Market Trends of South Korea Neurology Devices Industry
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.
