Republic of Korea: Diagnostic Equipment Market 2025

Diagnostic Equipment Market Size in Republic of Korea

In 2021, the South Korean diagnostic equipment market decreased by -14.2% to $X for the first time since 2017, thus ending a three-year rising trend. Over the period under review, consumption, however, saw a notable increase. Over the period under review, the market attained the maximum level at $X in 2020, and then reduced in the following year.

Diagnostic Equipment Production in Republic of Korea

In value terms, diagnostic equipment production totaled $X in 2021 estimated in export price. Over the period under review, the total production indicated perceptible growth from 2012 to 2021: its value increased at an average annual rate of +3.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -1.2% against 2019 indices. The pace of growth was the most pronounced in 2018 when the production volume increased by 48%. Diagnostic equipment production peaked at $X in 2019; afterwards, it flattened through to 2021.

Diagnostic Equipment Exports

Exports from Republic of Korea

In 2021, overseas shipments of electro-diagnostic apparatus, and ultra-violet or infra-red ray apparatus increased by 23% to X units for the first time since 2018, thus ending a two-year declining trend. The total export volume increased at an average annual rate of +3.9% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, diagnostic equipment exports soared to $X in 2021. Overall, exports, however, continue to indicate a relatively flat trend pattern. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Myanmar (X units) was the main destination for diagnostic equipment exports from South Korea, accounting for a 674% share of total exports. Moreover, diagnostic equipment exports to Myanmar exceeded the volume sent to the second major destination, Oman (X units), sevenfold.

From 2012 to 2021, the average annual growth rate of volume to Myanmar totaled +105.1%.

In value terms, Myanmar ($X) emerged as the key foreign market for electro-diagnostic apparatus, and ultra-violet or infra-red ray apparatus exports from South Korea, comprising 108% of total exports. The second position in the ranking was held by Oman ($X), with a 9.3% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Myanmar stood at +110.0%.

Export Prices by Country

In 2021, the average diagnostic equipment export price amounted to $X per unit, which is down by -4.9% against the previous year. Overall, the export price recorded a perceptible curtailment. The pace of growth appeared the most rapid in 2017 an increase of 6.4%. Over the period under review, the average export prices attained the peak figure at $X per unit in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Myanmar ($X per unit), while the average price for exports to Oman amounted to $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+13.8%), while the prices for the other major destinations experienced more modest paces of growth.

Diagnostic Equipment Imports

Imports into Republic of Korea

After two years of growth, supplies from abroad of electro-diagnostic apparatus, and ultra-violet or infra-red ray apparatus decreased by -2.7% to X units in 2021. The total import volume increased at an average annual rate of +3.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2019 with an increase of 16%. Imports peaked at X units in 2020, and then fell slightly in the following year.

In value terms, diagnostic equipment imports totaled $X in 2021. The total import value increased at an average annual rate of +3.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 with an increase of 14% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, the United States (X units) was the main diagnostic equipment supplier to South Korea, with a 173% share of total imports. Moreover, diagnostic equipment imports from the United States exceeded the figures recorded by the second-largest supplier, Japan (X units), eightfold. The third position in this ranking was taken by Belgium (X units), with an 18% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States stood at -5.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-14.8% per year) and Belgium (+56.1% per year).

In value terms, the United States ($X), Japan ($X) and China ($X) were the largest diagnostic equipment suppliers to South Korea, with a combined 71% share of total imports. Germany, Belgium, Austria, the UK, Hong Kong SAR, France, Finland, Israel and Sweden lagged somewhat behind, together comprising a further 20%.

In terms of the main suppliers, Belgium, with a CAGR of +61.3%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average diagnostic equipment import price amounted to $X per unit, picking up by 4.1% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the average import price increased by 11%. As a result, import price reached the peak level of $X per unit. From 2019 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was China ($X per unit), while the price for Sweden ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+27.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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