South Korea Endoscopy Devices Market by Device Type (Endoscopes, Endoscopic Operative Devices, Visualization Equipment), Application (Gastroenterology, Orthopaedic Surgery, Cardiology, Gynaecology, Neurology), End-user (Hospitals & Clinics, Ambulatory Surgical Centres), & Region for 2024-2031
Report ID: 471008|No. of Pages: 202
South Korea Endoscopy Devices Market by Device Type (Endoscopes, Endoscopic Operative Devices, Visualization Equipment), Application (Gastroenterology, Orthopaedic Surgery, Cardiology, Gynaecology, Neurology), End-user (Hospitals & Clinics, Ambulatory Surgical Centres), & Region for 2024-2031
South Korea Endoscopy Devices Market Valuation – 2024-2031
The growing demand for endoscopic equipment in diagnostic and therapeutic procedures drives the growth of the South Korean endoscopy device market. This demand is significantly fueled by an increasing preference for minimally invasive surgeries. According to the analyst from Verified Market Research, the South Korea endoscopy device market is estimated to reach a valuation of USD 1.87 Billion by 2031 over the forecast period, subjugating around USD 1.11 Billion in 2024.
The prevalence of chronic conditions, such as cancer and cardiovascular diseases, is on the rise in South Korea. This trend necessitates more frequent diagnostic and therapeutic endoscopic procedures, thereby increasing the demand for endoscopy devices. It enables the market to grow at a CAGR of 6.73% from 2024 to 2031.
South Korea Endoscopy Devices Market: Definition/ Overview
Endoscopy devices are medical tools designed to visually inspect the interior of body organs or cavities. These instruments consist of a long, slender tube that can be either flexible or rigid, equipped with a light source and a camera at the tip. This setup enables healthcare professionals to observe and capture images or videos of internal areas. Endoscopy devices play a crucial role in both diagnostic and therapeutic applications, aiding in the detection, biopsy, and treatment of various medical conditions.
Furthermore, endoscopy devices enable minimally invasive procedures, leading to benefits like reduced recovery time, less post-operative pain, and lower risk of complications compared to traditional open surgeries.
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What Factors are Propelling the Growth of the South Korea Endoscopy Devices Market?
There is a growing preference for procedures that minimize patient trauma and recovery time. Endoscopic techniques are favored due to their ability to reduce complications and enhance recovery compared to traditional surgical methods. Continuous innovations in endoscopic technology, including the development of high-definition imaging systems and robotic-assisted endoscopes, are expanding the applications of endoscopy. These advancements improve diagnostic accuracy and procedural efficiency, making endoscopy a preferred choice in various medical fields.
Additionally, the South Korean government has maintained robust healthcare operations even during challenges like the COVID-19 pandemic, creating a conducive environment for the growth of endoscopic procedures. This support has helped sustain demand for endoscopy devices despite initial market setbacks during the pandemic.
Furthermore, the increase in surgical interventions, particularly in gastroenterology and orthopedics, is significantly driving the demand for endoscopic devices. This trend is largely attributed to the aging population, which is experiencing a rise in chronic orthopedic conditions. As older adults become more susceptible to various musculoskeletal issues, including osteoarthritis and osteoporosis, the need for effective diagnostic and therapeutic procedures using endoscopy continues to grow. This combination of factors underscores the expanding role of endoscopic technologies in managing health challenges associated with aging and chronic diseases.
What Factors are Hinder the Growth of the South Korea Endoscopy Devices Market?
The cost of endoscopic devices poses a barrier to their accessibility for many healthcare facilities, especially smaller clinics and hospitals that operate within high budget constraints. For instance, conventional endoscopes can range from USD 20,000 to USD 120,000, depending on the type and features, which represents a substantial upfront investment for these institutions. This financial burden limits their ability to adopt advanced endoscopic technologies, as they prioritize essential equipment over specialized instruments. Consequently, the high acquisition costs lead to disparities in the availability of endoscopic services, ultimately affecting patient care and limiting the potential benefits of these innovative medical tools in various healthcare settings.
Furthermore, The supply chain faced significant disruptions during the COVID-19 pandemic, which impacted the availability and timely delivery of endoscopy devices and their related consumables. These interruptions made it difficult for healthcare facilities to obtain the necessary equipment, leading to delays in scheduled procedures. As a result, many patients experienced postponed treatments, which not only affected their health outcomes but also increased operational costs for healthcare providers. This situation ultimately hindered market growth by limiting access to essential endoscopic services when they were most needed.
Category-Wise Acumens
How Do the Key Technological Advancements Drive the Demand for Endoscopes?
The endoscope segment is estimated to dominate the market during the forecast period. Recent innovations in endoscope design have resulted in the development of more flexible devices that can easily navigate through complex structures within the body. This flexibility allows doctors to perform procedures with greater ease and precision, reducing the risk of complications.
The growth of self-propelled colonoscopes, which pass through the colon on their own, is one significant factor driving the segment. These devices are designed to enhance patient comfort by minimizing discomfort during the procedure and reducing the need for healthcare providers to manually manipulate the endoscope. This means that patients may experience less pain and anxiety, making the overall process more tolerable. Self-propelled colonoscopes use advanced technology to navigate the intestines without requiring as much pushing from the doctor. This makes the procedure more comfortable for patients and helps to avoid potential injuries to the colon. As these technologies continue to evolve, they improve patient experiences during endoscopic procedures, making them safer and more efficient while also encouraging more people to undergo necessary screenings and treatments.
Furthermore, this non-invasive technology allows patients to swallow a small capsule equipped with a camera, which captures images of the digestive tract as it passes through. Recent advancements aim to enhance the capsule’s capabilities, including autonomous lesion detection and improved navigation through the gastrointestinal system.
What are the Key Drivers Driving the Adoption of Endoscopy Devices for Gastroenterology?
The gastroenterology segment is estimated to dominate the market during the forecast period due to the high prevalence of gastrointestinal diseases such as colorectal cancer, peptic ulcers, and inflammatory bowel disease (IBD). These conditions require diagnostic and therapeutic procedures, making endoscopy an essential tool in medical practice. The widespread use of procedures like colonoscopies and upper GI endoscopies contributes substantially to market growth, as they are crucial for early detection, ongoing monitoring, and treatment planning for these diseases.
Furthermore, the significant demand for endoscopy in gastroenterology is boosted by South Korea’s commitment to preventative health measures and advancements in medical technology. The country’s healthcare infrastructure supports routine screening programs, particularly for colorectal cancer, which is one of the most common cancers in the region. This emphasis on early intervention drives a continuous need for high-quality endoscopic devices, contributing to the segment’s revenue growth. Additionally, the integration of high-definition imaging and minimally invasive technology enhances procedural outcomes.
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Country/Region-wise Acumens
What are the Key Factors that Contribute to South Korea’s Edge in the Market?
The South Korea region is estimated to exhibit substantial growth within the market during the forecast period. South Korea invests a significant portion of its economy—over 4% of its GDP—into research and development (R&D), which is one of the highest rates in the world, second only to Israel. This strong focus on R&D is essential for keeping the country competitive, especially in advanced industries like semiconductors and information technology. By prioritizing innovation, South Korea not only supports large companies but also encourages new startups, creating a vibrant environment where new ideas can thrive and lead to technological advancements.
Furthermore, the South Korean economy is heavily reliant on exports, which accounted for approximately 35.6% of GDP in 2022. The South Korean government plays an active role in guiding economic development through targeted policies that promote specific industries. These policies often include substantial financial support for innovation and performance-based incentives for companies. The country’s export strength is boosted by a favorable exchange rate environment, especially during periods of currency depreciation, which enhances the competitiveness of South Korean goods abroad.
Competitive Landscape
The competitive landscape of the South Korea endoscopy devices market is defined by a dynamic interplay of innovation, regulatory compliance, and strategic alliances among diverse companies.
Some of the prominent players operating in the South Korea endoscopy devices market include:
- Olympus Corporation
- Fujifilm Holdings Corporation
- PENTAX Medical
- Karl Storz SE & Co. KG
- SUNGYONG MEDITECH, TECHCORD Co., Ltd.
- Medex Worldwide
- Sometech
- MENFIS KOREA
- Endovision Co., Ltd.
Latest Developments
- In June 2022, Boston Scientific agreed to buy the majority of M.I.Tech, a manufacturer and distributor of non-vascular metal stents used in urologic and endoscopic operations, from Synergy Innovation of South Korea. Each M.I.Tech share was offered by Boston Scientific for around 14,500 South Korean won (roughly USD 11), for a total price of 291.2 billion won, or roughly USD 230 million.
- In February 2022, the Korean firm Mediintech secured 8 billion won (about USD 6.6 million) in a Series A round financing from Atinum financing, Smilegate Investment, and Future Play for their innovative smart endoscopes.
Report Scope
| Report Attributes | Details |
|---|---|
| Study Period | 2021-2031 |
| Growth Rate | CAGR of ~6.73% from 2024 to 2031 |
| Base Year for Valuation | 2024 |
| Historical Period | 2021-2023 |
| Forecast Period | 2024-2031 |
| Quantitative Units | Value in USD Billion |
| Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Players | Olympus Corporation, Fujifilm Holdings Corporation, PENTAX Medical, Karl Storz SE & Co. KG, SUNGYONG MEDITECH, TECHCORD Co., Ltd., Medex Worldwide, Sometech, MENFIS KOREA, and Endovision Co. Ltd. |
| Customization | Report customization along with purchase available upon request |
South Korea Endoscopy Devices Market, By Category
Device:
- Endoscopes
- Endoscopic Operative Devices
- Visualization Equipment
Application:
- Gastroenterology
- Orthopaedic Surgery
- Cardiology
- Gynaecology
- Neurology
- Others
End-User:
- Hospitals and Clinics,
- Ambulatory Surgical Centers
Region:
- South Korea
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Data Collection Matrix
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Industry Analysis Matrix
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