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South Korea Bariatric Surgery Market Size (2024 - 2029)

The South Korea Bariatric Surgery Market is experiencing growth driven by an increasing obesity rate and a rising prevalence of Type 2 diabetes and heart diseases. This trend is expected to boost the demand for bariatric surgeries and related devices. The market expansion is further supported by factors such as insurance coverage for these surgeries and government initiatives aimed at addressing health issues associated with obesity.

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Market Size of South Korea Bariatric Surgery Industry

South Korea Bariatric Surgery
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 1.00 %

Major Players

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*Disclaimer: Major Players sorted in no particular order

South Korea Bariatric Surgery Market Analysis

The South Korea Bariatric Surgery Market is expected to register a CAGR of 1% during the forecast period. Some of the factors such as an increase in obesity among people and a rising prevalence rate of Type 2 diabetes and heart diseases are propelling the market growth. As the prevalence of obesity is increasing in South Korea, the overall bariatric surgeries are expected to increase, which is expected to directly propel the bariatric surgery devices market. As per the South Korean Ministry of Health and Welfare, the obesity rate in South Korea - 42.8% of men and 25.5% of women in South Korea were considered obese in 2018. In addition, the prevalence of diabetes is rising among all age groups, which can be attributed to the growing obese population rate, along with unhealthy diets and sedentary lifestyles. Hence factors such as the prevalence of diabetes, insurance coverage for the surgeries, and government initiatives, are also driving the market studied.

South Korea Bariatric Surgery Industry Segmentation

Bariatric surgery or weight loss surgery is used as one of the major treatment procedures for treating obesity. It is generally the last option for patients who have failed to lose weight by several other means. During this procedure, the size of the stomach is reduced by either removing some parts of the stomach or by using a gastric band.

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South Korea Bariatric Surgery Market Size Summary

The South Korea bariatric surgery market is poised for growth, driven by the increasing prevalence of obesity, Type 2 diabetes, and heart diseases. As obesity rates rise, there is a corresponding increase in bariatric surgeries, which in turn boosts the demand for bariatric surgery devices. The South Korean Ministry of Health and Welfare has reported significant obesity rates among both men and women, highlighting a growing health concern. This trend is further exacerbated by unhealthy diets and sedentary lifestyles, leading to a higher prevalence of diabetes across all age groups. Factors such as insurance coverage for surgeries and government initiatives are also contributing to the market's expansion.

The market is characterized by moderate competition, with a few major players holding significant market shares. Companies like Ethicon Inc. (Johnson and Johnson), Apollo Endosurgery Inc., and Intuitive Surgical Inc. are prominent in the industry. The demand for closure devices, which are essential for minimally invasive surgeries, is expected to grow due to their critical role in safely closing incisions. However, these devices face challenges such as complexity, cost, and potential tissue trauma. Despite these challenges, the market is likely to see new entrants as patient awareness and the obese population continue to rise.

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South Korea Bariatric Surgery Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Increase in Obesity Patients and Government Initiatives to Curb Obesity

      2. 1.2.2 Prevalence Rate of Type 2 Diabetes and Heart Diseases

    3. 1.3 Market Restraints

      1. 1.3.1 Lack of Awareness and High Cost of Surgery

    4. 1.4 Porter's Five Force Analysis

      1. 1.4.1 Threat of New Entrants

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Bargaining Power of Suppliers

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Device

      1. 2.1.1 Assisting Devices

        1. 2.1.1.1 Suturing Device

        2. 2.1.1.2 Closure Device

        3. 2.1.1.3 Stapling Device

        4. 2.1.1.4 Trocars

        5. 2.1.1.5 Other Assisting Devices

      2. 2.1.2 Implantable Devices

        1. 2.1.2.1 Gastric Bands

        2. 2.1.2.2 Electrical Stimulation Devices

        3. 2.1.2.3 Gastric Balloons

        4. 2.1.2.4 Gastric Emptying

      3. 2.1.3 Other Devices

South Korea Bariatric Surgery Market Size FAQs

The South Korea Bariatric Surgery Market is projected to register a CAGR of 1% during the forecast period (2024-2029)

Ethicon Inc. (Johnson and Johnson), Apollo Endosurgery Inc, Aspire Bariatrics Inc, Intuitive Surgical Inc and B. Braun Melsungen AG are the major companies operating in the South Korea Bariatric Surgery Market.

South Korea Bariatric Surgery Report Snapshots

South Korea Bariatric Surgery Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)