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The South Korea Bariatric Surgery Market is segmented by Device (Assisting Devices, Implantable Devices, and Other Devices).
2018 - 2026
The South Korea Bariatric Surgery Market is expected to register a CAGR of 1% during the forecast period. Some of the factors such as an increase in obesity among people and a rising prevalence rate of Type 2 diabetes and heart diseases are propelling the market growth. As the prevalence of obesity is increasing in South Korea, the overall bariatric surgeries are expected to increase, which is expected to directly propel the bariatric surgery devices market. As per the South Korean Ministry of Health and Welfare, the obesity rate in South Korea - 42.8% of men and 25.5% of women in South Korea were considered obese in 2018. In addition, the prevalence of diabetes is rising among all age groups, which can be attributed to the growing obese population rate, along with unhealthy diets and sedentary lifestyles. Hence factors such as the prevalence of diabetes, insurance coverage for the surgeries, and government initiatives, are also driving the market studied.
Bariatric surgery or weight loss surgery is used as one of the major treatment procedures for treating obesity. It is generally the last option for patients who have failed to lose weight by several other means. During this procedure, the size of the stomach is reduced by either removing some parts of the stomach or by using a gastric band.
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Closure devices are used for reconnecting tissues during surgical procedures and for closing incisions made by trocars. The laparoscopic port closure device successfully and safely closes port sites in obese patients undergoing bariatric procedures and surgeries.
These devices are also expected to register high growth, as they are widely used in minimally invasive surgeries that require immediate closure of very small incisions made at the time of surgical procedures. However, these devices are found to be complicated, expensive, and may cause tissue trauma.
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The South Korean bariatric surgery market is moderately competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. With the rising patient awareness levels and increasing obese population, few other smaller players are also expected to enter the market in the coming years. Some of the major players of the market are Ethicon Inc. (Johnson and Johnson), Apollo Endosurgery Inc., Aspire Bariatrics Inc., Intuitive Surgical Inc., B. Braun Melsungen AG, Olympus Corporation, The Cooper Companies, Conmed Corporation
1.1 Study Assumptions
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 Increase in Obesity Patients and Government Initiatives to Curb Obesity
4.2.2 Prevalence Rate of Type 2 Diabetes and Heart Diseases
4.3 Market Restraints
4.3.1 Lack of Awareness and High Cost of Surgery
4.4 Porter's Five Force 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
5.1 By Device
5.1.1 Assisting Devices
184.108.40.206 Suturing Device
220.127.116.11 Closure Device
18.104.22.168 Stapling Device
22.214.171.124 Other Assisting Devices
5.1.2 Implantable Devices
126.96.36.199 Gastric Bands
188.8.131.52 Electrical Stimulation Devices
184.108.40.206 Gastric Balloons
220.127.116.11 Gastric Emptying
5.1.3 Other Devices
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Ethicon Inc. (Johnson and Johnson)
6.1.2 Apollo Endosurgery Inc.
6.1.3 Aspire Bariatrics Inc.
6.1.4 Intuitive Surgical Inc.
6.1.5 B. Braun Melsungen AG
6.1.6 Olympus Corporation
6.1.7 The Cooper Companies
6.1.8 Conmed Corporation
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments