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South Korea Ultrasound Devices - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2025 - 2030)
Market Report I 2025-04-28 I 80 Pages I Mordor Intelligence
The South Korea Ultrasound Devices Market is expected to register a CAGR of 5.61% during the forecast period.
The COVID-19 pandemic impacted the studied market significantly. Due to restricted hospital visits and delayed surgeries, the demand for diagnostics procedures such as ultrasound declined and hampered the market growth during the initial phase of the pandemic. However, with the upsurge in chronic disease incidences in South Korea, diagnostics procedures increased, creating a demand for ultrasound devices. For example, as per an article published in the Journal of Personalized Medicine in July 2022, a study was conducted on six common cardiovascular diseases (CVDs) from clinical visits between January 2018 and March 2021 to analyze the variations between post-COVID-19 CVDs and pre-COVID-19 CVDs, the incidences of cardiac failure, myocardial infarction, and arrhythmia were higher among the target population during the pandemic. As molecular imaging with ultrasound provides the opportunity for real-time, noninvasive visualization of molecular markers of cardiovascular illness, the demand for ultrasound increased and contributed to overall market growth in the country. Thus, the pandemic considerably impacted the growth of the market studied. As per the analysis, the market's growth is expected to increase and reach pre-pandemic levels in the coming years.
Due to factors such as the increasing prevalence of chronic diseases coupled with research studies and initiatives in South Korea, the ultrasound devices market will likely increase throughout the forecast period. According to an article published in Scientific Reports Journal in March 2022, stroke incidence has significantly increased, necessitating the development of a national system for long-term stroke management in South Korea. This is anticipated to fuel the demand for molecular imaging of the heart to visualize and access the defect. As the molecular image of the ultrasound can provide better imaging, the burden of disease is anticipated to create demand for ultrasound devices and anticipated to fuel the overall market growth in the country.
Additionally, initiatives by key market players are expected to increase market growth. For instance, in August 2021, Insightec, a global healthcare company focused on creating the next generation of patient care, reported that Seoul National University Hospital installed the company's Exablate Neuro platform that uses focused ultrasound to ablate targets deep in the brain for a therapeutic effect. With the acquisition of advanced devices by major end users, South Korea is expanding patient access to incision-free Focused Ultrasound treatment. It is contributing to the studied market growth over the forecast period.
South Korea Ultrasound Devices Market Trends
Portable Ultrasounds Segment is Expected to Hold a Significant Market Share Over the Forecast Period
Factors such as the increasing prevalence of cancer and initiatives by key market players are expected to increase market growth. The ability to treat patients who are in life-threatening situations and need emergency care wherever they are, maybe with the requirement for an on-the-spot diagnosis, may be made possible by portable ultrasound equipment.
Portable ultrasound devices are essential to diagnose and monitor patients at the bedside without having to move them to the radiology department. For instance, according to Global Cancer Observatory data updated in March 2021, there were 2,150 brain and nervous system cancer cases in previous years, which is expected to increase to nearly 2,850 by 2040. These figures demonstrate the country's rising need for ultrasonic imaging for radiological applications, boosting market expansion.
Increasing technological advancement in ultrasound and increasing launches by key market players boost the market growth over the forecast period. For instance, in November 2022, ALPINION Medical Systems launched a performance-based portable series, X-CUBE i9, a portable ultrasound device designed to be easy to use in outdoor environments. The segment is, therefore, anticipated to have significant expansion throughout the projected period due to the factors above.
Cardiology Segment is Expected to Witness Growth During the Forecast Period
To determine the presence of abnormalities in the structure of the heart, measure the size and thickness of the heart and its chambers, and assess the motion of the chamber walls and the extent of damage to the heart muscle after a heart attack, physicians mainly advise an ultrasound (US). Cardiac ultrasound, or echocardiography, is a non-invasive diagnostic modality that provides detailed hemodynamic information quickly. Thus, with the high burden of cardiovascular diseases (CVDs) in South America, the demand for the US is increasing, thereby fueling segment growth.
Various studies have presented the epidemiological indicators of myocardial infarction in Korea. For instance, as per a research study published in the Journal of Epidemiology and Health in July 2022, the estimated prevalence among adults over 30 years of age ranged from 0.34% to 0.70% in recent years in South Korea and was higher among men and increased with age. In addition, there was an increasing trend of myocardial infection among the target population. Thus, with the growing burden of cardiovascular diseases in the country, the demand for cardiac ultrasound is increasing, fueling the segment's growth over the forecast period.
Furthermore, diabetes is one of the major factors that is a crucial risk factor for heart disease. As per the 2021 report published by IDF, diabetes is increasing in the country and is expected to reach 3,934.2 and 3,860.9 (in thousands) by 2030 and 2045, respectively. As diabetes is rising, the burden of cardiovascular diseases is also increasing, creating the demand for an ultrasound for diagnosis and fueling the growth of the segment studied.
South Korea Ultrasound Devices Industry Overview
The South Korean ultrasound devices market is moderately competitive and has several major players. Some companies currently dominating the market are Canon Medical Systems Corporation, Siemens Healthineers AG, GE Healthcare, Fujifilm Holdings Corporation, and Koninklijke Philips NV, among others.
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 Increasing Burden of Chronic Diseases
4.2.2 Technological Advancements
4.3 Market Restraints
4.3.1 Stringent Regulations
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers/Consumers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size by Value - USD)
5.1 By Application
5.1.1 Anesthesiology
5.1.2 Cardiology
5.1.3 Gynecology/Obstetrics
5.1.4 Musculoskeletal
5.1.5 Radiology
5.1.6 Critical Care
5.1.7 Other Applications
5.2 By Technology
5.2.1 2D Ultrasound Imaging
5.2.2 3D and 4D Ultrasound Imaging
5.2.3 Doppler Imaging
5.2.4 High-intensity Focused Ultrasound
5.3 By Type
5.3.1 Stationary Ultrasound
5.3.2 Portable Ultrasound
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Canon Medical Systems Corporation
6.1.2 SonoScape Medical Corp
6.1.3 Fujifilm Holdings Corporation
6.1.4 GE Healthcare
6.1.5 Koninklijke Philips NV
6.1.6 Mindray Medical International Limited
6.1.7 Samsung Electronics Co. Ltd
6.1.8 Esaote SpA
6.1.9 Siemens Healthineers AG
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