South Korea Dental Devices Market Size

South Korea Dental Devices Market Analysis

The South Korea Dental Devices Market size is estimated at USD 1.41 billion in 2024, and is expected to reach USD 1.76 billion by 2029, growing at a CAGR of 4.5% during the forecast period (2024-2029).

The current COVID-19 situation has decreased the number of visits to hospitals and clinics for dental purposes, leading to a dampening of the demand for dental equipment. As per the study published in October 2021, titled 'Dental Infection and Prevention Measures in South Korea in the Absence of Restrictions on Dental Practices During COVID-19 Pandemic', since the South Korean government or the Korean Dental Association (KDA) did not impose any particular restrictions on the types of patient treatment or the number of patients, it is believed that the number of visiting patients decreased rather than the dentists reducing appointments. This indirectly indicates the degree of South Korean people's fear of COVID-19 due to dental treatment over the last year.

Dental care in South Korea is usually of a high standard. As the medical setting and dental services are changing in the country, the significance of educating dentists in response to systemic emergencies is also increasing. The current student-oriented education paradigm is moving toward training students for forming abilities that are essential to address the daily crises that they face, while also providing them with the ability to deliver knowledge. However, this is expected to be a temporary downfall, and the market is expected to resume growth in the near future.

In South Korea, the national dental scaling insurance policy has notably increased socioeconomic inequalities in dental scaling usage. As dental care access usually requires a high individual agency, expanded dental coverage may have had limited effects in reducing inequalities and may inadvertently widen the gap. In order to reduce dental care inequalities, global access with worldwide dental coverage should be considered in the country.

As per the data published in 2021 by Statistics Korea, in 2020, the population aged 65 and over accounted for 15.7% of the total population. As per the same above-mentioned source, South Korea is projected to become a super-aged society by 2025, when the elderly population reaches 20.3% of the total population. moreover, with the increasing burden of the geriatric population in the country, the burden of dental infections and other periodontal diseases in South Korea is also expected to rise, which, in turn, is anticipated to drive the demand for dental devices, boosting the growth of the market.

Moreover, the growing number of investments and agreement in dental devices contributes to the market's growth. In January 2020, Light Instruments Ltd. signed an exclusive distribution agreement with Shinhung Co. Ltd. for the distribution of LiteTouch dental laser in South Korea. In December 2020, Medit and Straumann entered a global distribution partnership for intraoral scanners. This agreement leverages the existing partnership of the two companies for dental lab scanners. In August 2021, the firm had raised USD 20 million in a Series B funding round led by Eight Roads Ventures, Think Investments and the Mankekar Family Office. Before that, in January 2021, toothsi raised USD 5 million in Series A funding. Thus, the increase in partnerships and financing by the key players is expected to boost the growth of the studied market in South Korea.

The growing prevalence of dental infections and other periodontal diseases, increasing demand for dental care facilities and dental surgical procedures, and rising dental care personnel, coupled with technological advancements, are some of the major factors propelling the growth of this market.

However, excessive costs involved in health insurance is expected to hinder the market growth during the forecast period.