South Korea Artificial Organs and Bionics Market Size

South Korea Artificial Organs & Bionics Market Analysis

The South Korean artificial organs and bionics market is poised to grow at a CAGR of around 5% during the forecast period.

The COVID-19 pandemic is an unprecedented public health threat that has harmed communities, industries, enterprises, and people throughout South Korea. COVID-19 hampered the supply and manufacture of artificial organs and bionics. According to the study published in December 2021, during COVID-19, the number of deceased donor organ transplants in Korea remained stable in 2020, but the number of living donor organ transplants decreased dramatically. As a result of the potential for contamination from COVID-19 infection, organ transplantation in the country has been drastically reduced, significantly impacting the market growth. Additionally, the industry is expected to gain momentum during the following five years as more organ transplant surgeries are anticipated over the forecast period.

The key factors responsible for the growth of the artificial organ and bionics market include the rising geriatric population and technological advancements in the artificial organ and bionics market. For instance, according to the 2022 statistics published by the United Nations 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 is aged 65 years and above in 2022. Thus, the rising geriatric populations are more prone to develop chronic diseases resulting in organ failure. This is expected to increase the adoption of artificial organs and bionics, thereby propelling the growth of the studied market.

Another primary factor is the scarcity of donor organs. The lack of availability of potential organs to transplant has been a major issue. According to the study published in the Korean Journal of Transplant in September 2021, in Korea, the number of organ transplants has steadily increased, with over 4,000 transplants conducted in 2020. Bionics and artificial organs can cater to those in need of organ transplantations and replacements are expected to propel the demand for artificial organs and bionics, thereby boosting the market growth during the forecast period.

Moreover, various strategic activities by research institutes and market players are expected to support the growth of the market. For instance, in March 2021, a research team in Korea developed a method that enables stem cells to differentiate into specific cell types, including osteoblasts or vascular mural cells, without the need for additional pretreatment. This technology is anticipated to make it easier to produce artificial organs for transplantation, such as artificial skin and cardiac patches, or artificial organs for preclinical studies. Thus, such research and development activities by various institutes in Korea to bring technologically advanced organ into the market is expected to boost the growth of the market over the forecast period.

However, expensive procedures may restrain the market over the forecast period.