The South Korea neurology device market size stood at around USD xx billion in 2019 and is projected to reach xx billion by 2028, exhibiting a CAGR of around 5.2% during the forecast period.
Neurology is a branch of science that deals with the disorders of the nervous system, which majorly comprise the brain, blood vessels, muscles, and nerves. The neurovascular devices such as cerebrospinal fluid management devices, interventional devices, and others are used for the treatment of neurological disorders such as Alzheimer’s, Brain Tumours, and Parkinson’s disease.
Korea’s medical device market size was around USD 5.5 Million dollars in 2019 and neurological device market is an important component of it.
According to the World Population Ageing 2019 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 are more prone to neurological disorders which will drive the market in coming years.
South Korea’s healthcare market is ranked fourth among countries in the Asia-Pacific region. The combination of increased insurance coverage, increased expenditure to expand the healthcare sector is boosting the growth of the market.