South Korea Contraceptive Devices Market Report 2022 to 2030

South Korea Contraceptive Devices Market Analysis

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South Korea's Contraceptive Devices Market is expected to witness growth from $188 Mn in 2022 to $376 Mn in 2030 with a CAGR of 9.00% for the forecasted year 2022-30. In recent years, South Korea has become more aware of and accepting of family planning and the use of contraceptives. The demand for these devices has increased as a result. The market is segmented by type and by gender. Some key players in this market include Hanmi Pharm, Dong-A ST, Bukwang Pharmaceutical, Mylan Laboratories, Mankind Pharma, CooperSurgical, Pfizer, and Teva Pharmaceutical.

ID: IN10KRMD005 CATEGORY: Medical Devices GEOGRAPHY: South Korea AUTHOR: Jigyasu Bhandari

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South Korea Contraceptive Devices Healthcare Market Executive Analysis

South Korea's Contraceptive Devices Market is expected to witness growth from $188 Mn in 2022 to $376 Mn in 2030 with a CAGR of 9.00% for the forecasted year 2022-30. The GDP of South Korea is going to reach $1.85 trillion in 2023. South Koreans spent roughly $4.2 thousand per person on health in 2023. Koreans paid $3.69 annually on average the year before. Spending per person grew, but despite the gain, it still falls short of the 2019 OECD average of more than $4,000.

In South Korea, by preventing either the fertilization of an egg or the implantation of a fertilized egg in the uterus, contraceptive methods work to prevent pregnancy. Women in South Korea are using contraceptive devices more frequently as a means of family planning. Unwanted pregnancies can be prevented with the use of contraceptive methods very well. They give women the power to manage their reproductive health and family planning. By enabling women to postpone or space out their pregnancies, contraceptive use can lower the rates of mother and newborn mortality. Additionally, it can enhance both mother and child health outcomes. Women who have access to and use contraceptive devices are better able to plan their families and take part in the workforce to a greater extent. Increased economic prospects for women and their families may result from this. For individuals and families, unintended pregnancies can be emotionally and financially draining. A portion of this load can be reduced by using contraceptive methods to help prevent undesired pregnancies. These are daily medications to prevent pregnancy that contain synthetic hormones. These barrier contraceptives stop the exchange of body fluids during sexual activity. To avoid getting pregnant, these tiny, flexible rods are implanted beneath the skin of the upper arm.

South Korea Contraceptive Devices Market Analysis

Market Dynamics

Market Growth Drivers

In recent years, South Korea has become more aware of and accepting of family planning and the use of contraceptives. The demand for these devices has increased as a result. The South Korean government has promoted the use of contraceptive devices through policies and has supported family planning. The government encourages sex education in schools and offers incentives for contraception, for instance. Due to the aging population in South Korea, many young couples are delaying having children. As a result, there is now more demand for family planning and contraceptive methods. The middle class in South Korea is expanding and has more discretionary cash, which has increased spending on medical services and products, including contraceptives. Due to the aging population, many young couples in South Korea are delaying having children. The need for family planning and contraceptive methods has increased as a result.

Market Restraints

The use of contraceptive methods may be discouraged in South Korea due to traditional cultural values and societal conventions, especially among older generations. This may result in a lack of knowledge and instruction regarding contraception and family planning. In South Korea, there is a fierce battle for market dominance among numerous domestic and foreign makers of contraceptive devices. Pricing pressures and decreased manufacturer profitability may result from this.

Competitive Landscape

Key Players

Hanmi Pharm (KOR)
Dong-A ST (KOR)
Bukwang Pharmaceutical (KOR)
Mylan Laboratories
Church & Dwight
CooperSurgical
Pfizer
Teva Pharmaceutical

Healthcare Policies and Regulatory Landscape

The Ministry of Food and Drug Safety (MFDS) in South Korea is responsible for overseeing the regulatory framework for contraceptive devices. The MFDS controls the nation's approval, production, importation, and distribution of contraceptive devices. All goods on the South Korean market for contraceptive devices must adhere to stringent safety and efficacy requirements established by the MFDS. Manufacturers are required to provide comprehensive clinical data on the efficacy and safety of their goods to receive permission for market sale. In order to guarantee that Good Manufacturing Practises (GMP) are being followed, the MFDS also regularly inspects production facilities.

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

Contraceptive Devices Market Segmentation

By Type (Revenue, USD Billion):

A condom is a sheath-shaped barrier device used during sexual intercourse to reduce the probability of pregnancy or a sexually transmitted infection (STI). There are both male and female condoms. With proper use, women whose partners use male condoms experience a 2% per-year pregnancy rate. Their use greatly decreases the risk of gonorrhea, chlamydia, trichomoniasis, hepatitis B, and HIV/AIDS, per the World Health Organization Updates in November 2020. To a lesser extent, they also protect against genital herpes, human papillomavirus (HPV), and syphilis. Hence, the other reasons that aid the growth of the contraception devices market are the rising occurrence of STDs and the substantial increase in the population

Condoms
Diaphragms
Cervical Caps
Sponges
Vaginal Rings
Intra Uterine Devices (IUD)
Other Devices

By Gender (Revenue, USD Billion):

Based on Gender the contraceptive devices market is segmented into male and female.

Methodology for Database Creation

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