South Korea Cardiovascular Devices Market

South Korea Cardiovascular Devices Market:

South Korea cardiovascular devices market size is projected to exhibit a growth rate (CAGR) of 5.04% during 2024-2032. The growing adoption of telemedicine services for remote monitoring and management of cardiovascular conditions, increasing prevalence of cardiovascular disease, and rising awareness about the importance of maintaining healthy heart health represent some of the key factors driving the market growth in South Korea.

South Korea Cardiovascular Devices Market Analysis:

• Major Market Drivers: The increasing adoption of telemedicine, growing preference for advanced treatment options, rising demand for reliable and cost-effective cardiovascular devices, and expanding medical industry, are some of the key factors propelling the industry growth. Moreover, continuous advancements in cardiovascular device technologies, including minimally invasive surgical techniques, enhanced imaging techniques, and more effective and safer stent designs, further contribute to the South Korea cardiovascular devices market growth.
• Key Market Trends: Adoption of minimally invasive procedures, integration of AI and ML, adoption of remote monitory devices, advancement in imaging technologies, etc., are expected to propel the market growth. Moreover, advances in genomics and biomarker research activities are paving the way for personalized and precision medicine in cardiovascular care. Treatments and interventions are becoming more tailored to the individual patient's genetic profile and specific condition, improving efficacy and outcomes.
• Challenges and Opportunities: High competition, healthcare infrastructure limitations, technological adaptation, and regulatory hurdles are some of the challenges that the market is facing. However, South Korea’s rapidly aging population presents a significant opportunity for the cardiovascular devices market. Older adults are more prone to cardiovascular diseases, thereby increasing the demand for diagnostic and therapeutic devices, further bolstering the South Korea cardiovascular devices market revenue.

South Korea Cardiovascular Devices Market Trends:

Growing Prevalence of Cardiovascular Diseases

South Korea has one of the fastest-aging populations in the world. As the population ages, the incidence of age-related cardiovascular diseases, such as coronary artery disease, heart failure, and hypertension, increases. Older adults are more susceptible to these conditions due to the natural aging process and cumulative exposure to risk factors. For instance, over 20% of South Koreans are predicted to be 65 years of age or older by 2025, making the country a "super-aged society." In line with this, according to the National Library of Medicine, in the Korean population, the prevalence of heart failure increased from 0.77% in 2002 to 2.58% (nearly 1.3 million individuals) in 2020. Moreover, the traditional Korean diet, which was rich in vegetables and low in fat, has increasingly been replaced by a more Westernized diet high in processed foods, sugars, and unhealthy fats. This shift has contributed to higher rates of obesity, diabetes, and hyperlipidemia, all of which are risk factors for cardiovascular diseases (CVDs). For instance, according to the article published by Frontiers, Korean cuisine has been more westernized, including bread, noodles, and fast food. KBD consists of beans, fish, seaweeds, vegetables, fruits, and fermented foods, such as kimchi, whereas WSD consists of noodles, meats, soups, quick foods, and bread. Changes in eating habits may raise the risk of abdominal obesity. Abdominal obesity is a main risk factor for insulin resistance and systemic inflammation, which are closely linked to cardiovascular diseases. Furthermore, the rise in cardiovascular diseases has led to a greater need for advanced diagnostic tools such as electrocardiograms (ECGs), echocardiograms, cardiac CT scans, and MRIs. These devices are essential for the early detection and accurate diagnosis of CVD. For instance, in September 2023, Philips Korea launched MR7700, one of its latest magnetic resonance imaging devices. The company showcased the new device at the 79th Korean Congress of Radiology which was held at COEX. These factors are further contributing to the South Korea cardiovascular devices market.

Adoption of Minimally Invasive Procedures

The rising adoption of minimally invasive procedures is a significant factor driving the growth of the cardiovascular devices market in South Korea. Moreover, the demand for anesthesia-free treatment is also gaining traction as anesthesia always carries some degree of risk, particularly for certain patient populations such as the elderly or those with pre-existing health conditions. Minimally invasive procedures that don't require anesthesia can reduce these risks. For instance, in April 2024, V.V.T. Med Ltd., a medical devices company completed the GMP certification and registration of Novel-Thermal, an anesthesia-free treatment for varicose veins and received approval from the Korean Ministry of Food and Drug Safety. This painless, anesthesia-free treatment option aligns with the growing demand for minimally invasive procedures to treat varicose veins. In line with this, according to the National Library of Medicine, the patients with varicose veins are at a risk of cardiovascular diseases. This is further proliferating the demand for cardiovascular devices. Furthermore, continuous innovations in device technology, such as the development of smaller, more flexible catheters and guidewires, have made minimally invasive procedures safer and more effective. For instance, in June 2023, Boston Scientific Korea launched Wolverine Cutting Ballon Dilatation, a catheter for use in percutaneous coronary intervention (PCI). Percutaneous coronary intervention is a minimally invasive treatment that utilizes balloon catheters to widen coronary arteries in order to improve blood flow to the heart. These factors are positively influencing the South Korea cardiovascular devices market forecast.

Rapid Technological Advancements

Advancements in technology are a major driver of growth in the South Korea cardiovascular devices market. These technological innovations are transforming the way cardiovascular diseases are diagnosed, treated, and managed, leading to improved patient outcomes and increased demand for advanced medical devices. Innovations in imaging technologies, such as ultrasound, 3D echocardiography, cardiac MRI, and CT scans, provide more detailed and accurate images of the heart and blood vessels. These tools enable precise diagnosis and better treatment planning. For instance, in February 2024, SELVAS Healthcare, a digital health company, announced to launch AI-based heart ultrasound technology in South Korea. SELVAS Healthcare partnered with Ultrasight to help it achieve regulatory approval in the country for its AI guiding software, as well as exclusive distribution rights to the product. UltraSight provides an AI system for capturing cardiac ultrasound pictures at the point of service. In addition, portable and wearable devices, such as smartwatches with ECG capabilities and continuous glucose monitors, allow for real-time monitoring of cardiovascular health, facilitating early detection of abnormalities. For instance, in September 2023, Samsung introduced the Galaxy Watch 6 series at the Galaxy Unpacked event in Seoul, South Korea. The watch is updated with various features including better heart rate monitoring, AFib support, and sleep analysis. These factors are further contributing to the South Korea cardiovascular devices market share.

South Korea Cardiovascular Devices Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country and regional levels for 2024-2032. Our report has categorized the market based on type and technology.

Breakup by Type:

• Cardiac Rhythm Management Devices
• Interventional Cardiac Devices
• Automated External Defibrillators (AED)
• Cardiac Ablation Catheters
• Cardiac Pacemakers
• Cardiac Angioplasty Devices
• Implantable Cardioverter Defibrillators (ICD)
• Prosthetics (Artificial) Heart Valves
• Stents
• Ventricular Assist Devices
   

The report has provided a detailed breakup and analysis of the market based on the type. This includes cardiac rhythm management devices, interventional cardiac devices, automated external defibrillators (AED), cardiac ablation catheters, cardiac pacemakers, cardiac angioplasty devices, implantable cardioverter defibrillators (ICD), prosthetics (artificial) heart valves, stents, and ventricular assist devices.

According to the South Korea cardiovascular devices market overview, the demand for these devices is driven by the aging population and increasing incidences of cardiovascular diseases. The prevalence of conditions like coronary artery disease, arrhythmias, and heart failure can drive the demand for devices such as stents, pacemakers, ICDs, and ventricular assist devices. Moreover, a cardiac rhythm management device is used to manage heart rhythm disorders such as bradycardia (slow heart rate) and tachycardia (fast heart rate). While interventional cardiac devices are utilized in minimally invasive procedures to treat coronary artery disease and other cardiovascular conditions. Furthermore, AED is used to deliver an electric shock to restore normal heart rhythm in cases of sudden cardiac arrest.

Breakup by Technology:

• Cardiopulmonary Bypass Products
• Minimally Invasive Cardiac Surgery
• Valve Prosthesis and Repair
• Cardiac Assist Devices
   

A detailed breakup and analysis of the market based on the technology have also been provided in the report. This includes cardiopulmonary bypass products, minimally invasive cardiac surgery, valve prosthesis and repair, and cardiac assist devices.

According to the South Korea cardiovascular devices market outlook, the demand for cardiopulmonary bypass products is driven by the prevalence of cardiovascular diseases and the need for open-heart surgeries to address conditions such as coronary artery disease, valve disorders, and congenital heart defects. While the adoption of minimally invasive techniques in cardiac surgery depends on factors such as patient demand for less invasive procedures, shorter recovery times, and advancements in surgical technology. Moreover, the market for valve prosthesis and repair devices in South Korea is influenced by the aging population and the prevalence of valvular heart diseases. Furthermore, the demand for cardiac assist devices in the country is driven by the increasing prevalence of heart failure and the need for advanced treatment options for patients with end-stage heart disease.

Breakup by Region:

• Seoul Capital Area
• Yeongnam (Southeastern Region)
• Honam (Southwestern Region)
• Hoseo (Central Region)
• Others
   

The report has also provided a comprehensive analysis of all the major regional markets, which include Seoul Capital Area, Yeongnam (Southeastern Region), Honam (Southwestern Region), Hoseo (Central Region), and others.

The presence of top-tier hospitals and specialized cardiac care centers in the Seoul Capital Area leads to significant utilization of cutting-edge technologies such as transcatheter heart valves, left ventricular assist devices (LVADs), and advanced imaging equipment. Moreover, major cities like Busan and Daegu have well-developed healthcare infrastructures, with significant investments in hospital facilities and medical technology. Also, the growing awareness of cardiovascular health and disease prevention is contributing to the increased demand for diagnostic and therapeutic devices, which is driving the regional market in Honam. Hospitals and medical centers in cities like Daejeon and Sejong (Hoseo) offer comprehensive cardiac care services, increasing the need for a range of devices, including heart valves, stents, and assistive devices like LVADs.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

South Korea Cardiovascular Devices Market News:

• May 2024: Heart Test Laboratories, an AI-powered medical technology firm focusing on revolutionizing ECGs/EKGs to save lives through earlier identification of heart illness, received a patent application from South Korea.
• April 2024: V.V.T. Med Ltd., a medical devices company, completed the GMP certification and registration of Novel-Thermal, Anesthesia-free treatment for varicose veins and received approval from the Korean Ministry of Food and Drug Safety.
• February 2024: SELVAS Healthcare, a digital health company, announced to launch AI-based heart ultrasound technology in South Korea.

South Korea Cardiovascular Devices Market Report Scope:

Key Questions Answered in This Report:

• How has the South Korea cardiovascular devices market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the South Korea cardiovascular devices market?
• What is the breakup of the South Korea cardiovascular devices market on the basis of type?
• What is the breakup of the South Korea cardiovascular devices market on the basis of technology?
• What are the various stages in the value chain of the South Korea cardiovascular devices market? 
• What are the key driving factors and challenges in the South Korea cardiovascular devices?
• What is the structure of the South Korea cardiovascular devices market and who are the key players?
• What is the degree of competition in the South Korea cardiovascular devices market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the South Korea cardiovascular devices market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the South Korea cardiovascular devices market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the South Korea cardiovascular devices industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.