South Korea Respiratory Devices Market Size Insights Forecasts to 2032

• The Market Size is Growing at a CAGR of 7.49% from 2022 to 2032.
• The South Korea Respiratory Devices Market Size is Expected to Hold a Significant Share by 2032.

The South Korea Respiratory Devices Market Size is expected to hold a significant share by 2032, at a CAGR of 7.49% during the forecast period 2022 to 2032.

Market Overview

Respiratory devices are critical medical devices that help or replace the natural function of the respiratory system. These devices can be as basic as oxygen masks or as sophisticated as mechanical ventilators. They are especially helpful in treating respiratory disorders like pneumonia, asthma, and chronic obstructive pulmonary disease (COPD). For instance, in intensive care units, patients who are incapable of breathing for themselves are having their roles in breathing fulfilled by mechanical ventilators. Asthma, chronic obstructive pulmonary disease, and other respiratory diseases are becoming more common and more severe in the population. Furthermore, according to some sources, men had a higher incidence rate of COPD than women. Therefore, it is anticipated that the prevalence of COPD, a serious public health concern, will rise, particularly in emerging nations. This will raise demand for various respiratory devices, including inhalers, nebulizers, ventilators, and others. This, in turn, is anticipated to fuel the market growth in South Korea over the forecast period.

Report Coverage

This research report categorizes the market for South Korea respiratory devices market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea respiratory 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 South Korea respiratory devices market.

Driving Factors

The established hospital and clinic network in South Korea significantly contributes to the surge in demand for respiratory devices. Thus, a large portion of the populace can obtain these life-saving gadgets due to the nation's extensive health insurance coverage, which fuels market expansion. In addition, there is a growing movement toward home healthcare options, particularly in the wake of the COVID-19 pandemic, which has brought attention to the significance of having high-quality respiratory devices accessible for use at home. This has increased demand for these devices along with public awareness of respiratory health. Aside from this, a large increase in global trade is anticipated to spur market growth, with South Korea exporting goods made in the country as well as importing cutting-edge devices.

Restraining Factors

The development of the respiratory devices market is anticipated to be hampered during the forecast period by country's lack of knowledge about cutting-edge respiratory devices.

Market Segment

• In 2022, the diagnostic & monitoring devices segment accounted for the largest revenue share over the forecast period.

Based on the type, the South Korea respiratory devices market is segmented into diagnostic & monitoring devices, therapeutic devices, and disposables. Among these, the diagnostic & monitoring devices segment has the largest revenue share over the forecast period. The main benefit of diagnostic testing is that it can quickly and accurately identify problems, and diagnostic software can help people stay fast and accurate.

• In 2022, the hospitals segment is expected to hold the largest share of the South Korea respiratory devices market during the forecast period.          

Based on the end user, the South Korea respiratory devices market is classified into hospitals, ambulatory surgical centres, clinics, and others. Among these, the hospitals segment is expected to hold the largest share of the South Korea respiratory devices market during the forecast period. Hospital is the fastest-growing segment for respiratory care devices, owing to patient convenience. The main factor driving this market segment's expansion is the rising use of positive airway pressure devices for sleep apnea treatment.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea respiratory 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

• HoneyNaps Co., Ltd.
• MEKICS Co., Ltd
• Drägerwerk AG & Co. KGaA
• M.I.One Co., Ltd
• Teleflex Incorporated
• Fisher & Paykel Healthcare Limited
• iSenLAb Co. LTD
• ResMed Inc

Key Target Audience

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

Recent Development

• On May 2022, For the iNAP One Sleep Therapy System, Somnics, Inc. received Korea Medical Device Registration and Approval (KFDA). Additionally, the business and LMT Korea Co. Ltd. collaborated to launch the iNAP product.

Market Segment

This study forecasts revenue at regional, and country levels from 2021 to 2032. Spherical Insights has segmented the South Korea respiratory devices market based on the below-mentioned segments:

South Korea Respiratory Devices Market, By Type

• Diagnostic & Monitoring Devices
• Therapeutic Devices
• Disposables

South Korea Respiratory Devices Market, By End User

• Hospitals
• Ambulatory Surgical Centers
• Clinics
• Others