Please Wait.....
Report
South Korea General Surgical Devices Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
Market Report I 2023-01-23 I 70 Pages I Mordor Intelligence
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 Market Trends
Handheld Devices Segment is Expected to Show Healthy Growth During the Forecast Period
Handheld devices are expected to grow rapidly as they are widely used in surgical procedures. The market studied is growing due to the rise in minimally invasive surgical procedures and an increase in outpatient surgeries. As per the data published by HMSR in August 2022, South Korea currently performs 24% of all cosmetic surgeries. Also, foreign patients make up 40 to 50% of all plastic surgery in South Korea. Such an increase in hip fractures among the elderly population is expected to drive the growth of handheld surgical devices.
Based on data published by the World Population Review in 2022, the prevalence of obesity among adults was 4.70%. The rising prevalence of obesity is expected to drive market growth. Many innovations have been made due to the need for high reliability, accuracy, and patient safety. Furthermore, the growing aging population and technologically advanced devices are accelerating the demand for advanced treatment approaches and are expected to witness rapid growth during the forecast period.
Thus, the above-mentioned factors such as the prevalence of various disorders, and rising demand for minimally invasive surgeries, are expected to drive the growth of the market studied during the forecast period.
Neurology is Expected to Hold Significant Share in the Market Over the Forecast Period
Neurological diseases are disorders that affect the brain, spinal cord, and nerves. These include epilepsy, learning disabilities, neuromuscular disorders, autism, acute spinal cord injury, Alzheimer's disease, ataxia, and others. The major factors for the growth of the market are the prevalence of various neurological diseases among the South Korean population and the rising demand for effective surgical devices.
According to an NCBI article published in March 2021, the incidence of malignant gliomas in South Korea was 7.47 per 100,000 people. According to IARC data published in 2020, the estimated incidence of brain and nervous system cancer cases in South Korea is 2,153. This is projected to reach 2,845 by 2040. Such an increasing burden of neurological diseases is expected to increase the number of surgical procedures and thus boost the growth of neurological general surgical devices in the country.
Additionally, another article published in Nature Journal in March 2020 mentioned that the prevalence of Parkinson's disease was approximately 0.3% in the population aged over 40 years in South Korea. Another article published by JKMS journal in July 2020 mentioned that in the Korean population, the prevalence of Parkinson's disease among individuals aged 65 and older was reported to be 0.4%. Such a high prevalence of various neurological diseases is expected to contribute to the growth of the studied segment over the forecast period.
Thus, owing to the growing burden of neurological diseases, the neurology segment of the market is expected to project significant growth during the forecast period.
South Korea General Surgical Devices Market Competitor Analysis
The market for general surgical devices in South Korea is moderately competitive and more companies are willing to expand in South Korea. The major players in the South Korean general surgical devices market are B. Braun Melsungen AG, Boston Scientific Corporation, Conmed Corporation, Johnson & Johnson, Getinge AB, Medtronic PLC, Olympus Corporation, and Stryker Corporation.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Minimally Invasive Surgical Procedures
4.2.2 Technological Advancements in Devices
4.3 Market Restraints
4.3.1 High Cost of Procedure
4.3.2 Stringent Regulations
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Product
5.1.1 Handheld Devices
5.1.2 Laparoscopic Devices
5.1.3 Electro Surgical Devices
5.1.4 Wound Closure Devices
5.1.5 Trocars and Access Devices
5.1.6 Other Products
5.2 By Application
5.2.1 Gynecology and Urology
5.2.2 Cardiology
5.2.3 Orthopedic
5.2.4 Neurology
5.2.5 Other Applications
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 B. Braun Melsungen AG
6.1.2 Boston Scientific Corporation
6.1.3 Conmed Corporation
6.1.4 Johnson & Johnson
6.1.5 Getinge AB
6.1.6 Medtronic PLC
6.1.7 Olympus Corporation
6.1.8 Stryker Corporation
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
- Not Sure / Need Reassuring
- Confirm Content
-
Content is provided by our partners and every effort is made to make Market Report details as clear as possible. If you are not sure the exact content you require is included in this study you can Contact us to double check. To do this you can:
Use the ‘? ASK A QUESTION’ below the license / prices and to the right of this box. This will come directly to our team who will work on dealing with your request as soon as possible.
Write to directly on support@scotts-international.com with details. Please include as much information as possible including the name of report or link so our staff will be able to work on you request.
Telephone us directly on 0048 603 394 346 and an experienced member of team will be on hand to answer.
-
- Sample Pages
-
With the vast majority of our partners we can obtain Sample Pages to support your decision. This is something we can arrange without revealing your personal details.
It is important to note that we will not be able to provide you the exact data or statistics such as Market Size and Forecasts. Sample pages usually confirm the layout or the Categories included in Charts and Graphs, excluding specific data.
To ask for Sample Pages by contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Check for Alternatives
-
Whilst we try to make our online platform as easy to use as possible there is always the possibility that a better alternative has not been found in your search.
To avoid this possibility Contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346 and a Senior Team Member can review your requirements and send a list of possibilities with opinions and recommendations.
-
- Confirm Content
- Prices / Formats / Delivery
- Prices
-
All prices are set by our partners and should be exactly the same as those listed on their own websites. We work on a Revenue share basis ensuring that you never pay more than what is offered elsewhere.
Should you find the price cheaper on another platform we recommend you to Contact us as we should be able to match this price. You can Contact us though through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Discounts
-
As we work in close partnership with our Partners from time to time we can secure discounts and assist with negotiations, this is part of our personalised service to you.
Discounts can sometimes be arranged for speedily placed orders; multiple report purchases or Higher License purchases.
To check if a Discount is possible please Contact our experienced team through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Available Currencies
-
Most Market Reports on our platform are listed in USD or EURO based on the wishes of our Partners. To avoid currency fluctuations and potential price differentiations we do not offer the possibility to change the currency online.
Should you wish to pay in a different currency to that advertised online we do accept payments in USD, EURO, GBP and PLN. The price will be calculated based on the relevant exchange rate taken from our National Bank.
To pay in a different above currency to that advertised online please Contact our team and a quotation will be sent within a couple of hours with payment details.
-
- Licenses
-
License options vary from Partner to Partner as is usually based on the number of Users that will benefitting from the report. It is very important that License ordered is not breached as this could have potential negative consequences for you individually or your employer.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Global Site License
-
The Global Site License is the most comprehensive license available. By selecting this license, the Market Report can be shared with other ‘Allowed Users’ and any other member of staff from the same organisation regardless of geographic location.
It is important to note that this may exclude Parent Companies or Subsidiaries.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Formats
-
The most common format is PDF, however in certain circumstances data may be present in Excel format or Online, especially in the case of Database or Directories. In addition, for certain higher license options a CD may also be provided.
If you have questions or need clarification about the specific formats we recommend you to Contact us and a detailed explanation will be provided.
-
- Delivery
-
Delivery is fulfilled by our partners directly. Once an order has been placed we inform the partner by sharing the delivery email details given in the order process.
Delivery is usually made within 24 hours of an order being placed, however it may take longer should your order be placed prior to the weekend or if otherwise specified on the Market Report details page. Additionally, if details have been not fully completed in the Order process a delay in delivery is possible.
If a delay in delivery is expected you will be informed about it immediately.
-
- Shipping Charges
-
As most Market Reports are delivered in PDF format we almost never have to add additional Shipping Charges. If, however you are ordering a Higher License service or a specific delivery format (e.g. CD version) charges may apply.
If you are concerned about additional Shipping Charges we recommend you to Contact us to double check.
-
- Prices
- Ordering
- By Credit Card
-
We work in Partnership with PayU to ensure payments are made securely in a fast and effortless way. PayU is the e-payments division of Naspers.
Naspers operates in over 133 International Markets and ranks 3rd Globally in terms of the number of e-commerce customers served.
For more information on PayU please visit: https://www.payu.pl/en/about-us
-
- By Money Transfer
-
If you require an invoice prior to payment, this is possible. To ensure a speedy delivery of the Market Report we require all relevant company details and you agree to maximum payment terms of 30 days from receipt of order.
With our regular clients deliver of the Market Report can be made prior to receiving payment, however in some circumstances we may ask for payment to be received before arranging for the Market Report to be delivered.
-
- By Credit Card
- Security
- Website security
-
We have specifically partnered with leading International companies to protect your privacy by using different technologies and processes to ensure security.
Everything submitted to Scotts International is encrypted via SSL (Secure Socket Layer) and all personal information provided to Scotts International is stored on computer systems with limited access in controlled environments.
-
- Credit Card Security
-
We partner with PayU (https://www.payu.pl/en/about-us) to ensure all credit card payments are made securely in a fast and effortless way.
PayU offers 250+ various payment channels and eWallet services across 4 continents allowing buyers to pay electronically, whether on a computer or a mobile device.
-
- Website security