South Korea Spinal Surgery Devices Market Size

South Korea Spinal Surgery Devices Market Analysis

The South Korean spinal surgery devices market is expected to register a CAGR of 3.2% over the forecast period.

The COVID-19 pandemic significantly impacted the market studied. Initially, the pandemic hampered the market due to the cancellation of surgeries. However, to effectively handle the surgical procedures during the pandemic, the country used critical and valuable steps to mitigate the pandemic during the later phases. In addition, as per a research published in September 2022 in the JKNS journal, when the number of spine surgeries was analyzed by hospital size, the proportion of general tertiary hospitals in 2021 increased compared to those in prior years. Thus, the demand for surgeries fueled the concentration of spinal surgical devices. As spinal surgeries and elective procedures are resumed in current times, it is likely to contribute to the growth of the spinal surgery devices market in South Korea in the post-pandemic era.

Factors such as the rising geriatric population and increasing demand for minimally invasive devices also drive the market study's growth.

Endoscopic spine surgery may increase the risk of neurological or vascular harm due to the lack of stereoscopic vision. Thus, the scientists at South Korean research centers focus more on developing advanced technologies for improving the MISS pattern. This is further expected to create opportunities for spine surgery devices market growth in the country.

According to an article published in the ONS Journal in April 2022, a group of scientists in South Korea developed a 3D bi-portal endoscopic approach for treating lumbar degenerative disease and studied 38 patients. When the patients were analyzed with the new approach, the 3D bi-polar endoscopic imaging displayed surgical anatomy and accurately represented pathologic lesions, such as bony osteophytes and ruptured disc herniation. Thus, such developments and research in spinal surgery devices are predicted to contribute to the studied market growth over the forecast period.

Moreover, degenerative lumbar spine disease is increasingly prevalent in the aging population. South Korea has been experiencing a rapidly aging population, so the demand for spine surgeries is also increasing. For instance, the September 2022 report published by Statistics Korea shows that the population aged 65 years or over is expected to reach 17.5% of the total population by the end of 202. The country is predicted to become one of the most aged societies by 2025 when the elderly population reaches 20.6% of the total population. The growing geriatric population is more prone to spinal and other musculoskeletal diseases. It is expected to drive the demand for the availability of innovative spinal surgery devices or equipment for treatment fueling the market growth in the country.

Therefore, owing to the above-mentioned growth factor,s the studied market is anticipated to grow over the forecast period. However, the high cost of the treatments is predicted to hamper the market growth during the analysis period.