Market Trends of South Korea Ultrasound Devices Industry
Portable Ultrasounds Segment is Expected to Hold a Significant Market Share Over the Forecast Period
Factors such as the increasing prevalence of cancer and initiatives by key market players are expected to increase market growth. The ability to treat patients who are in life-threatening situations and need emergency care wherever they are, maybe with the requirement for an on-the-spot diagnosis, may be made possible by portable ultrasound equipment.
Portable ultrasound devices are essential to diagnose and monitor patients at the bedside without having to move them to the radiology department. For instance, according to Global Cancer Observatory data updated in March 2021, there were 2,150 brain and nervous system cancer cases in previous years, which is expected to increase to nearly 2,850 by 2040. These figures demonstrate the country's rising need for ultrasonic imaging for radiological applications, boosting market expansion.
Increasing technological advancement in ultrasound and increasing launches by key market players boost the market growth over the forecast period. For instance, in November 2022, ALPINION Medical Systems launched a performance-based portable series, X-CUBE i9, a portable ultrasound device designed to be easy to use in outdoor environments. The segment is, therefore, anticipated to have significant expansion throughout the projected period due to the factors above.
Cardiology Segment is Expected to Witness Growth During the Forecast Period
To determine the presence of abnormalities in the structure of the heart, measure the size and thickness of the heart and its chambers, and assess the motion of the chamber walls and the extent of damage to the heart muscle after a heart attack, physicians mainly advise an ultrasound (US). Cardiac ultrasound, or echocardiography, is a non-invasive diagnostic modality that provides detailed hemodynamic information quickly. Thus, with the high burden of cardiovascular diseases (CVDs) in South America, the demand for the US is increasing, thereby fueling segment growth.
Various studies have presented the epidemiological indicators of myocardial infarction in Korea. For instance, as per a research study published in the Journal of Epidemiology and Health in July 2022, the estimated prevalence among adults over 30 years of age ranged from 0.34% to 0.70% in recent years in South Korea and was higher among men and increased with age. In addition, there was an increasing trend of myocardial infection among the target population. Thus, with the growing burden of cardiovascular diseases in the country, the demand for cardiac ultrasound is increasing, fueling the segment's growth over the forecast period.
Furthermore, diabetes is one of the major factors that is a crucial risk factor for heart disease. As per the 2021 report published by IDF, diabetes is increasing in the country and is expected to reach 3,934.2 and 3,860.9 (in thousands) by 2030 and 2045, respectively. As diabetes is rising, the burden of cardiovascular diseases is also increasing, creating the demand for an ultrasound for diagnosis and fueling the growth of the segment studied.
