Market Size of South Korea General Surgical Devices Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR | 6.00 % |
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 General Surgical Devices Market Analysis
The South Korean general surgical devices market is expected to register a CAGR of nearly 6.5% during the forecast period.
COVID-19 had a significant impact on market growth due to the reduction of surgeries in early 2020 as a result of the sudden imposition of lockdowns across South Korea. As per the article published by JKNS Journal in September 2022, during the first outbreak in March 2020, the number of patients who underwent spine surgeries decreased by 95% in March 2020, 91% in April 2020, and 97% in May 2020, compared to those in the same period in the previous year. Such a decrease in surgical volume during the outbreak of the pandemic in South Korea impacted the growth of the market. However, post-pandemic relaxation is expected to boost the demand for general surgical devices in South Korea as the waiting list of patients gets longer due to the postponement of surgeries during the first and second waves. The data published by JKNS Journal in September 2022 showed an increasing trend in spinal surgeries after the third outbreak. Thus post-pandemic, it is expected that the market will regain its growth pace in the next few years.
The major factors contributing to the growth of the general surgical devices market in South Korea include rising minimally invasive surgical procedures and technological advancements in the devices. The demand for minimally invasive surgery is increasing at a very high rate due to several factors that include a higher accuracy rate with relatively reduced pain and fewer infections. The increasing prevalence of chronic diseases such as cardiovascular, cancer, diabetes, and neurodegenerative diseases among the population is expected to increase the demand for general surgical devices. According to IARC, the number of new cancer cases in South Korea was 230,317 in 2020 and was estimated to reach 350,598 in 2040. In addition, the rising geriatric population is also contributing to the growth of the market studied. For instance, according to the 2022 statistics published by the UN 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 was aged 65 years and above in 2022. Thus, the rising geriatric populations are more prone to developing chronic diseases contributing to the market growth during the forecast period.
Additionally, the increasing number of product launches is expected to drive the market. For instance, in September 2022, Olympus Corporation launched the THUNDERBEAT, an open fine jaw type X surgical energy device for open surgery. The commercial launch of the product in South Korea was expected in October 2022.
Thus, owing to the benefits associated with these surgeries, the adoption rate is increasing, which may drive the overall growth of the market. However, the high cost of procedures and stringent regulations are expected to restrain the market growth.
South Korea General Surgical Devices Industry Segmentation
Surgical devices serve a specific purpose during surgery. Typically, surgical devices have a generic use, while some specific tools are designed for procedures or surgeries.
The South Korean general surgical devices market is segmented by product (handheld devices, laparoscopic devices, electro-surgical devices, wound closure devices, trocars, access devices, and other products) and application (gynecology and urology, cardiology, orthopedic, neurology, other applications). The report offers the value (in USD million) for the above segments.
By Product | |
Handheld Devices | |
Laparoscopic Devices | |
Electro Surgical Devices | |
Wound Closure Devices | |
Trocars and Access Devices | |
Other Products |
By Application | |
Gynecology and Urology | |
Cardiology | |
Orthopedic | |
Neurology | |
Other Applications |
South Korea General Surgical Devices Market Size Summary
The South Korean general surgical devices market is poised for significant growth, driven by an increasing demand for minimally invasive surgical procedures and technological advancements in surgical devices. The market experienced a temporary setback due to the COVID-19 pandemic, which led to a substantial reduction in surgical volumes during the initial outbreak. However, as the pandemic's impact wanes, the market is expected to recover and expand, fueled by a backlog of postponed surgeries. The rising prevalence of chronic diseases, such as cardiovascular conditions, cancer, diabetes, and neurodegenerative disorders, alongside a growing geriatric population, is further propelling the demand for general surgical devices. The introduction of innovative products, such as Olympus Corporation's THUNDERBEAT, is also anticipated to drive market growth.
The market landscape is moderately competitive, with key players like B. Braun Melsungen AG, Boston Scientific Corporation, and Medtronic PLC actively expanding their presence in South Korea. The increasing prevalence of neurological diseases is expected to boost the demand for neurological surgical devices, contributing to the market's overall growth. Additionally, the rising prevalence of obesity and the growing number of outpatient surgeries are expected to enhance the adoption of handheld surgical devices. Despite challenges such as high procedure costs and stringent regulations, the market is set to witness robust growth, supported by the demand for advanced treatment approaches and the ongoing development of technologically advanced devices.
South Korea General Surgical Devices Market Size - Table of Contents
-
1. MARKET DYNAMICS
-
1.1 Market Overview
-
1.2 Market Drivers
-
1.2.1 Rising Minimally Invasive Surgical Procedures
-
1.2.2 Technological Advancements in Devices
-
-
1.3 Market Restraints
-
1.3.1 High Cost of Procedure
-
1.3.2 Stringent Regulations
-
-
1.4 Porter's Five Forces Analysis
-
1.4.1 Threat of New Entrants
-
1.4.2 Bargaining Power of Buyers/Consumers
-
1.4.3 Bargaining Power of Suppliers
-
1.4.4 Threat of Substitute Products
-
1.4.5 Intensity of Competitive Rivalry
-
-
-
2. MARKET SEGMENTATION (Market Size by Value - USD million)
-
2.1 By Product
-
2.1.1 Handheld Devices
-
2.1.2 Laparoscopic Devices
-
2.1.3 Electro Surgical Devices
-
2.1.4 Wound Closure Devices
-
2.1.5 Trocars and Access Devices
-
2.1.6 Other Products
-
-
2.2 By Application
-
2.2.1 Gynecology and Urology
-
2.2.2 Cardiology
-
2.2.3 Orthopedic
-
2.2.4 Neurology
-
2.2.5 Other Applications
-
-
South Korea General Surgical Devices Market Size FAQs
What is the current South Korea General Surgical Devices Market size?
The South Korea General Surgical Devices Market is projected to register a CAGR of 6% during the forecast period (2024-2029)
Who are the key players in South Korea General Surgical Devices Market?
B. Braun Melsungen AG, Boston Scientific Corporation, Johnson & Johnson, Medtronic PLC and Stryker Corporation are the major companies operating in the South Korea General Surgical Devices Market.