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South Korea Neurology Devices Market Size (2024 - 2029)

The South Korea neurology devices market is anticipated to experience substantial growth over the forecast period, driven by an increase in the incidence of neurological disorders and significant investments in neurology devices. The market's expansion is further supported by the resumption of neurology services post-pandemic, following disruptions caused by strict lockdowns. The aging population in South Korea, which is more susceptible to neurological conditions, also contributes to the market's growth. These factors collectively indicate a positive trajectory for the market size in the coming years.

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Market Size of South Korea Neurology Devices Industry

South Korea Neurology Devices Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 6.80 %

Major Players

South Korea Neurology Devices Market 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 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
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
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South Korea Neurology Devices Market Size Summary

The South Korea Neurology Devices Market is poised for significant growth, driven by an increasing incidence of neurological disorders and substantial investments in neurotherapies. The market experienced a temporary setback during the COVID-19 pandemic due to the disruption of neurological services, but the resumption of these services is expected to bolster market expansion. The aging population in South Korea, which is more susceptible to conditions like Alzheimer's and Parkinson's diseases, is a key factor contributing to market growth. Additionally, the rising demand for minimally invasive therapies and technological advancements in devices such as sacral nerve stimulation units are further propelling the market forward. The market's growth is also supported by increasing healthcare expenditure and the development of advanced medical devices aimed at treating a variety of neurological conditions.

The neurosurgical devices segment is anticipated to witness robust growth, fueled by the prevalence of neurological disorders and the aging population. This segment's expansion is supported by the adoption of technologically advanced products and the growing demand for effective treatments for conditions like depression and chronic pain. The market is moderately fragmented, with key players such as B. Braun SE, Boston Scientific Corporation, and Medtronic PLC actively engaged in research and development to enhance stimulation and neuromodulation techniques. Collaborations, such as the one between GE Healthcare and Seoul National University Bundang Hospital, highlight the ongoing efforts to leverage digital health platforms to improve neurological care. Overall, the South Korea Neurology Devices Market is expected to experience steady growth, driven by these multifaceted factors.

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South Korea Neurology Devices 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 Incidence of Neurological Disorders

      2. 1.2.2 Increasing R&D and Huge Investments by Private Players in Neurology Devices

    3. 1.3 Market Restraints

      1. 1.3.1 High Cost of Equipment

    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 (Market Size by Value - USD million)

    1. 2.1 By Type of Device

      1. 2.1.1 Cerebrospinal Fluid Management Devices

      2. 2.1.2 Interventional Neurology Devices

        1. 2.1.2.1 Interventional/Surgical Simulators

        2. 2.1.2.2 Neurothrombectomy Devices

        3. 2.1.2.3 Carotid Artery Stents

        4. 2.1.2.4 Embolic Coils

        5. 2.1.2.5 Support Devices

      3. 2.1.3 Neurosurgery Devices

        1. 2.1.3.1 Neuroendoscopes

        2. 2.1.3.2 Stereotactic Systems

        3. 2.1.3.3 Aneurysm Clips

        4. 2.1.3.4 Other Neurosurgery Devices

      4. 2.1.4 Neurostimulation Devices

        1. 2.1.4.1 Spinal Cord Stimulation Devices

        2. 2.1.4.2 Deep Brain Stimulation Devices

        3. 2.1.4.3 Sacral Nerve Stimulation Devices

        4. 2.1.4.4 Other Neurostimulation Devices

      5. 2.1.5 Other Types of Devices

South Korea Neurology Devices Market Size FAQs

The South Korea Neurology Devices Market is projected to register a CAGR of 6.80% during the forecast period (2024-2029)

Stryker Corporation, Medtronic PLC, Abbott Laboratories, Elekta AB and B. Braun SE are the major companies operating in the South Korea Neurology Devices Market.

South Korea Neurology Devices Report Snapshots

South Korea Neurology Devices Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)