General & Plastic Surgery Devices - South Korea

The General & Plastic Surgery Devices market market in South Korea is estimated to achieve a revenue of US$374.60m in 2024.
It is anticipated that this sector will experience a steady annual growth rate (CAGR 2024-2029) of 7.88%, leading to a market volume of US$547.30m by 2029.
When compared globally, the United States is projected to generate the highest revenue of US$9.84bn in 2024.
South Korea is witnessing a surge in demand for advanced plastic surgery devices, indicating a growing trend towards enhancing physical appearance in the country.

Definition:
The General & Plastic Surgery Devices market represents medical devices designed for general and plastic surgery procedures, such as disposable surgical supplies, open surgery instruments, minimally invasive surgery instruments.

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, Johnson & Johnson, Becton Dickinson, Conmed Corporation. Further information on the key players can be found in the Market Shares boxes.

Disposable surgical supplies
Open surgery instruments
Minimally invasive surgery instruments

Services (i.e., treatment expenses)
Blood and transplants derived from the human body
In vitro diagnostics
Diagnostic imaging

The General & Plastic Surgery Devices market in South Korea is experiencing significant growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in South Korea play a crucial role in the development of the General & Plastic Surgery Devices market. South Koreans have a strong emphasis on physical appearance and beauty standards, leading to a high demand for cosmetic procedures. This demand is driven by both men and women of various age groups, who seek to enhance their facial features, body shape, and overall appearance. South Korean consumers are also known for their willingness to invest in high-quality products and services, which further drives the growth of the General & Plastic Surgery Devices market. Trends in the market also contribute to the development of the General & Plastic Surgery Devices market in South Korea. Advancements in technology have led to the introduction of innovative devices and techniques, making plastic surgery procedures safer, more effective, and less invasive. This has resulted in a growing acceptance of plastic surgery among the general population. Additionally, the popularity of social media and celebrity culture in South Korea has influenced consumer perceptions of beauty, leading to an increased desire for plastic surgery procedures. Local special circumstances in South Korea further contribute to the growth of the General & Plastic Surgery Devices market. South Korea is known as a global hub for plastic surgery tourism, attracting a large number of international patients seeking affordable and high-quality procedures. The country's well-developed healthcare infrastructure, skilled medical professionals, and reputation for excellence in plastic surgery have made it a preferred destination for medical tourism. This influx of international patients has created a thriving market for General & Plastic Surgery Devices. Underlying macroeconomic factors also play a significant role in the development of the General & Plastic Surgery Devices market in South Korea. The country's strong economy and rising disposable incomes have increased the affordability of plastic surgery procedures for a larger segment of the population. Additionally, the government's support for medical tourism and the development of the healthcare sector have created a favorable environment for the growth of the General & Plastic Surgery Devices market. In conclusion, the General & Plastic Surgery Devices market in South Korea is experiencing significant growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The emphasis on physical appearance, advancements in technology, plastic surgery tourism, and a strong economy all contribute to the development of this market in South Korea.

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.