Market Insights Health Medical Technology Medical Devices

Other Medical Devices - South Korea

South Korea

The revenue in the South Korean market for Other Medical Devices market is estimated to reach US$2.49bn by the year 2024.
It is expected to exhibit a compound annual growth rate (CAGR 2024-2028) of 7.13%, leading to a market volume of US$3.28bn by 2028.
When compared globally, the United States is projected to generate the highest revenue of US$73,490.00m in 2024.
South Korea's robust research and development capabilities have propelled the country to be a leader in innovative and cutting-edge medical device technologies in the Other Medical Devices market.

Key regions: United Kingdom, Netherlands, Japan, United States, Europe

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Analyst Opinion

The Other Medical Devices market in South Korea is experiencing significant growth and development in recent years.

Customer preferences: Customers in South Korea have shown a growing preference for technologically advanced and innovative medical devices. They are increasingly seeking devices that offer better accuracy, efficiency, and convenience in healthcare delivery. This preference is driven by the country's advanced healthcare infrastructure and the high level of awareness among the population regarding the benefits of using advanced medical devices.

Trends in the market: One of the key trends in the Other Medical Devices market in South Korea is the increasing adoption of wearable medical devices. These devices, such as fitness trackers and smartwatches, are gaining popularity among consumers as they provide real-time health monitoring and enable individuals to take a proactive approach towards their health. The growing trend of remote patient monitoring and telemedicine has also contributed to the demand for wearable medical devices. Another trend in the market is the rising demand for minimally invasive medical devices. South Korean consumers are increasingly opting for less invasive procedures that offer faster recovery times and minimal scarring. This has led to an increased demand for medical devices such as endoscopes, catheters, and surgical robots that enable surgeons to perform complex procedures with greater precision and minimal invasiveness.

Local special circumstances: South Korea has a rapidly aging population, which has created a significant demand for medical devices that cater to the needs of elderly individuals. This includes devices such as mobility aids, home healthcare devices, and assistive technologies. The government has also implemented policies to support the development and adoption of medical devices for the elderly population, further driving the market growth in this segment.

Underlying macroeconomic factors: South Korea has a strong economy and a well-developed healthcare system, which provides a favorable environment for the growth of the Other Medical Devices market. The government has been actively promoting the development of the medical device industry through various initiatives and policies, including tax incentives and funding support. Furthermore, the country's high level of technological expertise and research capabilities have contributed to the development of innovative medical devices. In conclusion, the Other Medical Devices market in South Korea is witnessing significant growth and development, driven by customer preferences for technologically advanced devices, the adoption of wearable and minimally invasive devices, the demand from the aging population, and the favorable macroeconomic factors.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.