. Furthermore, according to data from the British Dental Journal that was released in June 2020, South Korea has effectively repelled the virus without enforcing a lockdown and has continued to offer standard dental care throughout this time. According to the same source, the Korean Dental Association (KDA) stated that they could not stop dental offices from treating patients and that it was up to the patients to weigh the risks and decide whether to postpone or continue dental care during the outbreak. As a result, dental care was still provided throughout the nation despite the pandemic. The aforementioned elements adversely affected market expansion throughout South Korea's epidemic phase. The market, however, is anticipated to grow in the future.

The increasing prevalence of diseases such as the geriatric population and initiatives by key market players are expected to increase the market growth. The elderly population in the country made up 15.7% of the total population in 2020, according to Statistics Korea, and it is predicted that by 2025 when it reaches 20.3%, South Korea will become a super-aged society. Because the elderly population is more susceptible to chronic illnesses like heart attacks, the demand for x-ray devices for early diagnosis in the country. Numerous advancements are happening, such as product releases, product approvals, and market collaborations for this application in South Korea. For instance, in June 2020, the creator of a digital x-ray bed Nanox received an extra USD 20 million investment from South Korea's SK Telecom. Thus, it is anticipated that the market will expand as a result of additional innovations in this area. Similar to this, Vieworks Co., Ltd., a South Korean firm that specializes in X-ray imaging, announced the release of its VIVIX-D series with IGZO TFT and VIVIX-C series with CMOS line sensor in September 2021. Thus, the abovementioned factors are expected to increase market growth.

However, the high cost of the equipment is expected to hinder market growth.