South Korea General Surgical Devices Market Insights Forecasts to 2033

• The Market Size is Growing at a CAGR of 5.8% from 2023 to 2033
• The South Korea General Surgical Devices Market Size is Expected to Hold a Significant Share by 2033

The South Korea General Surgical Devices Market Size is anticipated to hold a significant share by 2033, Growing at a CAGR of 5.8% from 2023 to 2033.

The growing minimally invasive surgical procedures and technological advancements in devices are driving the growth of the general surgical devices market in the South Korea.     

Market Overview

General surgical devices refer to the vast range of medical equipment intended for use in surgical procedures across multiple medical specialties. To maintain sterility and durability, these devices are usually made from premium materials like stainless steel or specialty polymers. These devices are used for a wide range of purposes, including tissue dissection and cutting, wound closure, and suturing. The production process of these devices entails precision engineering, strict quality control, and adherence to regulatory rules to fulfill the stringent requirements of the healthcare industry. A growing aging population and an increase in chronic diseases in the region are two major factors enhancing the demand for sophisticated surgical treatments in South Korea, which is further encouraged by the use of cutting-edge surgical instruments to increase accuracy and reduce invasiveness leading to market expansion. There is consistent creation of innovative products and providing improved functionality and safety for both patients and healthcare providers. The strong medical education programs and research projects in South Korea have produced a trained labor force that has fueled market expansion. The focus on medical tourism has also drawn patients from overseas, increasing demand for cutting-edge surgical instruments.  

Report Coverage

This research report categorizes the market for the South Korea general surgical devices market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the general surgical devices market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the general surgical devices market.

Driving Factors

The higher accuracy rate with relatively reduced pain and fewer infections of minimally invasive surgical procedures are driving up the market. As per IARC estimates, there will be 350,598 new cases of cancer in South Korea by 2040, up from 230,317 cases in 2020. The demand for surgery is predicted to rise due to the growing prevalence of chronic illnesses like diabetes, cancer, heart disease, and neurological diseases among the general population. The growing older population is also contributing to fueling the market expansion as these age groups are more prone to chronic illnesses. Furthermore, the technological advancements in devices and an increasing number of product launches are anticipated to drive the South Korea surgical devices market.  

Restraining Factors

The high cost associated with the development of new products is contributing to restraining the market. In addition, product release delays due to stringent regulatory processes are negatively impacting the market growth.  

Market Segmentation

The South Korea General Surgical Devices Market share is classified into product and application.

• The handheld devices segment is anticipated to grow at the fastest CAGR during the forecast period.

Based on the product, the South Korea general surgical devices market is divided into handheld devices, laparoscopic devices, electro surgical devices, wound closure devices, trocars, access devices, and others. Among these, the handheld devices segment is anticipated to grow at the fastest CAGR during the forecast period. Handheld devices are widely used in surgical procedures. The increased prevalence of disorders such as obesity among adults and hip fractures in elderly populations as well as the rise in minimally invasive surgical procedures are driving the market demand.      

• The neurology segment dominates the market with the largest market share during the forecast period.

The South Korea general surgical devices market is segmented by application into gynecology and urology, cardiology, orthopedic, neurology, and others. Among these, the neurology segment dominates the market with the largest market share during the forecast period. As per the data released by IARC in 2020, the incidence of brain and nervous system cancer cases in South Korea is expected to increase by 2040. The increased prevalence of various neurological illnesses among South Koreans surges the need for efficient surgical devices is driving up the market expansion.   

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea general surgical devices market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• B. Braun Melsungen AG
• Johnson & Johnson
• Conmed Corporation
• Boston Scientific Corporation
• Getinge AB
• Olympus Corporation
• Stryker Corporation
• Medtronic PLC
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In June 2022, Boston Scientific announced that it agreed with Synergy Innovation to purchase its majority stake in M.I. Tech, a maker and distributor of non-vascular metal stents used in endoscopic and urologic procedures.

Market Segment

This study forecasts revenue at South Korea, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the South Korea General Surgical Devices Market based on the below-mentioned segments:

South Korea General Surgical Devices Market, By Product

• Handheld Devices
• Laparoscopic Devices
• Electro Surgical Devices
• Wound Closure Devices
• Trocars
• Access Devices
• Others

South Korea General Surgical Devices Market, By Application

• Gynecology and Urology
• Cardiology
• Orthopedic
• Neurology
• Others