Market Size of South Korea Cardiovascular Devices Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR | 5.20 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
South Korea Cardiovascular Devices Market Analysis
The South Korean cardiovascular devices market is expected to register a CAGR of 5.2% during the forecast period. The COVID-19 pandemic had an impact on the manufacturing of cardiovascular devices.
- Furthermore, the postponement of elective surgeries as a result of COVID-19-related actions had a negative impact on the cardiovascular medical devices industry. While some cardiovascular operations are considered urgent, others have been postponed or delayed since the global pandemic began. As a result, lifestyle adjustments and medication can be suggested instead of cardiovascular procedures for certain individuals.
- According to the study published in the European Journal of Cardiovascular Nursing in August 2022, at the first surge of the pandemic, cardiac surgery and in-person consultations were often postponed and replaced by remote follow-up. Thus, during COVID-19 pandemic severely impacted studied market growth. Additionally, the market is anticipated to gain momentum in the coming years as the volume of cardiac surgical procedures returns to normal, device manufacture and production improves, along with supply chains.
- The major factor driving the market is the rising global burden of various coronary heart diseases, such as stroke and cardiomyopathy, and increasing preference towards minimally invasive surgeries. For instance, according to the Korea Heart Disease Fact Sheet 2020: Analysis of Nationwide Data published in March 2021, mortality and hospitalizations due to cardiovascular diseases have been on the rise gradually from the last decade, and a substantially high proportion of adults were carrying more than one cardiovascular risk factor in South Korea.
- Additionally, women in South Korea are more likely than males to develop cardiovascular diseases; because women are less aware of these disorders, their symptoms may worsen, and they may require more medical attention, which may lead to a rise in the demand for cardiovascular devices. For instance, according to the study published in Preventive Medicines Report in April 2022, Cardiovascular disease (CVD) is the main cause of death in Korean women among single-organ disorders. In 2020, women had a death rate from cardiovascular and brain disorders that was 1.1 times higher than men's due to the lack of awareness. Thus, the growing burden of cardiovascular diseases is expected to rise in demand for its treatment, thereby boosting market growth.
- Furthermore, over the last decade, technologies employed in the development of cardiology devices have improved significantly, and indications for these devices have broadened. As a result, a rising number of patients are being handled with cardiology devices, leading to exponential therapeutic and monitoring outcomes. Artificial intelligence is one such technology that is having a substantial positive impact on cardiology by improving diagnostic capacities for specific cardiac problems.
- For instance, in June 2021, Cardiac Insight Inc., a digital health developer focusing on wearable cardiac sensors and automated electrocardiogram (ECG) analysis software, signed a distribution partnership with i.SigNal, Dreamtech's dedicated brand and organization for digital healthcare. The arrangement gives i.SigNal master distribution rights to Cardiac Insight's Cardea SOLO single-use wearable ECG patch and proprietary analysis software system in 23 Asia-Pacific countries, including Korea. Thus, all the above-mentioned factors are expected to boost market growth.
- However, stringent regulatory policies and product recalls may restrain the market growth over the forecast period.
South Korea Cardiovascular Devices Industry Segmentation
As per the scope of the report, cardiovascular devices are used for the diagnosis of heart diseases and treatment of related health problems. The South Korean cardiovascular devices market is segmented by the cardiovascular device (type (cardiac rhythm management devices, interventional cardiac devices, automated external defibrillators (AED), cardiac ablation catheters, cardiac pacemakers, cardiac angioplasty devices, implantable cardioverter defibrillators (ICD), Prosthetics (artificial) heart valves, stents, ventricular assist devices), and technology (cardiopulmonary bypass products, minimally invasive cardiac surgery, valve prosthesis and repair, and cardiac assist devices). The report offers the value (in USD million) for all the above segments.
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South Korea Cardiovascular Devices Market Size Summary
The South Korean cardiovascular devices market is poised for growth, driven by the increasing prevalence of coronary heart diseases and a shift towards minimally invasive surgical procedures. The market experienced setbacks due to the COVID-19 pandemic, which led to delays in elective surgeries and a temporary decline in device manufacturing and supply chain efficiency. However, as the volume of cardiac surgeries normalizes and production capabilities improve, the market is expected to regain momentum. The rising awareness of cardiovascular diseases, particularly among women, and advancements in technology, such as artificial intelligence, are further propelling market expansion. These factors are expected to enhance diagnostic and therapeutic outcomes, thereby increasing the demand for cardiovascular devices.
The market is characterized by a consolidated landscape with major players like Abbott Laboratories, Boston Scientific Corporation, and Medtronic PLC leading the charge. These companies are actively developing and launching innovative products to maintain their competitive edge. The growing geriatric population and the rising incidence of cardiovascular diseases are anticipated to drive demand for specific devices, such as ventricular assist devices and cardiac pacemakers. Additionally, ongoing research and development, along with strategic partnerships and acquisitions, are expected to bolster market growth. Despite challenges like stringent regulatory policies and potential product recalls, the overall outlook for the South Korean cardiovascular devices market remains positive.
South Korea Cardiovascular Devices 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 Increasing Burden of Cardiovascular Diseases
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1.2.2 Increased Preference for Minimally Invasive Procedures
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1.3 Market Restraints
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1.3.1 Stringent Regulatory Policies and Product Recalls
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1.4 Porter's Five Force 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 Cardiovascular Device
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2.1.1 By Type
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2.1.1.1 Cardiac Rhythm Management Devices
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2.1.1.2 Interventional Cardiac Devices
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2.1.1.3 Automated External Defibrillators (AED)
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2.1.1.4 Cardiac Ablation Catheters
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2.1.1.5 Cardiac Pacemakers
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2.1.1.6 Cardiac Angioplasty Devices
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2.1.1.7 Implantable Cardioverter Defibrillators (ICD)
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2.1.1.8 Prosthetics (Artificial) Heart Valves
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2.1.1.9 Stents
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2.1.1.10 Ventricular Assist Devices
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2.1.2 By Technology
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2.1.2.1 Cardiopulmonary Bypass Products
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2.1.2.2 Minimally Invasive Cardiac Surgery
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2.1.2.3 Valve Prosthesis and Repair
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2.1.2.4 Cardiac Assist Devices
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South Korea Cardiovascular Devices Market Size FAQs
What is the current South Korea Cardiovascular Devices Market size?
The South Korea Cardiovascular Devices Market is projected to register a CAGR of 5.20% during the forecast period (2024-2029)
Who are the key players in South Korea Cardiovascular Devices Market?
Abbott Laboratories, Boston Scientific Corporation, Medtronic PLC, Cardinal Health Inc. and GE Healthcare are the major companies operating in the South Korea Cardiovascular Devices Market.