Market Trends of South Korea Ophthalmic Devices Industry
This section covers the major market trends shaping the South Korea Ophthalmic Devices Market according to our research experts:
Lasers Segment is Expected to Show Better Growth during the Forecast Period
Based on surgical devices, the market is segmented into glaucoma, intraocular lenses, lasers, and other devices. A laser eye procedure is intended to correct long-term vision problems in people. The laser can be applied to the iris or the trabecular meshwork to allow aqueous fluid to flow more effectively within the eye and drain better by the normal drainage channels. Laser vision correction has a very high success rate, and many patients' reliance on eyeglasses or contact lenses is significantly reduced.
As per the study published in May 2022 by the Retina Journal, 36,053 patients were identified as having incident chorioretinopathy (CSC). The annual incidence in the latest year was 19.61 (95% confidence interval, 19.58 to 19.63) per 100,000 people. A total of 11,492 patients were included in the study group and 22,984 in the non-CSC group. The CSC and non-CSC groups had 166 (1.44%) and 73 (0.32%) cases of exudative age-related macular degeneration (AMD), respectively. Therefore, laser treatment is required to cure various eye diseases, which is expected to increase the need for laser devices. Thereby, the market segment is expected to see a surge.
Moreover, in January 2022, the NUNEMISO eye center of Korea shortened the eye recovery period of SMILE LASIK to a day. Such initiatives are expected to boost the market segment's growth over the forecast period.
Hence, the segment is expected to witness rapid growth over the forecast period owing to the high growth opportunities.
Ophthalmic Ultrasound Imaging Systems is Expected to Hold a Significant Share in the Market and Expected to do Same Over the Forecast Period
Ocular ultrasound, also known as ocular echography, "echo," or a B-scan, is a quick, non-invasive test routinely used in clinical practice to assess the structural integrity and pathology of the eye.
The rising prevalence of eye-related diseases is leading to increased demand for ophthalmic ultrasound, in the country. In the country, eye conditions have emerged as potential threats to populations. The increase in the prevalence of diabetes in various countries has led to the addition of diabetic retinopathy to the priority list. As per the study published in March 2021, by Natures, approximately 94.1% of the total number of people with disabilities and 94.7% of visually impaired people were registered with the local government. Moreover, as per an article published in June 2021, by Voice of America (VOA), roughly 250,000 South Koreans have a visual disability - a relatively small demographic in a nation of about 52 million. Thus, the increasing high burden of vision impairment is expected to increase the demand for an ophthalmic ultrasound imaging system for an early diagnosis, which is expected to boost the growth of the market's segment over the forecast period.
Thus, owing to the abovementioned factors, the market in the segment is expected to show growth over the forecast period.
