South Korea Neurology Devices Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.80 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
South Korea Neurology Devices Market Analysis
The South Korea Neurology Devices Market is expected to grow with a CAGR of 6.8% during the forecasted period.
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.
South Korea Neurology Devices Market Trends
Sacral Nerve Stimulation Devices is the Segment under Neurostimulation Devices that is Expected to Grow Fastest during the Forecast Period
The sacral nerve stimulation devices are mostly used for patients for whom drug therapy or other types of medications are not successful. It is performed with the help of a small device, which is capable of sending electrical impulses to the targeted sacral nerves located in the lower back region. These devices are found to be successful in treating bladder problems. Hence, with increasing incidences of overactive bladder, the sacral nerve stimulation devices segment is expected to grow 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.
South Korea Neurology Devices Industry Overview
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 Market Leaders
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Stryker Corporation
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Medtronic PLC
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Abbott Laboratories
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Elekta AB
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B. Braun SE
*Disclaimer: Major Players sorted in no particular order
South Korea Neurology Devices Market News
- In 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.
- In 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 - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increase in Incidence of Neurological Disorders
4.2.2 Increasing R&D and Huge Investments by Private Players in Neurology Devices
4.3 Market Restraints
4.3.1 High Cost of Equipment
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Type of Device
5.1.1 Cerebrospinal Fluid Management Devices
5.1.2 Interventional Neurology Devices
5.1.2.1 Interventional/Surgical Simulators
5.1.2.2 Neurothrombectomy Devices
5.1.2.3 Carotid Artery Stents
5.1.2.4 Embolic Coils
5.1.2.5 Support Devices
5.1.3 Neurosurgery Devices
5.1.3.1 Neuroendoscopes
5.1.3.2 Stereotactic Systems
5.1.3.3 Aneurysm Clips
5.1.3.4 Other Neurosurgery Devices
5.1.4 Neurostimulation Devices
5.1.4.1 Spinal Cord Stimulation Devices
5.1.4.2 Deep Brain Stimulation Devices
5.1.4.3 Sacral Nerve Stimulation Devices
5.1.4.4 Other Neurostimulation Devices
5.1.5 Other Types of Devices
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 B. Braun SE
6.1.2 Stryker Corporation
6.1.3 Medtronic PLC
6.1.4 Abbott Laboratories
6.1.5 Johnson and Johnson
6.1.6 Elekta AB
6.1.7 Smith & Nephew
6.1.8 Integra LifeSciences Corporation
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
South Korea Neurology Devices Industry Segmentation
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 | |||||||
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| Other Types of Devices |
South Korea Neurology Devices Market Research FAQs
What is the current South Korea Neurology Devices Market size?
The South Korea Neurology Devices Market is projected to register a CAGR of 6.80% during the forecast period (2024-2029)
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: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the South Korea Neurology Devices Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
South Korea Neurology Devices Industry Report
Statistics for the 2024 South Korea Neurology Devices market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. South Korea Neurology Devices analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
