South Korea Endoscopy Devices Market Outlook 2031:
The South Korea endoscopy devices market size was valued at USD 970 Million in 2022 and is projected to reach USD 1.74 Billion by 2031, expanding at a CAGR of 6.73% during the forecast period 2023 - 2031. The growth of the market is attributed to growing desire for less invasive operations, rising prevalence of endoscopy for treatment and diagnosis, and technical developments leading to expanded applications.
Endoscopes are minimally invasive instruments that may be placed into natural bodily holes to examine an inside organ or tissue in detail. Endoscopic operations are used for imaging and small surgery procedures. These devices are implanted in the body either through natural holes or cavities (such as the anus and mouth) or through incisions, particularly in arthroscopy.
Other elements of endoscopy equipment, such as a camera or light source at the tip of the endoscope, assist physicians or medical professionals (endoscopists) in analysing internal organs of interest. Endoscopy can be performed to evaluate digestive system symptoms such as nausea, vomiting, abdominal discomfort, swallowing difficulties, and gastrointestinal bleed.
The COVID-19 pandemic affected the demand and supply of South Korea endoscopy devices market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
South Korea Endoscopy Devices Market Trends, Drivers, Restraints, and Opportunities
- Growing aspiration for less invasive operations is projected to fuel the market during the forecast period.
- Rising prevalence of endoscopy for treatment and diagnosis is key factor propelling the market in the coming years.
- Infections caused by a limited number of endoscopes are estimated to hinder the market growth.
- Lack of skilled labor act as major challenge that can impede the market expansion in the coming years.
- R&D investment and technological advancement is expected to create lucrative opportunities for the market players.
Scope of the South Korea Endoscopy Devices Market Report
The report on the South Korea endoscopy devices market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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South Korea Endoscopy Devices Market -Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Type of Device (Endoscopes, Endoscopic Operative Devices, and Visualization Equipment), and Application (Gastroenterology, Orthopaedic Surgery, Cardiology, ENT Surgery, Gynaecology, Neurology, Urology, and Others)
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Geographical Scope
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South Korea
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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PENTAX Medical; TECHCORD Co., Ltd; Olympus Corporation; Medex World Wide; Karl Storz SE & Co. KG
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South Korea Endoscopy Devices Market Segment Insights
The SD visualization segment is projected to hold a major market share
Based on type of device, the South Korea endoscopy devices market is divided into endoscopes, endoscopic operative devices, and visualization equipment. The SD Visualization segment is expected to represent a key share of the market during the forecast period. Both 2D and 3D endoscopic equipment employ SD camera systems.
The first-generation endoscopic SD camera contains one or three chips and always outputs to a recording device or an analogue display. Endoscopic cameras that use standard definition (SD) transmissions provide pictures with 4:3 aspect ratio. These visualization systems use charge coupled device chips to produce a high-resolution image that is presented in SD format. Many technical improvements, such as complementary metal-oxide-semiconductor (CMOS) and CCD innovations have resulted in minor chips that make the endoscopic process easier and aid in better resolution.
The gynaecology segment is expected to grow at a rapid pace
On the basis of application, the South Korea endoscopy devices market is segregated into gastroenterology, orthopaedic surgery, cardiology, ENT surgery, gynaecology, neurology, urology, and others. The gynaecology segment is expected to represent a key share of the market during the forecast period. The gynaecologic laparoscopic surgery is one of the most frequent minimally invasive procedures for obtaining a clear view of the pelvic area.
A pelvic laparoscopy can look at the uterus, ovaries, and fallopian tubes. These devices are also used to remove fibroids, uteruses, ovarian cysts, and lymph nodes, as well as to identify ovarian, uterine, and cervical cancer. As a result, the market is anticipated to develop rapidly throughout the forecast period, owing to the growing prevalence of gynaecologic cancer.
Segments
The South Korea endoscopy devices market has been segmented on the basis of
Type of Device
- Endoscopes
- Endoscopic Operative Devices
- Visualization Equipment
Application
- Gastroenterology
- Orthopaedic Surgery
- Cardiology
- ENT Surgery
- Gynaecology
- Neurology
- Urology
- Others
Key Players
Competitive Landscape
Key players competing in the South Korea endoscopy devices market include PENTAX Medical, TECHCORD Co., Ltd, Olympus Corporation, Medex World Wide, and Karl Storz SE & Co. KG.
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
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