South Korea Respiratory Devices Market Size

South Korea Respiratory Devices Market Analysis

The South Korean respiratory devices market is expected to register a CAGR of 7.8% over the forecast period.

COVID-19 has impacted the growth of the respiratory devices market in South Korea. For instance, according to an article published in Emergency Infectious Diseases in June 2021, it has been observed that seasonal viruses, with the exception of human bocavirus (HBoV), have been found to have much reduced positive rates for acute respiratory illnesses during the COVID-19 pandemic in South Korea. In addition, as per the same source, the positivity rate of HBoV increased during the last two months of the COVID-19 pandemic in proportion to the number of COVID-19 cases. With the increased severity of COVID-19 in the country, several companies have increased their ventilator production to combat the pandemic. For instance, in April 2020, MEKICS Co. Ltd, a South Korean company, partnered with BIOLASE Inc. to supply ICU-grade portable ventilators through BIOLASE's FDA-registered manufacturing facility in California. Such partnerships have increased the production of portable ventilators in the country. Hence, the COVID-19 pandemic had a favorable impact on the market initially; currently, as the pandemic has subsided, the market has lost some traction. However, it is expected to have stable growth during the forecast period of the study.

Factors such as the rising burden of respiratory disorders such as COPD, asthma, and sleep apnea, as well as growing technological advancements and increasing application in homecare settings, are boosting the market growth.

The prevalence and incidence of respiratory diseases such as asthma, chronic obstructive pulmonary diseases, and others among the population are increasing rapidly, which is anticipated to increase the demand for respiratory devices, hence propelling market growth. For instance, according to an article published in the International Journal of Chronic Obstructive Pulmonary Disease in October 2022, it has been observed that 15.5/1,000 people are diagnosed with COPD annually in South Korea. In addition, as per the same source, the incidence rate of COPD was higher among men as compared to women. Thus, the prevalence of COPD, a serious public health issue, is expected to rise, especially in emerging countries which is anticipated to increase the demand for different respiratory devices such as inhalers, nebulizers, ventilators, and others. This, in turn, is anticipated to fuel the market growth over the forecast period.

Furthermore, the rising government activities and initiatives to donate respiratory devices to other countries to combat the coronavirus pandemic have also increased the production of respiratory devices in the country. This is also contributing to the market growth. For instance, in June 2021, the South Korean government donated 350 oxygen concentrators and 35 ventilators to help Indonesia cope with an exponential spike in COVID-19 cases. South Korea disbursed USD 4 million in funds to help Indonesia as a manifestation of cooperation to increase its capacity to handle the COVID-19 pandemic.

Moreover, the rising company activities are also contributing to market growth. For instance, in November 2021, HoneyNaps, a South Korea-based healthcare startup, launched its medical software that uses artificial intelligence to diagnose sleep disorders. The device is called SOMNUM, the deep learning-based analysis program that enables real-time, multi-channel, large-capacity signal analysis. It automatically provides polysomnography readings that are said to be more accurate than conventional autoscoring.

Therefore, owing to the factors such as the high burden of respiratory diseases and growing company activities in the country, the studied market is expected to grow over the forecast period. However, the high cost of devices is likely to hinder the growth of the respiratory devices market in South Korea over the forecast period.