Market Overview
| Study Period | 2021 - 2032 |
|---|---|
| Forecast Data Period | 2027 - 2032 |
| Base Year Market Size (2026) | USD 282.16 Million |
| Market Size (2027) | USD 306.63 Million |
| Market Size (2032) | USD 464.68 Million |
| Growth Rate (2027 - 2032) | 8.67 % |
| Market Concentration | Medium |
Major Players *Disclaimer: Major Players sorted in no particular order Image © Mordor Intelligence. Reuse requires attribution under CC BY 4.0. | |
South Korea Neurology Devices Market Analysis by Mordor Intelligence
The South Korea Neurology Devices Market size is projected to expand from USD 282.16 million in 2026 and USD 306.63 million in 2027 to USD 464.68 million by 2032, registering a CAGR of 8.67% between 2027 and 2032.
COVID-19 had a significant impact on the growth of the market in South Korea. This was mainly due to the reduction of neurological services during the initial stages of the pandemic owing to the imposition of strict lockdown procedures. For instance, the NCBI article published in May 2022 mentioned that the causes of the disruption of neurological services in south korea were due to the closure of inpatient or outpatient services or consultations as per health authority directives and decreased volume of patients due to the cancellation of elective care. Such disruption of neurological services in South Korea due to the pandemic had a significant impact on the growth of the market during the pandemic period. However, the resumption of neurology services in this country after the relaxation of strict lockdown regulation during the post-pandemic period is expected to boost the growth of the market over the forecast period.
The key factors propelling the growth of this market are an increase in the incidence of neurological disorders, huge investments by private players in neurology devices, and an increase in R&D in the field of neuro therapies.
The population in South Korea is aging rapidly. According to the World Population Ageing 2021 report, in South Korea population aged above 65 years or over is expected to reach 12.658 million (24.7%) by 2030. This growing geriatric population is more prone to neurological disorders such as Alzheimer's disease, and Parkinson's' disease which is expected to drive the growth of the market over the forecast period. Also, the increasing incidence of neurological disorders is one of the factors propelling the market growth. For instance, an NCBI article published in May 2022, reported that in South Korea, the age-standardized incidence of Alzheimer's during this timeframe has increased from 1.83 per 1,000 persons in 2020 to 5.21 per 1,000 in 2021. The age-standardized prevalence of Alzheimer's disease increased from 3.17 to 15.75 per 1,000 persons.
Thus, owing to the above factors the market is expected to show significant growth over the forecast period.
Note: Market numbers in this report are based on Mordor Intelligence's proprietary estimation framework, which combines nine months of actuals with Q4 projections for base year 2026.
South Korea Neurology Devices Market Trends and Insights
Sacral Nerve Stimulation Devices is the Segment under Neurostimulation Devices that is Expected to Grow Fastest during the Forecast Period
Sacral nerve stimulation devices are used primarily for patients who do not experience sufficient relief from drug therapy or other medications. The treatment involves a compact device that transmits electrical signals to targeted sacral nerves in the lower back. These devices effectively manage bladder-related disorders. Therefore, the growing prevalence of overactive bladder is expected to drive the expansion of the sacral nerve stimulation devices segment during the forecast period.
Sacral nerve stimulation devices are an effective and safe treatment for patients suffering from fecal and urinary dysfunction. Increasing demand for minimally invasive therapy, the rising prevalence of urinary bladder diseases, and technological advancements such as the introduction of novel coatings and engineering strategies are the main factors driving the growth of the market.
According to the Organisation for Economic Co-operation and Development (OECD), South Korea, total healthcare expenditure in 2020 was approximately 8.3% of Korea's Gross Domestic Product (GDP) up from 8.7% in 2021. The rising healthcare expenditure in South Korea is expected to contribute to the growth of the studied segment over the forecast period.
Thus, owing to the above factors the market is expected to show growth shortly.
Neurosurgery Device is Expected to Hold Notable Share in the Market Over the Forecast Period
Neurosurgical devices are medical devices that help to diagnose, prevent, and treat a variety of neurological disorders and conditions, such as Alzheimer's disease, Parkinson's disease, major depression, and traumatic brain injury. This segment is expected to witness significant growth over the forecast period owing to the factors such as the increasing prevalence of neurological disorders coupled with an increase in the aging population and lifestyle-related disorders such as depression and chronic pain and increasing adoption of technologically advanced products.
for instance, the article published in Brain Rehabilitation Journal in July 2021 mentioned that in Ansan, the prevalence of Parkinson's disease was 0.3% which was similar to the global prevalence. Such a high prevalence of various neurological disorders is expected to drive the growth of the market. Additionally, the rising geriatric population who are more likely to develop neurological disease which is expected to drive the growth of the market over the forecast period. For instance, according to the 2022 statistics published by the UN Population Fund, in South Korea, 12% of the population was aged 65 years and above in 2022. Thus, the rising geriatric population is expected to drive the demand for neurosurgery devices in South Korea thereby boosting the segment growth over the forecast period.
Competitive Landscape
The South Korea Neurology Devices Market is moderately fragmented and competitive. There are market participants involved in R&D for the development of advanced stimulation and neuromodulation techniques with minimally invasive procedures that are preferable to the patients. Some of the key players in the neurology devices market are B. Braun SE, Boston Scientific Corporation, Stryker Corporation, Medtronic PLC, Abbott Laboratories, and Smith & Nephew.
South Korea Neurology Devices Industry Leaders
-
Stryker Corporation
-
Medtronic PLC
-
Abbott Laboratories
-
Elekta AB
-
B. Braun SE
- *Disclaimer: Major Players sorted in no particular order
Recent Industry Developments
- March 2022: GE Healthcare and Seoul National University Bundang Hospital (SNUBH) entered a memorandum of understanding to explore opportunities for SNUBH to leverage the Edison Digital Health Platform and related services from GE Healthcare.
- July 2021: Neurolief announced an exclusive licensing agreement for NeuroFront to develop and commercialize Relivion, non-invasive medical devices for the treatment of migraine and depression, in Greater China (mainland China, Hong Kong, Macau and Taiwan) and South Korea.
South Korea Neurology Devices Market Report Scope
As per the scope of the report, neurological devices are medical devices that help to diagnose, prevent, and treat a variety of neurological disorders and conditions, such as Alzheimer's disease, Parkinson's disease, major depression, and traumatic brain injury. The South Korea Neurology Devices Market is segmented by Type of Device (Cerebrospinal Fluid Management Device, Interventional Neurology Device, Neurosurgery Device, Neurostimulation Device, and Other Type of Devices). The report offers the value (in USD million) for the above segments.
By Type of Device
| Cerebrospinal Fluid Management Devices | |
| Interventional Neurology Devices | Interventional/Surgical Simulators |
| Neurothrombectomy Devices | |
| Carotid Artery Stents | |
| Embolic Coils | |
| Support Devices | |
| Neurosurgery Devices | Neuroendoscopes |
| Stereotactic Systems | |
| Aneurysm Clips | |
| Other Neurosurgery Devices | |
| Neurostimulation Devices | Spinal Cord Stimulation Devices |
| Deep Brain Stimulation Devices | |
| Sacral Nerve Stimulation Devices | |
| Other Neurostimulation Devices | |
| Other Types of Devices |
| By Type of Device | Cerebrospinal Fluid Management Devices | |
| Interventional Neurology Devices | Interventional/Surgical Simulators | |
| Neurothrombectomy Devices | ||
| Carotid Artery Stents | ||
| Embolic Coils | ||
| Support Devices | ||
| Neurosurgery Devices | Neuroendoscopes | |
| Stereotactic Systems | ||
| Aneurysm Clips | ||
| Other Neurosurgery Devices | ||
| Neurostimulation Devices | Spinal Cord Stimulation Devices | |
| Deep Brain Stimulation Devices | ||
| Sacral Nerve Stimulation Devices | ||
| Other Neurostimulation Devices | ||
| Other Types of Devices | ||
Key Questions Answered in the Report
What is the current South Korea Neurology Devices Market size?
The South Korea Neurology Devices Market is projected to register a CAGR of 8.67% during the forecast period (2027-2032)
Who are the key players in South Korea Neurology Devices Market?
Stryker Corporation, Medtronic PLC, Abbott Laboratories, Elekta AB and B. Braun SE are the major companies operating in the South Korea Neurology Devices Market.
What years does this South Korea Neurology Devices Market cover?
The report covers the South Korea Neurology Devices Market historical market size for years: 2021, 2022, 2023, 2024, and 2025. The report also forecasts the South Korea Neurology Devices Market size for years: 2027, 2028, 2029, 2030, 2031, and 2032.