South Korea Ultrasound Devices Market Size

South Korea Ultrasound Devices Market Analysis

The South Korea Ultrasound Devices Market size is expected to grow from USD 154.70 million in 2023 to USD 203.25 million by 2028, registering a CAGR of 5.61% during the forecast period (2023-2028).

The COVID-19 pandemic impacted the studied market significantly. Due to restricted hospital visits and delayed surgeries, the demand for diagnostics procedures such as ultrasound declined and hampered the market growth during the initial phase of the pandemic. However, with the upsurge in chronic disease incidences in South Korea, diagnostics procedures increased, creating a demand for ultrasound devices. For example, as per an article published in the Journal of Personalized Medicine in July 2022, a study was conducted on six common cardiovascular diseases (CVDs) from clinical visits between January 2018 and March 2021 to analyze the variations between post-COVID-19 CVDs and pre-COVID-19 CVDs, the incidences of cardiac failure, myocardial infarction, and arrhythmia were higher among the target population during the pandemic. As molecular imaging with ultrasound provides the opportunity for real-time, noninvasive visualization of molecular markers of cardiovascular illness, the demand for ultrasound increased and contributed to overall market growth in the country. Thus, the pandemic considerably impacted the growth of the market studied. As per the analysis, the market's growth is expected to increase and reach pre-pandemic levels in the coming years.

Due to factors such as the increasing prevalence of chronic diseases coupled with research studies and initiatives in South Korea, the ultrasound devices market will likely increase throughout the forecast period. According to an article published in Scientific Reports Journal in March 2022, stroke incidence has significantly increased, necessitating the development of a national system for long-term stroke management in South Korea. This is anticipated to fuel the demand for molecular imaging of the heart to visualize and access the defect. As the molecular image of the ultrasound can provide better imaging, the burden of disease is anticipated to create demand for ultrasound devices and anticipated to fuel the overall market growth in the country.

Additionally, initiatives by key market players are expected to increase market growth. For instance, in August 2021, Insightec, a global healthcare company focused on creating the next generation of patient care, reported that Seoul National University Hospital installed the company's Exablate Neuro platform that uses focused ultrasound to ablate targets deep in the brain for a therapeutic effect. With the acquisition of advanced devices by major end users, South Korea is expanding patient access to incision-free Focused Ultrasound treatment. It is contributing to the studied market growth over the forecast period.