Orthopedic Devices - South Korea | Statista Market Forecast

The projected revenue in the Orthopedic Devices market market in South Korea is estimated to reach US$632.80m in 2024.
It is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 6.44%, leading to a market volume of US$864.70m by 2029.
When compared globally, the United States is projected to generate the highest revenue of US$16.02bn in 2024.
South Korea's orthopedic devices market is witnessing a surge in demand for minimally invasive surgical procedures.

Definition:
The Orthopedic Devices market contains medical equipment and accessories used to treat orthopedic disorders, including joint reconstruction, spinal devices, trauma fixation devices, arthroscopic devices, etc.

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: Johnson & Johnson, Zimmer Biomet, Stryker, Medtronic. Further information on the key players can be found in the Market Shares boxes.

Joint reconstruction implants
Spinal devices
Trauma fixation devices
Arthroscopy devices

Orthopedic pharmaceuticals
Orthopedic supplements

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

Customer preferences: Customers in South Korea are increasingly seeking orthopedic devices that are technologically advanced and offer high levels of precision and accuracy. They are willing to invest in innovative products that can provide better outcomes and improve their quality of life. Additionally, there is a growing preference for minimally invasive procedures and devices that can reduce recovery time and minimize scarring.

Trends in the market: One of the key trends in the South Korean Orthopedic Devices market is the increasing adoption of robotic-assisted surgery. Robotic systems offer surgeons enhanced precision, control, and visualization during orthopedic procedures, leading to improved patient outcomes. The demand for robotic-assisted surgery is driven by the growing awareness among patients about the benefits of this technology and the willingness of healthcare providers to invest in advanced surgical systems. Another trend in the market is the rising popularity of 3D-printed orthopedic implants. 3D printing technology allows for the customization of implants based on the patient's specific anatomy, resulting in better fit and improved functionality. This technology also enables faster production and reduces the cost of manufacturing orthopedic implants. As a result, more healthcare providers in South Korea are incorporating 3D-printed implants into their practices.

Local special circumstances: South Korea has a rapidly aging population, which is contributing to the growth of the Orthopedic Devices market. As people age, they are more prone to orthopedic conditions such as osteoarthritis and fractures, leading to an increased demand for orthopedic devices. Furthermore, the government in South Korea has implemented policies to support the development and adoption of advanced medical technologies, including orthopedic devices. This has created a favorable environment for market growth and innovation.

Underlying macroeconomic factors: The South Korean economy has been growing steadily, which has resulted in increased disposable income and healthcare expenditure. This has allowed more individuals to afford orthopedic treatments and devices. Additionally, the government has implemented universal healthcare coverage, providing access to medical services for a larger portion of the population. The combination of economic growth and improved healthcare coverage has contributed to the expansion of the Orthopedic Devices market in South Korea. In conclusion, the Orthopedic Devices market in South Korea is experiencing growth and development due to customer preferences for technologically advanced and minimally invasive devices. The adoption of robotic-assisted surgery and 3D-printed implants is on the rise. The local special circumstances, such as the aging population and government support for medical technologies, further contribute to the market growth. The underlying macroeconomic factors, including economic growth and improved healthcare coverage, also play a significant role in the expansion of the market.

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.