Market Size of South Korea Wound Care Management Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.72 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
South Korea Wound Care Market Analysis
The South Korea Wound Care Management Market is expected to grow at a CAGR of 6.72% over the forecast period (2022-2027).
The ongoing Covid-19 pandemic impacted the studied market significantly. The market was impacted adversely during the initial phase of the pandemic due to the lockdowns and shutdowns. However, the government of South Korea continued normal operations in the healthcare system which is expected to have created opportunities for hospital admissions for various wounds and emergency hospital admissions. Additionally, the increasing number of hospital admissions and increasing cases of chronic disease in South Korea increased amid the pandemic, which created the demand for wound care management. For example, as per the article 'Changes in the Incidence of Cardiovascular Diseases (CVDs) during the COVID-19 Pandemic in Korea' published in July 2022, when a study was conducted on six common CVDs from clinical visits between January 2018 and March 2021 using the National Health Insurance Service database, to analyze the differences between post-Covid CVDs and Pre-Covid CVDs, higher incidences of myocardial infarction, cardiac failure, and arrhythmia during COVID-19 were reported. This incidence of CVDs is expected to increase hospital admissions and surgeries for patient survival. These surgeries increased the demand for surgical wound healing occurred during the surgeries. This is further expected to drive demand for wound care products. Thus, the pandemic is expected to considerably impact the market studied.
The rising prevalence of diabetes, road traffic accidents, and the increasing hospital admissions for emergency cases are the key drivers of the studied market. For instance, as per the 'Diabetes Fact Sheet in Korea 2021' published in May 2022, the estimated prevalence of diabetes mellitus was 16.7% in 2020 among Korean adults aged 30 years or over. Additionally, as per the source mentioned above, the percentage of adults with diabetes mellitus who achieved glycosylated hemoglobin (HbA1c) was 24.5% despite the increased use of new antidiabetic medications. This prevalent condition of diabetes creates the risk of diabetic foot ulcers. A diabetic foot ulcer is an open sore or wound that typically develops on the bottom of the foot and affects 15% of people with diabetes. 6% of people who get foot ulcers end up in the hospital because of an infection or another problem related to the ulcer. Thus, the burden of diabetic foot ulcers is anticipated to drive market growth over the forecast period. This is further expected to fuel the studied market growth over the projected period.
Moreover, the major players in the country are actively focused on the innovation of technically advanced products which can be beneficial to the target population in the country for wound care management. Additionally, government investments are increasing in the country. For instance, in April 2022, the MolecuLight device developed by MolecuLight Inc., and KOVE Inc. allows clinicians to visualize bacteria and measure wounds quickly, safely, and easily at the point of care, received reimbursement in South Korea from the Ministry of Health and Welfare enabling clinician reimbursement for performing the medically necessary MolecuLight procedure. Thus, such developments in the country for wound care management are anticipated to fuel market growth over the forecast period.
Therefore, owing to the abovementioned factors, the market studied is expected to witness growth. However, strict regulations and irregular reimbursement policies are expected to hinder market growth over the studied period.
South Korea Wound Care Industry Segmentation
As per the scope of this report, wound management is majorly used to treat wounds. Wounds and injuries are common afflictions that affect billions of people worldwide. The products are highly resistant to environmental inhibitors and foreign particles and are used by a nurse under the physician's orders and supervision, for many reasons. The South Korea Wound Care Management Market is segmented by Product (Wound Care and Wound Closure), and Wound Type (Chronic Wound and Acute Wound). The report offers the value (in USD million) for the above segments.
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South Korea Wound Care Management Market Size Summary
The South Korea wound care market is poised for significant growth, driven by several key factors. The ongoing prevalence of chronic conditions such as diabetes and cardiovascular diseases has led to an increase in hospital admissions, thereby boosting the demand for wound care management. The COVID-19 pandemic initially posed challenges, but it also created opportunities for increased hospital admissions and surgeries, which in turn heightened the need for surgical wound healing products. The rising incidence of diabetic foot ulcers, a common complication among diabetic patients, further propels market expansion. Additionally, the growing number of road traffic accidents and emergency cases contributes to the demand for wound care solutions. The market is also witnessing advancements in technology, with major players focusing on innovative products to enhance wound care management.
Government support and investments play a crucial role in the market's growth trajectory. Initiatives such as the reimbursement of advanced wound care devices like the MolecuLight device underscore the government's commitment to improving healthcare outcomes. The influx of medical tourists seeking surgical procedures in South Korea further drives the demand for wound closure products, including tissue adhesives, sealants, and glues. The market is characterized by the presence of key players such as Medtronic, Smith and Nephew, and Molnlycke Health Care, who are actively engaged in developing differentiated products and forming strategic partnerships. Despite challenges like strict regulations and irregular reimbursement policies, the market is expected to continue its upward trend, supported by the increasing number of surgeries and the ongoing innovation in wound care solutions.
South Korea Wound Care Management Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increase in Diabetes and Ageing Population
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1.2.2 Rising Incidence of Chronic Wound and Increase in the Number of Surgeries
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1.3 Market Restraints
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1.3.1 High Cost of Procedures and Reimbursements Issues
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1.3.2 Stringent Regulations
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1.4 Porter's Five Force Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 By Product
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2.1.1 Wound Care
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2.1.1.1 Dressings
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2.1.1.2 Bandages
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2.1.1.3 Wound Care Devices
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2.1.1.4 Topical Agents
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2.1.2 Wound Closure
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2.1.2.1 Suture
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2.1.2.2 Surgical Staplers
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2.1.2.3 Tissue Adhesive, Sealant, and Glue
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2.2 By Wound Type
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2.2.1 Chronic Wound
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2.2.1.1 Diabetic Foot Ulcer
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2.2.1.2 Pressure Ulcer
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2.2.1.3 Other Chronic Wound
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2.2.2 Acute Wound
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2.2.2.1 Surgical Wounds
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2.2.2.2 Burns
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2.2.2.3 Other Acute Wounds
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South Korea Wound Care Management Market Size FAQs
What is the current South Korea Wound Care Management Market size?
The South Korea Wound Care Management Market is projected to register a CAGR of 6.72% during the forecast period (2024-2029)
Who are the key players in South Korea Wound Care Management Market?
Smith and Nephew , Coloplast A/S, Medtronic, HARTMANN USA, Inc. and Mölnlycke Health Care AB are the major companies operating in the South Korea Wound Care Management Market.
