Market Trends of South Korea General Surgical Devices Industry
This section covers the major market trends shaping the South Korea General Surgical Devices Market according to our research experts:
Handheld Devices Segment is Expected to Show Healthy Growth During the Forecast Period
Handheld devices are expected to grow rapidly as they are widely used in surgical procedures. The market studied is growing due to the rise in minimally invasive surgical procedures and an increase in outpatient surgeries. As per the data published by HMSR in August 2022, South Korea currently performs 24% of all cosmetic surgeries. Also, foreign patients make up 40 to 50% of all plastic surgery in South Korea. Such an increase in hip fractures among the elderly population is expected to drive the growth of handheld surgical devices.
Based on data published by the World Population Review in 2022, the prevalence of obesity among adults was 4.70%. The rising prevalence of obesity is expected to drive market growth. Many innovations have been made due to the need for high reliability, accuracy, and patient safety. Furthermore, the growing aging population and technologically advanced devices are accelerating the demand for advanced treatment approaches and are expected to witness rapid growth during the forecast period.
Thus, the above-mentioned factors such as the prevalence of various disorders, and rising demand for minimally invasive surgeries, are expected to drive the growth of the market studied during the forecast period.
Neurology is Expected to Hold Significant Share in the Market Over the Forecast Period
Neurological diseases are disorders that affect the brain, spinal cord, and nerves. These include epilepsy, learning disabilities, neuromuscular disorders, autism, acute spinal cord injury, Alzheimer's disease, ataxia, and others. The major factors for the growth of the market are the prevalence of various neurological diseases among the South Korean population and the rising demand for effective surgical devices.
According to an NCBI article published in March 2021, the incidence of malignant gliomas in South Korea was 7.47 per 100,000 people. According to IARC data published in 2020, the estimated incidence of brain and nervous system cancer cases in South Korea is 2,153. This is projected to reach 2,845 by 2040. Such an increasing burden of neurological diseases is expected to increase the number of surgical procedures and thus boost the growth of neurological general surgical devices in the country.
Additionally, another article published in Nature Journal in March 2020 mentioned that the prevalence of Parkinson's disease was approximately 0.3% in the population aged over 40 years in South Korea. Another article published by JKMS journal in July 2020 mentioned that in the Korean population, the prevalence of Parkinson's disease among individuals aged 65 and older was reported to be 0.4%. Such a high prevalence of various neurological diseases is expected to contribute to the growth of the studied segment over the forecast period.
Thus, owing to the growing burden of neurological diseases, the neurology segment of the market is expected to project significant growth during the forecast period.
