South Korea Dental Care Market Analysis Report 2022 to 2030

South Korea Dental Care Market Analysis

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South Korea's Dental Care Market is projected to grow from $xx Bn in 2022 to $xx Bn by 2030, registering a CAGR of 6.1% during the forecast period of 2022-2030. South Korea is a top choice for Western medical enterprises wishing to expand internationally due to the country's ageing population, expanding healthcare market, and increased insurance coverage. The key players in the South Korean dental care market include Dental Corporation, Lotte Dental, Seoul National University Dental Hospital, Yonsei University Dental Hospital, and many more. These players offer a wide range of dental products and services to meet the country’s growing demand for dental care. Additionally, many of these companies also have a strong presence in the international market.

ID: IN10KRHS005 CATEGORY: Healthcare Services GEOGRAPHY: South Korea AUTHOR: Shivam Zalke

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South Korea Dental Care Market Executive Summary

South Korea's Dental Care Market is projected to grow from $xx Bn in 2022 to $xx Bn by 2030, registering a CAGR of 6.1% during the forecast period of 2022-2030.

South Korea, which would rank 10th among the world's economic superpowers and fourth in Asia in 2022, is well-known for its remarkable transformation from one of the world's poorest nations to a developed, high-income nation in only a single generation. In 2021, South Korea's Gross Domestic Product (GDP) was valued at $1798.53 Bn. South Korea's GDP shares 0.81% of the global economy. With 8.1% of the GDP, Korea's healthcare spending is particularly low, which is excellent. The nation maintained a steady economy throughout the global financial crisis of 2007–2008, even experiencing economic growth at its worst. However, in 2020 the South Korean economy experienced its worst year of growth in more than 50 years due to the COVID-19 pandemic's global effects, China's economic slump, and the unpredictability surrounding the Sino-American trade war.

One of the biggest economic revolutions in the past 60 years has taken place in South Korea. In order to promote growth and transform from a predominately rural, agricultural nation into an urban, industrialised one, the country has given special attention to technology development and innovation. This is due to its small geographic size, insufficient natural resources, and population size (with a labour force of 28.4 Mn out of its 51.28 Mn population). In 2021, industry contributed 32.6% to GDP and employed 25% of the labour force (World Bank, 2022). The primary industries are textile, steel, automobile, shipbuilding, and electronics production. The world's largest producer of semiconductors is South Korea.

The healthcare sector in South Korea is one of the strongest in the Asia-Pacific. South Korea is a top choice for Western medical enterprises wishing to expand internationally due to the country's ageing population, expanding healthcare market, and increased insurance coverage.

The grade of dental care in South Korea is often very excellent. The necessity of preparing dentists to respond to systemic emergencies is also growing as the medical environment and dental services in the nation change. The current model of student-centered education involves preparing students to develop the skills necessary to deal with the problems they experience on a daily basis while simultaneously preparing them to impart knowledge. The market is anticipated to restart expansion soon, thus this is only predicted to be a short downturn.

south korea dental care market analysis

Market Dynamics

Market Growth Drivers Analysis

Age 65 and older people made up 15.7% of South Korea's overall population in 2020. By 2025, South Korea is predicted to become a super-aged society when the senior population reaches 20.3% of the total population. In addition, South Korea's incidence of dental infections and other periodontal diseases is likely to increase as the country's senior population grows, which is predicted to increase demand for dental equipment and accelerate the market's expansion.

Market Restraints

The expense of dental care is very high. Dental treatments are prohibitively expensive, especially in small and medium-sized clinics, which is predicted to impede the expansion of the worldwide dental market. Due to the expensive expense of opening a clinic, many patients in remote areas have restricted access to skilled professionals and very limited health services. In addition, people sometimes put off getting dental work done because of the hefty costs connected with orthodontic surgery, implants, and other procedures.

Competitive Landscape

Key Players

The biggest Dental Care companies in South Korea are

Dental Corporation
Lotte Dental
Seoul National University Dental Hospital
Yonsei University Dental Hospital
Gunchi Industrial Corporation (KOR)
HUMANCROSS CO.,LTD (KOR)
Johnson & Johnson
Dentsply Sirona
Zimmer Biomet
Osstem Implant Co Ltd
Dentium

Healthcare Policies and Regulatory Landscape

The Ministry of Food and Drug Safety (MFDS), originally the Korea Food and Drug Administration (KFDA), is the principal government agency in charge of regulating the registration, production, and distribution of pharmaceuticals and medical devices in South Korea. To support the growth of national profits, the MFDS is tasked with creating standards and specifications for medical products, observing pre- and post-management processes, ensuring Good Manufacturing Practices (GMP), bolstering the safety control system, and enhancing the industrial competitiveness of medical products.

In accordance with the MFDS, the National Institute of Food and Drug Safety Evaluation (NIFDS), the Pharmaceutical Safety Bureau, the Medical Device Safety Bureau, the Medical Device Information and Technology Assistance Center (MDITAC), and the National Institute of Food and Drug Safety Evaluation (NIFDS) are in charge of reviewing, approving, and regulating pharmaceutical and medical device products.

Reimbursement Scenario

Pharmaceutical importers and manufacturers that want their goods covered by NHI must submit an application for drug review to HIRA along with a copy of the product's marketing authorization. Following an evaluation of factors such as the product's clinical usefulness and cost-effectiveness by HIRA's Drug Reimbursement and Evaluation Committee ("DREC"), a decision will be made regarding whether it qualifies for reimbursement under the NHI.

1. Executive Summary
1.1 Service Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Healthcare Services Market in Country
1.6 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 Services
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Dental Care Market Segmentation

By Product (Revenue, USD Billion):

In terms of product category, the toothbrush had the highest revenue share (26% in 2020). The rising incidence of cavities, sensitivity, and gingivitis has increased toothpaste usage significantly in both emerging and wealthy countries. As a result, toothpaste is now an essential part of good dental health. In the oral care sector, toothpaste thus commands the biggest market share.

Toothbrush
Toothpaste
Mouthwash
Dental Floss
Denture Care

By Age Group (Revenue, USD Billion):

Adults lead the oral care market over the projection period based on age group. The overall expansion of the oral care industry is being driven by adults' increasing consumer knowledge of mouth cleanliness and care. Adult oral care products come in a variety on the market.

Children
Adults
Geriatric

By Sales Channel (Revenue, USD Billion):

The specialty stores dominate the oral care market over the projection period based on the sales channel. Specialty shops carry a broad selection of goods. The employees of specialty businesses provide customers with precise product information. With the aid of specialty shops, customers can also find all types of dental care items under one roof.

Hypermarkets/Supermarkets
Specialty Stores
Drug Stores &Pharmacies
Convenience Stores
Online Sales Channel

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.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

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.