Cardiology Devices - South Korea | Statista Market Forecast

The Cardiology Devices market market in South Korea is projected to reach US$1.01bn in revenue by 2024.
It is expected to show a compound annual growth rate (CAGR 2024-2029) of 8.81%, leading to a market volume of US$1.54bn by 2029.
When compared globally, the United States is anticipated to generate the highest revenue of US$25.77bn in 2024.
South Korea is leading the way in the development and adoption of advanced cardiology devices, revolutionizing the medical technology market.

Definition:
The Cardiology Devices market includes diagnostic, monitoring, and surgical devices that are used to treat heart diseases and heart-related problems.

Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Company examples: Medtronic, Abbott Laboratories, Boston Scientific, Edwards Lifesciences.
Further information on the key players can be found in the Market Shares boxes.

Cardiology diagnostic & monitoring devices
Cardiology surgical devices
Implants such as pacemakers

Cardiology drugs
Cardiology supplements

The Cardiology Devices market in South Korea is experiencing significant growth and development.

Customer preferences: In South Korea, customers have a strong preference for innovative and advanced cardiology devices. They are willing to invest in state-of-the-art technology that can provide accurate diagnoses and effective treatment options. Customers also value devices that are compact and portable, allowing for easy use and convenience. Additionally, there is a growing demand for minimally invasive procedures, driving the need for advanced cardiology devices that can support these techniques.

Trends in the market: One of the key trends in the Cardiology Devices market in South Korea is the increasing adoption of telemedicine and remote monitoring solutions. This trend has been accelerated by the COVID-19 pandemic, which has highlighted the importance of remote healthcare services. Telemedicine allows patients to receive cardiology consultations and monitoring from the comfort of their own homes, reducing the need for in-person visits and improving access to care, especially in rural areas. As a result, there is a growing demand for cardiology devices that can seamlessly integrate with telemedicine platforms and provide accurate data for remote monitoring. Another trend in the market is the growing focus on preventive cardiology. South Korea has a high prevalence of cardiovascular diseases, and there is a growing emphasis on early detection and prevention. This has led to an increased demand for screening devices and wearable technologies that can monitor and track cardiovascular health on a regular basis. Customers are looking for devices that can provide real-time data and actionable insights to help them make informed decisions about their health and lifestyle.

Local special circumstances: South Korea has a well-developed healthcare infrastructure and a strong focus on research and development. The country has a number of leading medical institutions and universities that are actively involved in cardiology research and innovation. This has created a favorable environment for the development and adoption of advanced cardiology devices. Additionally, the government has implemented policies to support the growth of the medical device industry, providing incentives for companies to invest in research and development and expand their presence in the market.

Underlying macroeconomic factors: South Korea has a strong and stable economy, which has contributed to the growth of the Cardiology Devices market. The country has a high disposable income and a well-established healthcare system, allowing customers to afford and access advanced cardiology devices. Additionally, the aging population in South Korea is driving the demand for cardiology devices, as the prevalence of cardiovascular diseases increases with age. This demographic trend is expected to continue in the coming years, further fueling the growth of the market. In conclusion, the Cardiology Devices market in South Korea is experiencing significant growth and development due to customer preferences for innovative and advanced devices, the adoption of telemedicine and remote monitoring solutions, the focus on preventive cardiology, the favorable local circumstances, and the underlying macroeconomic factors.

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.