Market Size of South Korea Endoscopy Devices Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Market Size (2024) | USD 1.11 Billion |
Market Size (2029) | USD 1.54 Billion |
CAGR (2024 - 2029) | 6.73 % |
Major Players*Disclaimer: Major Players sorted in no particular order |
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South Korea Endoscopy Devices Market Analysis
The South Korea Endoscopy Devices Market size is estimated at USD 1.11 billion in 2024, and is expected to reach USD 1.54 billion by 2029, growing at a CAGR of 6.73% during the forecast period (2024-2029).
The ongoing Covid-19 pandemic impacted the studied market significantly. The market was impacted adversely during the initial phase of the pandemic due to the lockdowns and shutdowns. However, the government of South Korea continued normal operations in the healthcare system which is expected to have created opportunities for various procedures including endoscopic procedures. Additionally, the increasing number of hospital admissions and increasing cases of chronic disease in South Korea increased amid the pandemic, which created the demand for endoscopic devices in South Korea. For example, as per the article 'Changes in the Incidence of Cardiovascular Diseases (CVDs) during the COVID-19 Pandemic in Korea' published in July 2022, when a study was conducted on six common CVDs from clinical visits between January 2018 and March 2021, the researchers used the National Health Insurance Service database and analyzed the variations between post-Covid CVDs and pre-Covid CVDs. This analysis result showed that incidences of cardiac failure, myocardial infarction, and arrhythmia were higher during the pandemic among the target population. This incidence of CVDs is expected to increase demand for cardiopulmonary endoscopy, which is simple, safe, and effective in examining the cardiac chambers and the pulmonary arterial system. And a sterilized flexible fibreoptic endoscope can be used to perform the process. This is further expected to drive demand for endoscopic devices in South Korea. Thus, the pandemic is expected to impact the market studied considerably.
Factors such as the growing preference for minimally invasive surgeries, the increasing prevalence of endoscopy for treatment and diagnosis, and technological advancements leading to enhanced applications are fueling market growth.
The Korean population has been adopting a sedentary lifestyle currently, and it is increasing the risk of chronic diseases among the target population in the country. As per the 'Korea Health Industry Development Institute' data released in August 2021, around 3,695 foreign patients visited neurosurgical departments in South Korea in 2020 and this number was expected to increase in the year 2021. Thus, this increasing number of surgical procedures is expected to create a demand for the availability of endoscopic products and devices used for neurosurgery. This is expected to further fuel the market growth.
Furthermore, there is an increasing incidence of chronic diseases such as cancer in the country. For instance, according to the estimates of the Global Cancer Observatory data updated in March 2022, there were an estimated 57,656 new cancer cases diagnosed in South Korea in 2020. This high burden of cancer is anticipated to increase the demand for endoscopic devices in South Korea. In addition, the article 'Endoscopic Classifications of Early Gastric Cancer: A Literature Review' published in December 2021 mentioned that the detection and diagnosis of stomach lesions have improved due to the ongoing advancements in endoscopic technologies over time. And endoscopic technologies have been continuously advancing throughout the years to facilitate improvement in the detection and diagnosis of gastric lesions. Thus, owing to the burden of cancer in South Korea, the demand for endoscopic devices is likely to rise, propelling the endoscopic devices market towards growth.
Therefore, owing to the abovementioned factors, the market is expected to witness growth during the analysis period. However, infections caused by endoscopy devices are expected to hinder market growth over the study period.
South Korea Endoscopy Devices Industry Segmentation
As per the scope of this report, endoscopy devices are minimally invasive and can be inserted into natural openings of the human body, to observe an internal organ or a tissue in detail. These endoscopic surgeries are being performed for imaging procedures and minor surgeries. The South Korea Endoscopy Devices Market is segmented by Type of Device (Endoscopes, Endoscopic Operative Devices and Visualization Equipment), Application (Gastroenterology, Orthopedic Surgery, Cardiology, Gynecology, Neurology and Others). The report offers the value (in USD million) for the above segments.
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Gastroenterology | |
Orthopedic Surgery | |
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Gynecology | |
Neurology | |
Others |
South Korea Endoscopy Devices Market Size Summary
The South Korea Endoscopy Devices Market is poised for significant growth over the forecast period, driven by a combination of factors including the increasing preference for minimally invasive surgeries and advancements in endoscopic technologies. The market, which experienced initial setbacks due to the Covid-19 pandemic, has rebounded as the healthcare system in South Korea maintained operations, creating opportunities for endoscopic procedures. The rising incidence of chronic diseases, such as cardiovascular conditions and cancer, has further fueled demand for endoscopic devices, as these technologies offer effective diagnostic and treatment solutions. The growing adoption of endoscopy in various medical fields, including gastroenterology, cardiology, and neurology, is expected to propel market expansion.
The market is also witnessing a surge in surgical procedures, particularly in neurosurgery and orthopedic surgeries, which is driving the demand for endoscopic products. The increasing prevalence of chronic orthopedic conditions among the aging population in South Korea is anticipated to boost the adoption of endoscopic procedures, offering advantages in surgical exposure and post-operative rehabilitation. Additionally, the expansion of specialized hospitals and clinics performing procedures like total knee arthroplasty is contributing to market growth. Despite challenges such as the risk of infections associated with endoscopy devices, the overall outlook for the South Korea Endoscopy Devices Market remains positive, with ongoing technological innovations and strategic investments further supporting its development.
South Korea Endoscopy 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 Growing Preference for Minimally-invasive Surgeries
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1.2.2 Increasing Prevalence of Endoscopy for Treatment and Diagnosis
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1.2.3 Technological Advancements Leading to Enhanced Applications
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1.3 Market Restraints
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1.3.1 Infections Caused by Endoscopy Devices
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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 Type of Device
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2.1.1 Endoscopes
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2.1.1.1 Rigid Endoscope
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2.1.1.2 Flexible Endoscope
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2.1.1.3 Capsule Endoscope
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2.1.1.4 Robot-assisted Endoscope
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2.1.2 Endoscopic Operative Devices
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2.1.2.1 Irrigation/Suction System
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2.1.2.2 Access Device
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2.1.2.3 Wound Protector
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2.1.2.4 Insufflation Device
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2.1.2.5 Operative Manual Instrument
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2.1.2.6 Other Endoscopic Operative Devices
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2.1.3 Visualization Equipment
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2.1.3.1 Endoscopic Camera
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2.1.3.2 SD Visualization System
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2.1.3.3 HD Visualization System
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2.2 By Application
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2.2.1 Gastroenterology
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2.2.2 Orthopedic Surgery
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2.2.3 Cardiology
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2.2.4 Gynecology
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2.2.5 Neurology
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2.2.6 Others
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South Korea Endoscopy Devices Market Size FAQs
How big is the South Korea Endoscopy Devices Market?
The South Korea Endoscopy Devices Market size is expected to reach USD 1.11 billion in 2024 and grow at a CAGR of 6.73% to reach USD 1.54 billion by 2029.
What is the current South Korea Endoscopy Devices Market size?
In 2024, the South Korea Endoscopy Devices Market size is expected to reach USD 1.11 billion.