South Korea Neurology Devices Market - Growth, Trends, and Forecasts (2020 - 2025)

The South Korea Neurology Devices Market is segmented by Type of Device (Cerebrospinal Fluid Management Device, Interventional Neurology Device, Neurosurgery Device, Neurostimulation Device, and Other Type of Devices).

Market Snapshot

Study Period:

2017-2025

Base Year:

2019

CAGR:

5.2 %

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Market Overview

The South Korea Neurology Devices Market is expected to grow with a CAGR of 5.2% during the forecasted period. The key factors propelling the growth of this market are increase in incidence of neurological disorders,huge investments by private players in neurology devices and increase in R&D in the field of neurotherapies.

The population in the South Korea is ageing rapidly. According to the World Population Ageing 2019 report, in South Korea population aged above 65 years or over is expected to reach 12.658 million (24.7%) by 2030 from 7.715 million (15.1%) in 2019. This growing geriatric population are more prone to neurological disorders such as Alzheimer’s disease, Parkinsons disease which drives the market over the forecast period.

Thus, owing to above factors the market is expected to show significant growth over the forecast period.

Scope of the report

As per the scope of the report, neurological devices are medical devices that help to diagnose, prevent, and treat a variety of neurological disorders and conditions, such as Alzheimer's disease, Parkinson’s disease, major depression, and traumatic brain injury. The South Korea Neurology Devices Market is segmented by type of device (Cerebrospinal Fluid Management Device, Interventional Neurology Device, Neurosurgery Device, Neurostimulation Device, and Other Type of Devices).

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Key Market Trends

Sacral Nerve Stimulation Devices is the Segment under Neurostimulation Devices that is Expected to Grow Fastest during the Forecast Period

The sacral nerve stimulation devices are mostly used for patients for whom drug therapy or other types of medications are not successful. It is performed with the help of a small device, which is capable of sending electrical impulses to the targeted sacral nerves located in the lower back region. These devices are found to be successful in treating bladder problems. Hence, with increasing incidences of overactive bladder, the sacral nerve stimulation devices segment is expected to grow during the forecast period.

Sacral nerve stimulation devices are an effective and safe treatment for patients suffering from fecal and urinary dysfunction. Increasing demand for the minimal invasive therapy, rising prevalence of urinary bladder diseases, and technological advancements such as introduction of novel coatings and engineering strategies are the main factors driving the growth of the market.

According to the Organisation for Economic Co-operation and Development (OECD), in South Korea total healthcare expenditure in 2018 was approximately 8.1% of Korea's Gross Domestic Product (GDP) up from 7.6% in 2017. As healthcare expenditure is rising which shows positive impact on the market. 

Thus, owing to above factors the market is expected to show growth in near future.

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Competitive Landscape

The South Korea Neurology Devices Market is fragmented competitive. There are market participants involved in R&D for the development of advanced stimulation and neuromodulation techniques with minimally invasive procedures that are more preferable to the patients. Furthermore, many private companies are showing great interest in developing novel neurological devices to earn huge profits. In the coming years few other players are expected to enter into the market.

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Table Of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Increase in Incidence of Neurological Disorders

      2. 4.2.2 Increasing R&D and Huge Investments by Private Players in Neurology Devices

    3. 4.3 Market Restraints

      1. 4.3.1 High Cost of Equipment

    4. 4.4 Porter's Five Force Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Type of Device

      1. 5.1.1 Cerebrospinal Fluid Management Devices

      2. 5.1.2 Interventional Neurology Devices

        1. 5.1.2.1 Interventional/Surgical Simulators

        2. 5.1.2.2 Neurothrombectomy Devices

        3. 5.1.2.3 Carotid Artery Stents

        4. 5.1.2.4 Embolic Coils

        5. 5.1.2.5 Support Devices

      3. 5.1.3 Neurosurgery Devices

        1. 5.1.3.1 Neuroendoscopes

        2. 5.1.3.2 Stereotactic Systems

        3. 5.1.3.3 Aneurysm Clips

        4. 5.1.3.4 Other Neurosurgery Devices

      4. 5.1.4 Neurostimulation Devices

        1. 5.1.4.1 Spinal Cord Stimulation Devices

        2. 5.1.4.2 Deep Brain Stimulation Devices

        3. 5.1.4.3 Sacral Nerve Stimulation Devices

        4. 5.1.4.4 Other Neurostimulation Devices

        5. 5.1.4.5 Other Types of Devices

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 B. Braun Melsungen AG

      2. 6.1.2 Stryker Corporation

      3. 6.1.3 Medtronic PLC

      4. 6.1.4 Abbott Laboratories

      5. 6.1.5 Johnson and Johnson

      6. 6.1.6 Elekta AB

      7. 6.1.7 Smith & Nephew

      8. 6.1.8 Integra LifeSciences Corporation

  7. *List Not Exhaustive
  8. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Competitive Landscape covers- Business Overview, Financials, Products and Strategies, and Recent Developments

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