Drug Delivery Devices - South Korea

South Korea

Highlights

In South Korea, revenue in the Drug Delivery Devices market market is projected to reach US$459.00m in 2024.
The market is expected to exhibit an annual growth rate (CAGR 2024-2029) of 6.38%, which will result in a market volume of US$625.20m by 2029.
When compared globally, the highest revenue is anticipated to be generated the United States, amounting to US$15.01bn in 2024.
In South Korea, the drug delivery devices market is experiencing significant growth driven by advancements in biopharmaceuticals and increasing demand for personalized medicine solutions.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Drug Delivery Devices Market in South Korea is witnessing moderate growth, influenced by factors such as advancements in technology, increasing demand for personalized medicine, and greater emphasis on patient compliance and convenience in treatment regimens.

Customer preferences: In South Korea, there is a noticeable shift towards drug delivery devices that prioritize user-friendly interfaces and enhanced portability, reflecting the fast-paced lifestyle of urban populations. As health awareness grows, consumers are increasingly favoring devices that integrate seamlessly with their daily routines, such as smart inhalers and insulin pens with tracking capabilities. Additionally, the rise in chronic diseases among an aging population fuels demand for devices that enable self-administration, aligning with the cultural value placed on independence and proactive health management.

Trends in the market: In South Korea, the drug delivery devices market is experiencing a surge in demand for innovative technologies that emphasize connectivity and ease of use. The integration of mobile applications with devices like smart inhalers and insulin pens is becoming increasingly commonplace, enabling real-time monitoring and data sharing. This trend is fueled by a tech-savvy population that prioritizes convenience and efficiency in healthcare. Furthermore, the growing prevalence of chronic diseases in an aging society underscores the need for devices that support self-management, ultimately driving industry stakeholders to invest in user-centric designs and advanced functionalities that enhance patient adherence and outcomes.

Local special circumstances: In South Korea, the drug delivery devices market is shaped by a unique blend of cultural values and technological advancements. The country's high internet penetration and widespread smartphone use facilitate the integration of digital health solutions, appealing to a population that values efficiency and innovation. Additionally, South Korea's rigorous regulatory framework ensures high safety standards, fostering trust in advanced drug delivery technologies. The emphasis on preventive healthcare, driven by a competitive healthcare landscape, encourages the adoption of devices that enhance patient engagement and self-management, further propelling market growth.

Underlying macroeconomic factors: The Drug Delivery Devices Market in South Korea is significantly influenced by macroeconomic factors such as national economic stability, government healthcare spending, and global economic trends. A robust economy allows for increased investment in healthcare innovations and infrastructure, leading to advancements in drug delivery technologies. Additionally, favorable fiscal policies and support for R&D create an environment conducive to growth. The rising prevalence of chronic conditions and an aging population further amplify the demand for efficient drug delivery solutions, positioning South Korea as a key player in the global medical devices landscape.

Methodology

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.

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Medical technology industry - statistics & facts

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.