South Korea Medical Devices Market Introduction and Overview
According to SPER Market Research, the South Korea Medical Devices Market is estimated to reach USD XX billion by 2033 with a CAGR XX%.
The report includes an in-depth analysis of the South Korea Medical Devices Market, including market size and trends, product mix, distribution channels, and supplier analysis. Medical devices are a broad category that includes a variety of tools, apparatuses, machines, implants, and other items of a similar nature that are used to diagnose, treat, or prevent diseases or other disorders in people. These range in complexity from MRI machines and implanted pacemakers to basic gadgets like thermometers and syringes. Medical equipment, such as blood glucose monitors and X-ray machines, are essential to healthcare because they help with diagnosis, treatment, and rehabilitation. Examples of these devices include surgical instruments, drug delivery systems, and prostheses and mobility aids.
Market Opportunities and Challenges
Opportunities: There are many opportunities in the South Korean medical device market caused by a number of important characteristics. The need for cutting-edge medical technologies is rising in South Korea due to its sophisticated healthcare system and growing aging population. Medical device companies can flourish in a favorable environment because of the nation's strong emphasis on research and development and government support for innovation. Furthermore, a wider range of regional markets are accessible due to South Korea's advantageous location in Asia and strong export capabilities. The burgeoning inclination towards digital health solutions and telemedicine augments prospects for enterprises providing interconnected medical devices and software solutions.
Challenges: The application of new technologies and design modifications has advanced in the medical device industry. But the high cost of these devices results in an overall rise in device cost and ownership due to their relatively higher acquisition and ongoing maintenance costs. A few of the more sophisticated gadgets have many other parts that need to be replaced on a regular basis. These parts include chips, batteries, sensors, and other accessories.
Market Competitive Landscape
The medical devices market in South Korea is highly consolidated. Some of the market key players are Johnson & Johnson, Siemens Healthineers, Becton Dickinson, Philips Healthcare, Hanshin Medical, Medtronic Korea, Abbott Korea.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Type, By End User
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| Regions covered | Eastern Region, Southern Region, Northern Region, Western Region
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| Companies Covered | Johnson & Johnson, Siemens Healthineers, Becton Dickinson, Philips Healthcare, Hanshin Medical, Medtronic Korea, Abbott Korea.
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COVID-19 Impact on South Korea Medical Devices Market
The COVID-19 pandemic had a major effect on the medical device sector in South Korea in a number of ways. Critical medical equipment including ventilators, personal protective equipment (PPE), and diagnostic tools like PCR testing kits saw an initial spike in demand. In order to address the growing demands of healthcare facilities and public health organizations, this resulted in expanded manufacturing and importation activities.
On the other hand, the pandemic also caused delays in the availability of vital medical components and devices by upsetting supply networks throughout the world. This emphasized how crucial it is to have resilient home production capacities in the face of major international crises.
Key Target Audience:
- Medical Device Manufacturers
- Healthcare Providers
- Regulatory Authorities
- Distributors and Supply Chain Partners
- Healthcare IT Companies
Our in-depth analysis of the South Korea Medical Devices Market includes the following segments:
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By Type:
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Dental Devices
Diabetic Care Devices
Diagnostics imaging devices
Endoscopic devices
General & Plastic Surgery Devices
Ophthalmic Devices
Orthopedic Devices
Others
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By End User:
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Hospitals & Clinics
Ambulatory Surgical Centers
Homecare Settings
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Key Topics Covered in the Report:
- South Korea Medical Devices Market Size (FY’2024-FY’2033)
- Overview of South Korea Medical Devices Market
- Segmentation of South Korea Medical Devices Market By Type (Cardiology Devices, Dental Devices, Diabetic Care Devices, Diagnostics imaging devices, Endoscopic devices, General & Plastic Surgery Devices, Ophthalmic Devices, Orthopedic Devices, Others
- Segmentation of South Korea Medical Devices Market By End User (Hospitals & Clinics, Ambulatory Surgical Centers, Homecare Settings)
- Expansion Analysis of South Korea Medical Devices Market
- Problems and Obstacles in South Korea Medical Devices Market
- Competitive Landscape in the South Korea Medical Devices Market
- Impact of COVID-19 and Demonetization on South Korea Medical Devices Market
- Details on Current Investment in South Korea Medical Devices Market
- Competitive Analysis of South Korea Medical Devices Market
- Prominent Players in the South Korea Medical Devices Market
- SWOT Analysis of South Korea Medical Devices Market
- South Korea Medical Devices Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the South Korea Medical Devices Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. South Korea Medical Devices Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in South Korea Medical Devices Market
7. South Korea Medical Devices Market, By Type (USD Million) 2020-2033
7.1. South Korea Medical Devices Market Size, Share and Forecast, By Type, 2020-2026
7.2. South Korea Medical Devices Market Size, Share and Forecast, By Type, 2027-2033
7.3. Cardiology Devices
7.4. Dental Devices
7.5. Diabetic Care Devices
7.6. Diagnostics imaging devices
7.7. Endoscopic devices
7.8. General & Plastic Surgery Devices
7.9. Ophthalmic Devices
7.10. Orthopedic Devices
7.11. Others
8. South Korea Medical Devices Market, By End User (USD Million) 2020-2033
8.1. South Korea Medical Devices Market Size, Share and Forecast, By End User, 2020-2026
8.2. South Korea Medical Devices Market Size, Share and Forecast, By End User, 2027-2033
8.3. Hospitals & Clinics
8.4. Ambulatory Surgical Centers
8.5. Homecare Settings
9. South Korea Medical Devices Market Forecast, 2020-2033 (USD Million)
9.1. South Korea Medical Devices Market Size and Market Share
10. South Korea Medical Devices Market, By Region, 2020-2033 (USD Million)
10.1. South Korea Medical Devices Market Size and Market Share By Region (2020-2026)
10.2. South Korea Medical Devices Market Size and Market Share By Region (2027-2033)
10.3. Eastern Region
10.4. Southern Region
10.5. Northern Region
10.6. Western Region
11. Company Profile
11.1. Johnson & Johnson
11.1.1. Company details
11.1.2. Financial outlook
11.1.3. Product summary
11.1.4. Recent developments
11.2. Siemens Healthineers
11.2.1. Company details
11.2.2. Financial outlook
11.2.3. Product summary
11.2.4. Recent developments
11.3. Becton Dickinson
11.3.1. Company details
11.3.2. Financial outlook
11.3.3. Product summary
11.3.4. Recent developments
11.4. Philips Healthcare
11.4.1. Company details
11.4.2. Financial outlook
11.4.3. Product summary
11.4.4. Recent developments
11.5. Hanshin Medical:
11.5.1. Company details
11.5.2. Financial outlook
11.5.3. Product summary
11.5.4. Recent developments
11.6. Medtronic Korea:
11.6.1. Company details
11.6.2. Financial outlook
11.6.3. Product summary
11.6.4. Recent developments
11.7. Abbott Korea
11.7.1. Company details
11.7.2. Financial outlook
11.7.3. Product summary
11.7.4. Recent developments
11.8. Others
12. Conclusion
13. List of Abbreviations
14. Reference Links
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
