South Korea ENT Devices Market Report 2022 to 2030

South Korea ENT Devices Market Analysis

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South Korean ENT Devices Market is projected to grow from $340 Mn in 2022 to $570 Mn by 2030, registering a CAGR of 7% during the forecast period of 2022-30. The rising prevalence of ENT disorders, such as hearing loss, sinusitis, and tonsillitis, is a major driver of the ENT device market. The market is highly competitive, with a large number of players operating in the space, ranging from small, specialized companies to large multinational corporations. The domestic key players in the South Korean ENT devices market include Otosys, MediVision, and NeomediTech.

ID: IN10KRMD009 CATEGORY: Medical Devices GEOGRAPHY: South Korea AUTHOR: Dr. Vishwa Modhia

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South Korea ENT Devices Market Analysis Summary

South Korean ENT Devices Market is projected to grow from $340 Mn in 2022 to $570 Mn by 2030, registering a CAGR of 7% during the forecast period of 2022-30.

South Korea is without a doubt one of the most modern and industrialized countries in the world since it is home to multiple tech titans that drive advancement in a wide range of disciplines. There have been a few significant changes in the environment of the Korean medical device business since the emergence of COVID-19 in 2020. Current issues confronting the Korean medical device industry include reimbursement pricing governed by the National Health Insurance (NHI), a new healthcare technology assessment system for medical devices, and a new regulation requiring devices to be registered every five years, which goes into effect in 2025. South Korea's total health expenditure will account for approximately 8.8% of the country's GDP in 2021.

South Korea ENT Devices Market

Market Dynamics

Market Growth Drivers Analysis

Along with the expanding domestic market, the number of medical device manufacturers has increased steadily over the last decade. Medical equipment exports from South Korea increased by approximately 79% between 2019 and 2020. The value of medical devices exported from South Korea in 2021 is expected to be roughly $8.63 billion. This reflects a roughly 30% rise over the previous year. The majority of these shipments were destined for Asia and Western Europe. These aspects could boost the South Korean ENT Devices Market.

Market restrains.

With about 2.6 thousand businesses involved in importing medical devices into the country, compared to less than one thousand export companies, the number of medical devices import companies continues to substantially surpass that of export companies. High competition from both domestic and foreign firms, makes it difficult for smaller firms to enter the market. Stringent regulatory regulations might cause product approvals and market launch delays. These factors may deter new entrants into the South Korean ENT Devices Market.

Competitive Landscape

Key Players

NeomediTech: This company specializes in the development and manufacturing of endoscopic equipment, including ENT endoscopes.
HBH: HBH produces a range of ENT medical devices, including ear tubes, nasal packing material, and septal buttons.
MediVision: MediVision manufactures a variety of medical devices, including ENT diagnostic equipment such as video laryngoscopes and nasopharyngoscopes.
Otosys: Otosys develops and produces hearing aids, as well as other hearing-related devices such as ear impression materials and ear mould shells.
Corestem: Corestem is a biotechnology company that focuses on developing stem cell therapies for the treatment of various medical conditions, including ENT disorders such as hearing loss.

Healthcare Policies and Reimbursement Scenarios

In South Korea, medical devices including ENT devices are regulated by the Ministry of Food and Drug Safety (MFDS) which oversees the safety and efficacy of medical devices in the country. Manufacturers of medical devices must obtain approval from the MFDS before they can market their products in South Korea. In terms of reimbursement, the Korean National Health Insurance (KNHI) system covers a wide range of medical services and devices including ENT procedures and devices. The KNHI system operates as a social insurance program, and all citizens and foreign residents with a valid Alien Registration Card are eligible to enrol.

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

ENT Device Market Segmentation

The ENT Device Market is segmented as mentioned below:

By Product Type (Revenue, USD Billion):

Diagnostic Devices
Surgical Devices
Hearing Aids
Hearing Implants
Co2 Lasers
Image-Guided Surgery Systems

By Diagnostic Devices (Revenue, USD Billion):

Endocsopes
Hearing Screening Devices

By Surgical Device (Revenue, USD Billion):

Powered Surgical Instruments
Radiofrequency (RF) Handpieces
Handheld Instruments
Balloon Sinus Dilation Devices
ENT Supplies
Ear Tubes
Voice Prosthesis Devices

By End Users (Revenue, USD Billion):

Hospitals and Ambulatory Settings
Home Use
ENT Clinics

Methodology for Database Creation

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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

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Analyzing historical proprietary data collected from multiple projects.
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Ensuring data consistency and accuracy through rigorous validation processes.

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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.
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Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

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