South Korea Cardiac Surgery Instruments Market Report 2022 to 2030

South Korea Cardiac Surgery Instruments Market Analysis

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The South Korea Cardiac Surgery Instruments Market is expected to witness growth from $30 Mn in 2022 to $54 Mn in 2030 with a CAGR of 7.60% for the forecasted year 2022-2030. In South Korea, the frequency of coronary artery disease is rising as a result of urbanization, lifestyle shifts, and elderly people. The increase in patients who need surgical procedures is expected to increase the demand for cardiac surgery instruments. The market is segmented by type, application and by end user. Some key players in this market include Nanoomtech, Kolon Life Science, L&K Biomed, LivaNova, B. Braun, Medline Industries, KLS Martin, and STILLE.

ID: IN10KRMD004 CATEGORY: Medical Devices GEOGRAPHY: South Korea AUTHOR: Jigyasu Bhandari

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South Korea Cardiac Surgery Instruments Healthcare Market Executive Analysis

The South Korea Cardiac Surgery Instruments Market size is at around $30 Mn in 2022 and is projected to reach $54 Mn in 2030, exhibiting a CAGR of 7.60% during the forecast period. In 2023, it anticipates that South Korea's GDP reach $1.85 trillion. In 2021, South Koreans paid about $3.9 thousand for health per person. In the prior year, Koreans paid $3.6k annually on average. Although spending per person increased, it is still below the 2019 OECD average of more than $4,000 despite the rise.

In South Korea, cardiovascular diseases (CVDs) account for a significant portion of morbidity and death. In South Korea, cardiovascular diseases (CVDs) are thought to be the cause of 30% of all fatalities. In South Korea, the incidence of CVDs has been rising recently, partly as a result of urbanization, lifestyle changes, and population ageing. Around 12.3% of Koreans had hypertension and 5.9% had diabetes in 2021, both of which are risk factors for cardiovascular disease. Ischemic Heart Disease (IHD), the most prevalent form of cardiovascular disease in South Korea, had an age-standardized incidence of 5.9% among Korean adults in 2020. Heart failure, palpitations, and valvular heart disease are additional CVDs that are common in South Korea. Cardiothoracic surgery is provided by a large number of institutions and medical centres in South Korea. One of the specialities in medicine is cardiac surgery. To offer the best patient treatment possible, these facilities are outfitted with the most cutting-edge surgical tools and technologies. Surgical instruments are used in South Korea to manage and address a variety of cardiac issues. Numerous procedures, such as minimally invasive heart surgery, valve repair or replacement, and coronary artery bypass grafting, make use of these tools. To assist surgeons, enhance patient outcomes, and allow them to carry out challenging cardiac operations with more accuracy and precision, instruments for cardiac surgery are being created. Cardiac surgery uses a range of minimally invasive tools for less traumatic procedures and smaller incisions. As a result, patients might experience less pain and heal more rapidly.

South Korea Cardiac Surgery Instruments Market Analysis

Market Dynamics

Market Growth Drivers

In South Korea, coronary artery diseases are becoming more common as a sign of urbanization, changing lifestyles, and senior populations. The number of patients requiring surgical measures is expected to rise, which will increase demand for cardiac surgery instruments. Particularly for cosmetic and plastic surgery treatments, South Korea has become a well-known travel destination for health professionals. As medical tourism rises, there will likely be greater demand for advanced medical technologies, including heart surgery equipment. The recent growth in healthcare spending by the South Korean government is expected to boost demand for instruments used in cardiac surgery. Additionally, as the population becomes more affluent and seeks out more sophisticated medical treatments, private healthcare expenditure is also rising. Instruments used in cardiac surgery are likely to progress technologically, driving market expansion. For instance, the advancement of minimally invasive surgical methods has raised the need for specialised tools and equipment.

Market Restraints

The healthcare system in South Korea has put a lot of effort into reducing expenses, which has put pressure on the cost of medical devices like the instruments used in cardiac surgery. As a consequence, manufacturers might find it challenging to keep their profit margins stable. Cardiac surgery instruments are a highly competitive market in South Korea, where both domestic and foreign makers are active. Due to the rivalry, some manufacturers may experience price pressure and a decline in market share in the South Korean healthcare market.

Competitive Landscape

Key Players

Nanoomtech (KOR)
Kolon Life Science (KOR)
L&K Biomed (KOR)
LivaNova
B. Braun
KLS Martin
Medline Industries
STILLE

Recent Notable Deals

2022: The Indian manufacturer of medical devices Sahajanand Medical Technologies and the South Korean medical device firm L&K Biomed have agreed to a distribution deal for Sahajanand's cardiac devices and other products in South Korea.

Healthcare Policies and Regulatory Landscape

The Ministry of Food and Drug Safety (MFDS) is South Korea's governing authority for medical devices. The MFDS is in charge of handling every step of the creation of medical devices, from pre-market certification to post-market monitoring. The MFDS commands that all medical devices, including instruments used in cardiac surgery, go through stringent testing and assessment before they can be marketed in the nation in order to guarantee their safety and efficiency. The Korean Society for Thoracic and Cardiovascular Surgery (KSTCVS), a proficient organization, offers direction and propositions for cardiac surgery procedures and instrumentation with regard to particular policies relating to cardiac surgery instruments. To guarantee the safe and efficient use of cardiac surgery instruments, the KSTCVS also offers training and education programs for healthcare workers.

1. Executive Summary
1.1 Device Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Regulatory Landscape for Medical Device
1.6 Health Insurance Coverage in Country
1.7 Type of Medical Device
1.8 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Cardiac Surgery Instruments Market Segmentation

By Type (Revenue, USD Billion):

The market is divided into segments in this study based on the goods, applications, end users, and geographical areas. The market is divided into forceps, scissors, needle holders, clamps, and other cardiac surgery instruments based on the product. In 2017 the forceps category led the market, and it is anticipated that it will increase at the fastest rate going forward. The rise in heart surgeries and the frequent usage of forceps in most cardiac procedures are credited with the segment's strong growth.

Forceps
Vascular Forceps
Grasping Forceps
Other Forceps
Needle Holders
Scissors
Clamps
Other Cardiac Surgical Instruments

By Application (Revenue, USD Billion):

The market is further segmented by application into paediatric cardiac surgery, heart valve surgery, coronary artery bypass graft (CABG), and other applications. The South Korea market's largest and fastest-growing application segment is CABG. This is mostly explained by the increased prevalence of heart illnesses and the consequent rise in surgical treatments. The second-largest category is heart valve surgery.

Coronary Artery Bypass Graft (CABG)
Heart Valve Surgery
Pediatric Cardiac Surgery
Other Applications

By End User (Revenue, USD Billion):

Based on the end user, the market is segmented into hospitals and cardiac centers, and ambulatory surgery centers. The hospitals and cardiac centers segment is expected to dominate the market for cardiac surgery instruments. Growth in this end-user segment can be attributed to the increasing incidence of cardiac and heart valve diseases and the subsequent increase in the number of cardiac surgery procedures.

Hospitals and Cardiac Centers
Ambulatory Surgery Centers

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

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How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.