South Korea Wound Care Management Devices Market Insights Forecasts to 2032

• The South Korea Wound Care Management Devices Market Size was valued at USD XX Billion in 2022.
• The Market Size is Growing at a CAGR of 6.34% from 2022 to 2032.
• The South Korea Wound Care Management Devices Market Size is expected to reach USD XX Billion by 2032.

The South Korea Wound Care Management Devices Market Size is expected to reach USD XX Billion by 2032, at a CAGR of 6.34% during the forecast period 2022 to 2032.

Market Overview

Medical devices used for wound and skin care include bandages, cotton wool, gauze dressings, wound dressings, sutures for wound closures (less than 30 days), and surgical gloves. Additionally, these devices may use animal tissue or include an antimicrobial agent. The market for wound care management devices in South Korea is expanding as a result of rising healthcare costs. Infrastructure and services for healthcare are coming under more and more scrutiny as the economy gets stronger. Advanced wound care management devices are among the many contemporary practices and technologies that more hospitals and clinics are implementing. Another factor that promotes growth is the increased budgetary allotment for healthcare, which enables healthcare providers to invest in cutting-edge wound care solutions, improving patient care. Moreover, government in South Korea as well as other for-profit and nonprofit organizations are putting more of an emphasis on awareness campaigns to raise public awareness of cutting-edge product options and treatment options for severe and chronic wounds. In South Korea, these factors are increasing the uptake of wound therapy products and the availability of favourable reimbursement policies. It is also expected that these factors will play a major role in the market's significant growth during the projected period.

Report Coverage

This research report categorizes the market for South Korean wound care management 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 Korean wound care management 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 Korean wound care management devices market.

Driving Factors

The rising number of cases of diabetes caused by the general adoption of a sedentary lifestyle is one of the primary factors propelling South Korea's market expansion. Acute, chronic, and surgical wounds have become more common in the last ten years due to several factors including the growing elderly population in South Korea, an increase in traumatic injuries, a rise in surgical procedures, and an increase in the prevalence of conditions like obesity and diabetes. Obesity and diabetes greatly increase the frequency and complexity of wounds, which include ulcerations (such as ulcers on the legs or feet) and chronic wounds. Treating these wounds raises the need for advanced wound care and increases medical costs.

Restraining Factors

This results from a lack of established guidelines and action plans by governing bodies, restricted access to a well-developed healthcare infrastructure, and low population awareness of difficult-to-heal wounds.

Market Segment

• In 2022, the advanced wound management products segment accounted for the largest revenue share over the forecast period.

Based on the type, the South Korean wound care management devices market is segmented into advanced wound management products, wound therapy devices, traditional, and active wound care products. Among these, the advanced wound management products segment has the largest revenue share over the forecast period. The increasing use of foam dressings, the frequency of burn injuries, and the volume of surgical procedures drove the advanced wound management products segment to the top of the wound care market revenue chart. Because they offer immediate relief and effective therapy, modern wound care products are being used more and more.

• In 2022, the chronic segment accounted for the largest revenue share over the forecast period.

Based on the wound type, the South Korean wound care management devices market is segmented into chronic, and acute. Among these, the chronic segment has the largest revenue share over the forecast period. Taking up the biggest market share as a result of the growing number of people with diabetes and the growing expense of treating pressure and foot ulcers in those patients.

• In 2022, the hospitals segment is expected to hold the largest share of the South Korean wound care management devices market during the forecast period.          

Based on the application, the South Korean wound care management devices market is classified into hospitals, clinics, home care settings, and others. Among these, the hospitals segment is expected to hold the largest share of the South Korean wound care management devices market during the forecast period. The rising prevalence of hospital acquired ulcers and the increase in hospital admissions are driving the growth of this segment.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korean wound care management 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

• Johnson and Johnson
• Smith and Nephew
• Medtronic
• Molnlycke Health Care
• Convatec Inc.
• Beiersdorf AG
• HARTMANN USA, Inc.
• Young Chemical Co., Ltd.
• Essity Aktiebolag
• Coloplast A/S

Key Target Audience

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

Recent Development

• On June 2022, The MolecuLight i:X device, developed by MolecuLight Inc. and KOVE Inc., has been approved by regulatory bodies and is currently offered for sale to the South Korean wound care industry.

Market Segment

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

South Korea Wound Care Management Devices Market, By Type

• Advanced Wound Management Products
• Wound Therapy Devices
• Traditional
• Active Wound Care Products

South Korea Wound Care Management Devices Market, By Wound Type

• Chronic
• Acute

South Korea Wound Care Management Devices Market, By Application

• Hospitals
• Clinics
• Homecare Settings
• Others