Market Trends of South Korea Cardiovascular Devices Industry
This section covers the major market trends shaping the South Korea Cardiovascular Devices Market according to our research experts:
Cardiac Pacemakers Expected to Witness Healthy Growth Over the Forecast Period
- Cardiac pacemakers are medical devices that deliver electrical pulses to the heart to maintain an average heart rate. Pacemakers are used to treat patients suffering from heart conditions, such as heart failure and arrhythmias.
- The product launches by key players, the increasing use of cardiac pacemakers, and the growing cardiovascular disease prevalence are the major factors driving the segment's growth. Moreover, according to the Korea Heart Disease Fact Sheet 2020: Analysis of Nationwide Data published in March 2021, 12.1 million Korean adults had hypertension, 4.3 million had hypercholesterolemia, 14.9 million had obesity, and 8.8 million were smoking currently, the number of risk factors increased markedly with older age; 58.4% of adults aged 70 or more than 70 years had two or more risk factors. Thus, with the rising burden of cardiovascular diseases and associated risk factors in the country, the demand for cardiac pacemakers is anticipated to boost segment growth. Moreover, cardiovascular disease risk is increased with diabetes, unhealthy diet, physical inactivity, tobacco use, and harmful use of alcohol.
- Furthermore, the increasing research and development activities in the area, along with the launch of new devices and initiatives by government and non-governmental organizations to increase the reach of care, will further augment the growth of the studied market. For instance, in February 2021, Seoul National University Hospital successfully implanted a wireless pacemaker in arrhythmia patients in Korea. Thus, all the above-mentioned factors are expected to boost segment growth over the forecast period.
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Ventricular Assist Devices Expected to Witness Significant Growth Over the Forecast Period
- Ventricular assist devices (VAD) are highly important for patients with weakened hearts or heart failures. They are used to temporarily maintain the heart function until the heart recovers or before the heart transplant. In some chronic heart conditions, they are used as permanent support therapy, as they are mechanical pumps that are surgically implanted in the heart to pump blood into the whole body. The technological advancement of devices for cardiac disease management increased initiatives and awareness about cardiovascular diseases, and the increasing incidence of cardiac diseases and heart failure are the primary drivers driving the expansion of the ventricular assist device segment.
- ClinicalTrials.gov, in May 2022, reported the study under the clinical trial to evaluate clinical and functional outcomes with the HM3 LVAS as a treatment for advanced heart failure. The PMS will enroll up to 165 patients that meet the Health Insurance Review and Assessment (HIRA) guidelines for LVAD implantation from up to 15 sites in South Korea. The study is expected to complete in December 2024. Thus, it is expected that over the forecast period, the technologically advanced VAD is expected to come into the market, thereby boosting the growth of the segment.
- Furthermore, as per the data published by National Statistical Office Korea, in 2021, 16.5% of the total population was 65 years of age or older due to the rapidly aging society. The percentage is anticipated to rise, even more, reaching 20.3% in 2025 and 43.9% in 2060. With the increasing burden of the geriatric population in the country, the burden of cardiac diseases in South Korea is also expected to rise, which, in turn, is anticipated to drive the demand for VAD devices used in the treatment of cardiac diseases. Thus, all aforementioned factors, such as rising clinical studies and the growing geriatric population, are expected to boost the segment over the forecast period.
