Market Trends of South Korea Respiratory Devices Industry
This section covers the major market trends shaping the South Korea Respiratory Devices Market according to our research experts:
Ventilator Segment is Expected to Register Significant Growth Over the Forecast Period
The ventilator segment is expected to witness significant growth in the respiratory devices market over the forecast period owing to the factors such as the rising prevalence of asthma, COPD, allergic rhinitis, brain injuries, cardiac arrest, and strokes among the population.
A ventilator is an equipment that delivers mechanical ventilation by moving breathable air into and out of the lungs to deliver breaths to a patient who is unable or insufficiently breathing. Modern ventilators are microprocessor-controlled computers; however, patients can also be ventilated using a simple, hand-operated bag valve mask. Ventilators are most employed in intensive care, home care, emergency medicine, and anesthesiology. In addition, ventilators are used in the treatment of various respiratory diseases, and the growing prevalence of these diseases is expected to boost the segment's growth.
The rising burden of COPD, coupled with the growing geriatric population who are more prone to develop chronic obstructive pulmonary disease due to the age-associated changes in the structure and function of the lung, is also expected to increase the demand for different respiratory devices, thereby bolstering the segment growth. For instance, according to an article published in the Journal of Thoracic Disease in June 2021, it has been observed that the prevalence rate of COPD was higher among people aged 40 years or over. Also, as per the data published by Statistics Korea, in September 2022, the population aged 65 years or over is expected to reach 17.5% of the total population in 2022, and South Korea is predicted to become one of the most aged societies by 2025 when the elderly population will reach 20.6% of the total population. Thus, the expected increase in the aging population is anticipated to augment the market growth.
Therefore, owing to the factors such as the high burden of COPD growing aging population in the country, the studied segment is expected to grow over the forecast period.
Disposables Segment is Expected to Have the Significant Market Share Over the Forecast Period
The disposables segment is expected to witness significant growth in the respiratory devices market in South Korea over the forecast period. The factors attributing to the segment growth are the increasing coronavirus and tuberculosis infection, rising demand for disposable products such as masks, breathing circuits, and others, and growing company activities.
In addition, the rising government initiatives to combat the reoccurring cases of COVID-19 in the country are anticipated to fuel the segment growth. For instance, in September 2022, the South Korean government reintroduced surgical masks to curb the spread of coronavirus infection among the population in the country. This is expected to increase the demand for masks, hence boosting segment growth.
Furthermore, the high number of tuberculosis cases in the country further raises the demand for respirators to protect against inhaled toxins, hence propelling the segment's growth. For instance, as per the 2021 data published by the World Bank, the incidence rate of tuberculosis (TB) was 44 per 100,000 people in South Korea in 2021. In addition, Gyeonggi recorded the highest number of TB cases (4,137) in 2021, followed by Seoul (3,067) and Gyeongbuk (1,368) in South Korea in 2021. Thus, the high number of TB infections in patients is expected to increase the demand for surgical masks to prevent the inhalation and spread of airborne droplet nuclei, thereby boosting segment growth.
Moreover, the rising company activities to develop various respiratory disposal items increase their availability in the market, which is also expected to augment the segment growth over the forecast period. For instance, in February 2022, Atman, a company in South Korea, launched a mask, Kosk, a two-piece PPE that covers only the nose and leaves the mouth uncovered, which helps people to eat and drink comfortably.
Therefore, owing to the factors such as increasing government initiatives and rising company activities, the studied segment is expected to grow in South Korea over the forecast period.
