Market Insights Health Medical Technology Medical Devices

Endoscopic Devices - South Korea

South Korea

In South Korea, revenue in the Endoscopic Devices market market is projected to reach US$0.44bn in 2024.
The revenue in this market is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 8.45%, leading to a market volume of US$0.66bn by 2029.
In a global context, the majority of revenue is anticipated to be generated the United States, with a projected value of US$10,390.00m in 2024.
South Korea is witnessing a surge in demand for advanced endoscopic devices, driven by increasing healthcare investments and a growing emphasis on minimally invasive procedures.

Key regions: Italy, United Kingdom, Netherlands, Germany, Japan

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Analyst Opinion

The Endoscopic Devices Market within the Medical Devices Market in South Korea is experiencing moderate growth, influenced by factors such as advancements in minimally invasive procedures, increased healthcare expenditure, and a growing elderly population seeking diagnostic solutions.

Customer preferences: In South Korea, there is a notable shift towards patient-centered care, with consumers increasingly prioritizing safety and comfort during medical procedures. This has led to a rising demand for advanced endoscopic devices that offer enhanced imaging and precision, minimizing recovery times. Furthermore, as health awareness grows among younger demographics, there is a greater inclination towards preventive care and early diagnosis, driving interest in innovative diagnostic solutions. This trend is also fueled by an aging population, which is more receptive to minimally invasive technologies that promise quicker and less painful interventions.

Trends in the market: In South Korea, the Endoscopic Devices Market is experiencing significant advancements, driven by the increasing demand for minimally invasive surgical techniques. Healthcare providers are adopting state-of-the-art imaging technologies that enhance diagnostic accuracy and procedural efficiency. Concurrently, the emphasis on patient safety and comfort is leading to the development of user-friendly devices that reduce recovery times. As the population ages, there is a growing focus on preventive care, further propelling the need for innovative endoscopic solutions. These trends present opportunities for industry stakeholders to invest in research and development, fostering collaboration between manufacturers and healthcare providers to meet evolving patient needs.

Local special circumstances: In South Korea, the Endoscopic Devices Market is shaped by a unique blend of high technological adoption and a culturally ingrained emphasis on health and wellness. The country's advanced healthcare infrastructure supports rapid integration of innovative endoscopic technologies, while the cultural preference for preventive care drives demand for routine screenings and minimally invasive procedures. Additionally, stringent regulatory standards ensure high-quality device development, fostering trust among healthcare providers and patients. These factors collectively enhance market dynamics, promoting growth and encouraging collaboration among stakeholders.

Underlying macroeconomic factors: The Endoscopic Devices Market in South Korea is significantly influenced by macroeconomic factors such as robust healthcare funding, technological innovation, and a growing aging population. The nation's strong GDP growth and investment in healthcare infrastructure support the development and adoption of advanced endoscopic technologies. Additionally, favorable fiscal policies and government initiatives aimed at enhancing medical technology accelerate market expansion. The rising prevalence of gastrointestinal disorders further propels demand for minimally invasive procedures, while global economic trends, including supply chain dynamics and international collaborations, also shape market performance and competitiveness in the region.

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.