Market Size of South Korea Artificial Organs and Bionics Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR | 5.00 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
South Korea Artificial Organs & Bionics Market Analysis
The South Korean artificial organs and bionics market is poised to grow at a CAGR of around 5% during the forecast period.
The COVID-19 pandemic is an unprecedented public health threat that has harmed communities, industries, enterprises, and people throughout South Korea. COVID-19 hampered the supply and manufacture of artificial organs and bionics. According to the study published in December 2021, during COVID-19, the number of deceased donor organ transplants in Korea remained stable in 2020, but the number of living donor organ transplants decreased dramatically. As a result of the potential for contamination from COVID-19 infection, organ transplantation in the country has been drastically reduced, significantly impacting the market growth. Additionally, the industry is expected to gain momentum during the following five years as more organ transplant surgeries are anticipated over the forecast period.
The key factors responsible for the growth of the artificial organ and bionics market include the rising geriatric population and technological advancements in the artificial organ and bionics market. For instance, according to the 2022 statistics published by the United Nations Population Fund, in South Korea, a large proportion of the living population is aged 15-64 and accounts for 71% in 2022. In addition, as per the same source, 17% of the population is aged 65 years and above in 2022. Thus, the rising geriatric populations are more prone to develop chronic diseases resulting in organ failure. This is expected to increase the adoption of artificial organs and bionics, thereby propelling the growth of the studied market.
Another primary factor is the scarcity of donor organs. The lack of availability of potential organs to transplant has been a major issue. According to the study published in the Korean Journal of Transplant in September 2021, in Korea, the number of organ transplants has steadily increased, with over 4,000 transplants conducted in 2020. Bionics and artificial organs can cater to those in need of organ transplantations and replacements are expected to propel the demand for artificial organs and bionics, thereby boosting the market growth during the forecast period.
Moreover, various strategic activities by research institutes and market players are expected to support the growth of the market. For instance, in March 2021, a research team in Korea developed a method that enables stem cells to differentiate into specific cell types, including osteoblasts or vascular mural cells, without the need for additional pretreatment. This technology is anticipated to make it easier to produce artificial organs for transplantation, such as artificial skin and cardiac patches, or artificial organs for preclinical studies. Thus, such research and development activities by various institutes in Korea to bring technologically advanced organ into the market is expected to boost the growth of the market over the forecast period.
However, expensive procedures may restrain the market over the forecast period.
South Korea Artificial Organs & Bionics Industry Segmentation
As per the scope of the report, artificial organs are mechanical devices that can temporarily or permanently substitute for a body organ. Artificial organs are made by a human and are implemented in human bodies with living tissue. Bionics refers to the replacement or improvement of body parts by mechanical kinds. The South Korean artificial organs and bionics market is segmented by Type (Artificial Organ (Artificial Heart, Artificial Kidney, Cochlear Implants, Other Artificial Types), and Bionics (Ear Bionics, Orthopedic Bionic, Cardiac Bionics, Other Bionics). The report offers the value (in USD million) for the above segments.
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South Korea Artificial Organs and Bionics Market Size Summary
The South Korean artificial organs and bionics market is anticipated to experience steady growth over the forecast period, driven by factors such as an aging population and technological advancements in the field. The market has faced challenges due to the COVID-19 pandemic, which disrupted supply chains and reduced organ transplantation activities. However, the anticipated increase in organ transplant surgeries is expected to revitalize market growth. The rising geriatric population, prone to chronic diseases and organ failure, is a significant driver for the adoption of artificial organs and bionics. Additionally, the scarcity of donor organs has heightened the demand for these technologies, as they offer viable alternatives for those in need of transplants.
Technological innovations and strategic initiatives by research institutions and market players are further propelling the market's expansion. Developments in stem cell technology and bioprinting are paving the way for advanced artificial organs, such as cardiac patches and artificial skin, enhancing their availability for transplantation and preclinical studies. The increasing prevalence of kidney diseases and hearing impairments among the elderly population is also contributing to the demand for artificial kidneys and cochlear implants, respectively. Despite the high costs associated with these procedures, favorable reimbursement policies and ongoing research efforts are expected to support market growth. The competitive landscape is characterized by the presence of major global players, with ongoing collaborations and innovations aimed at improving product offerings and market reach.
South Korea Artificial Organs and Bionics Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Rising Geriatric Population
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1.2.2 Scarcity of Donor Organs
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1.2.3 Technological Advancements in the Artificial Organ and Bionics
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1.3 Market Restraints
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1.3.1 Expensive Procedures
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 By Type
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2.1.1 Artificial Organ
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2.1.1.1 Artificial Heart
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2.1.1.2 Artificial Kidney
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2.1.1.3 Cochlear Implants
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2.1.1.4 Other Artificial Organs
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2.1.2 Bionics
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2.1.2.1 Ear Bionics
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2.1.2.2 Orthopedic Bionic
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2.1.2.3 Cardiac Bionics
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2.1.2.4 Other Bionics
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South Korea Artificial Organs and Bionics Market Size FAQs
What is the current South Korea Artificial Organs and Bionics Market size?
The South Korea Artificial Organs and Bionics Market is projected to register a CAGR of 5% during the forecast period (2024-2029)
Who are the key players in South Korea Artificial Organs and Bionics Market?
Asahi Kasei Medical Co., Ltd, Ossur, Getinge AB, Medtronic PLC and Terumo Corporation are the major companies operating in the South Korea Artificial Organs and Bionics Market.