South Korea ECG Equipments Market Report 2022 to 2030

South Korea ECG Equipments Market Analysis

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South Korean ECG Equipment Market is expected to witness growth from $130 Mn in 2022 to $246 Mn in 2030 with a CAGR of 8.30% for the forecasted year 2022-30. In South Korea, there is an increasing awareness of the value of early diagnosis and prevention of heart disease, which has resulted in the establishment of numerous screening programs and initiatives. Due to this, there is no more need for ECG equipment as a screening tool for heart disease early detection. The market is segmented by product type and by end user. Some key players in this market include Nanoomtech, L&K Biomed, Johnson & Johnson, Philipps Healthcare, Medtronic, GE Healthcare, and Nihon Kohden.

ID: IN10KRMD008 CATEGORY: Medical Devices GEOGRAPHY: South Korea AUTHOR: Jigyasu Bhandari

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South Korea ECG Equipment Healthcare Market Executive Analysis

South Korean ECG Equipment Market is expected to witness growth from $130 Mn in 2022 to $246 Mn in 2030 with a CAGR of 8.30% for the forecasted year 2022-30. In 2023, South Korea's GDP is projected to reach $1.81 trillion. In 2023, South Koreans spent roughly $3.9k per individual on health. In the preceding year, Koreans paid $3.6k annually on average. Despite a rise, per-person spending is still below the 2019 OECD average of more than $4,000 despite the increase.

In South Korea, cardiovascular diseases (CVDs) are the main fatal illnesses, accounting for 26.9% of all fatalities in 2021. In South Korea, the incidence and prevalence of acute myocardial infarction, also referred to as a heart attack, vary depending on many factors including age, sex, lifestyle, and underlying medical conditions. Incidence rates of AMI among Koreans aged 30-74 were 4.4 per 1000 person-years for men and 1.4 per 1000 person-years for women in 2021. It was predicted that 0.5% of women and 0.9% of men would get AMI. An ECG is frequently used as a first-line diagnostic technique for heart illness because it can help identify irregular heart rhythms, changes in the electrical activity of the heart, and other heart disease symptoms. Heart disease can occasionally be found in people without symptoms or risk factors via ECG monitoring. This could be carried out as part of regular health examinations or for particular groups, such as athletes. Research studies that examine the fundamental causes of cardiac illness, create new diagnostic procedures, and evaluate the efficacy of therapies also employ ECG equipment.

South Korea ECG Equipment Market Analysis

Market Dynamics

Market Growth Drivers

In South Korea, there is an increasing awareness of the value of early diagnosis and prevention of heart disease, which has resulted in the establishment of numerous screening programs and initiatives. Due to this, there is no more need for ECG equipment as a screening tool for heart disease early detection. The growth of novel and cutting-edge technologies, including wireless ECG monitoring devices, portable ECG machines, and telemedicine applications, is another factor driving the South Korean market for ECG equipment. These developments make it easier, more accurate, and more affordable to diagnose and treat cardiac disease.

Market Restraints

The market for ECG equipment in South Korea is quite cutthroat, with several companies fighting for market dominance. Manufacturers may find it challenging to stand out from competitors and take control of the market. Pricing pressures can be severe given the market's large number of rivals. While competing on price, manufacturers could find it challenging to retain their profit margins.

Competitive Landscape

Key Players

Nanoomtech (KOR)
L&K Biomed (KOR)
Johnson & Johnson
Medtronic
Philipps Healthcare
GE Healthcare
Nihon Kohden

Healthcare Policies and Regulatory Landscape

The regulation of ECG equipment is under the authority of the Korea Ministry of Food and Drug Safety (MFDS). Device categorization, registration, and post-market monitoring are all covered by the regulations. For medical devices, including ECG equipment, the Korean Agency for Technology and Standards (KATS) establishes product standards and technical guidelines. For their products to be sold in the Korean market, manufacturers must adhere to certain standards. The South Korean government has started a number of programmes to encourage the expansion of the medical device sector, including tax breaks and support for R&D.

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

ECG Equipment Market Segmentation

By Product Type (Revenue, USD Billion):

Holter Monitors
Resting ECG Machines
Stress ECG Machines
Event Monitoring Systems
ECG Management Systems
Cardiopulmonary Stress Testing Systems

By End User (Revenue, USD Billion):

Hospitals and Clinics
Diagnostic Centres
Ambulatory Services
Others

Methodology for Database Creation

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Combining Secondary and Primary Research

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Merging historical data from secondary research with real-time data from primary research.
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