Market Trends of South Korea Minimally Invasive Surgery Devices Industry
This section covers the major market trends shaping the South Korea Minimally Invasive Surgery Devices Market according to our research experts:
Orthopedic Segment is Anticipated to Witness Significant Growth During the Forecast Period
MIS, also known as keyhole surgery, is carried out through numerous small incisions rather than a single large opening to achieve surgical results with less stress to the nearby soft tissues. MIS offers to solely employ small, focused incisions to treat the problematic area during orthopedic surgery. As smaller incisions pose less danger, less pain, and quicker recovery for patients than traditional surgery, the demand for MIS in orthopedic applications is increasing, driving the growth of the segment.
Total knee arthroplasty (TKA) is becoming more widespread and accessible in Korea. It has expanded more in relatively small medical institutions due to the rise in orthopedic hospitals and clinics. An article published in IJERPH in December 2021 stated that the topography of TKA implementation in Korea is evolving because of the growth of hospitals specializing in joint surgery. Minimally invasive TKA (MIS-TKA) involves a small skin incision, decreases postoperative pain, and shortens the rehabilitation period. Thus, the increasing demand for MIS-TKA in South Korea is expected to fuel demand for MIS devices, fueling the growth of the segment.
Additionally, due to a rise in focus on aesthetic appearance, South Korea has an increasingly underweight population. But the change in underweight status is significantly correlated with hip fracture risk. In an article published in JCM in March 2022, the researchers included 1,713,225 patients aged 40 who underwent two consecutive national health screenings and prospectively assessed the risk of hip fracture. Consistently underweight patients were found to have a significantly increased risk of hip fracture. Thus, the burden of underweight people with a chance of hip fractures in South Korea is anticipated to create opportunities for MIS surgeries and MIS devices used for hip fracture surgeries. This is further expected to fuel the growth of the segment during the forecast period.
Therefore, the abovementioned factors are expected to drive the growth of the segment during the forecast period.
The Endoscopic Devices Segment is Expected to be the Fastest Growing Segment
Endoscopic devices are minimally invasive and can be inserted into natural openings of the human body to observe an internal organ or a tissue in detail. The surgeries performed using endoscopic devices are generally imaging procedures and minor surgeries. Due to the clinical significance of endoscopic devices, these are gaining popularity in minimally invasive surgeries in South Korea and are thus expected to continue to boost the growth of the segment at a faster rate over the forecast period.
Endoscopic devices pose various advantages for detecting multiple diseases; hence, the adoption of these devices is growing. For instance, according to an article published in December 2021 in Cancers Journal, the detection and diagnosis of stomach lesions have improved due to the ongoing advancements in endoscopic technologies over time. Endoscopic technologies have been continuously advancing to facilitate improvements in the detection and diagnosis of gastric lesions. Thus, with the rising burden of cancer in South Korea, the demand for endoscopic devices is likely to rise, propelling the growth of the endoscopic devices market.
In addition, the involvement of market players in developing and innovating new products contributes to the growth of the segment in the country. For instance, in February 2022, the Korean startup Mediintech focused on developing smart endoscopes for the digestive system, raised KRW 8 billion (about USD 6.6 million) in a Series A round of investment from Atinum Investment, Smilegate Investment, and Future Play for its smart endoscope innovation. These investments are predicted to boost innovations in products, thereby contributing to the growth of the segment during the forecast period.
