The South Korean market for clinical lab products was estimated to be $250 million in 2008. Sales of In Vitro Diagnostic (IVD) products accounted for 95% of the market, and is expected to grow 3%–10% over the next three years. Imported products account for 80% of the IVD reagent market and 100% of IVD instrument sales. European companies supply 50%-60% of imported IVD products, with the remainder supplied by US companies. Immunochemistry, infectious disease, clinical chemistry, microbiology and hematology make up 39%, 29%, 19%,6% and 4% of the IVD market, respectively. There are approximately 50 Korean IVD reagent companies. Local production of IVD products totaled $47 million in 2008 and is estimated to grow 3%–10% in the next three years. In 2007, Korea had 1,500 hospitals and 20,000 clinics, which were the major customers for IVD products. However, there are less than 20 independent labs in the country.

Source: US Commercial Service