The South Korea minimally invasive surgery devices market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of 8.4% during 2023–2031. The growth of the market is attributed to the minimally invasive surgery is increasingly used in cosmetic surgery, rise of medical tourism in Korea and technological advancement.
Minimally invasive surgery includes the use of surgical instruments (such as arthroscopy or laparoscope equipment) and remote-control equipment to monitor surgery through a large screen or endoscope. Minimally invasive surgery eliminates large-area incisions and infections, lessen the hospital stay, and early rehabilitation promotion. The use of minimally invasive surgical instrument has now expanded. Some minimally invasive surgical instruments include viewers, stents, sutures, dilators, electrosurgical instruments, balloon inflators, guide catheters, trocars, files, and cannulas.
South Korea Minimally Invasive Surgery Devices Market Trends, Drivers, Restraints, and Opportunities
Growing incidence of chronic diseases and diagnosed by surgeries is expected to boost the market during the forecast period.
Rapid growth of the healthcare industry due to geriatric population and rising demand among patients for invasive treatments is major factors fueling the market during the forecast period.
Increasing demand for minimally invasive surgical treatments and rising awareness among medical professionals is expected to drive the market during the forecast period.
High cost of advanced invasive surgery technologies is anticipated to hamper the market growth.
Lack of skilled professionals for invasive surgeries and lack of adoption of these technologies act as major factors that can restrict the market growth during the forecast period.
R&D investment and technological advancement in minimally invasive surgery technologies, less-operative pain during surgeries, and faster recovery are projected to offer lucrative opportunities for the market players.
Scope of South Korea Minimally Invasive Surgery Devices Market Report
The report on the South Korea minimally invasive surgery device market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Minimally Invasive Surgery Device Market - South Korea Industry Analysis, Growth, Share, Size, Trends, and Forecast
Products (Handheld Instruments, Guiding Devices, Electrosurgical Devices, Endoscopic Devices, Laparoscopic Devices, Monitoring and Visualization Devices, Robotic Assisted Surgical Systems, Ablation Devices, Laser Based Devices, and Others), and Applications (Aesthetic, Cardiovascular, Gastrointestinal, Gynecological, Orthopedic, Urological, and Others)
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Olympus Corporation, Smith & Nephew, Medtronic PLC, Siemens Healthineers, and GE Healthcare
South Korea Minimally Invasive Surgery Devices Market Segment Insights
The handheld instrument segment is projected to hold major market share
Based on products, the minimally invasive surgery device market is segregated into handheld instruments, guiding devices, electrosurgical devices, endoscopic devices, laparoscopic devices, monitoring and visualization devices, robotic assisted surgical systems, ablation devices, laser based devices, and others.
The handheld instrument segment is expected to represent a key share of the market during the forecast period owing to its wide usage in surgical procedures. The number of minimally invasive surgery is increasing every year, which contributes to the growth of the market. Handheld instruments have increased the dexterity of surgeons. In addition, the aging population and technologically advanced equipment’s are accelerating the demand for advanced treatment methods, which is expected to grow rapidly during the forecast period.
On the other hand, the laparoscopic devices segment is anticipated to expand at a rapid pace during the forecast period due to the increasing acceptance of minimally invasive surgery in surgical operations such as ulcerative colitis, obesity, and diverticulitis. Laparoscopic equipment is dominating the market since past few years. There are several growth opportunities in this segment. Laparoscopic surgery is one of the most popular minimally invasive surgeries in the country.
The aesthetic segment is anticipated to expand at a rapid CAGR
Based on applications, the minimally invasive surgery device market is fragmented into aesthetic, cardiovascular, gastrointestinal, gynecological, orthopedic, urological, and others.
The aesthetic segment is expected to represent a key share of the market during the forecast period owing to beauty treatments which is very popular in South Korea. Compared to any other country in the world, South Korea has the most beauty treatments. The country also has a booming medical tourism industry, which is mainly engaged in beauty treatments.
Therefore, plastic surgery medical tourism is also an additional source of income for this market. In Korean society, facial features are considered the most important of all physical features especially for women between 25 and 60 years old. Most of the cosmetic surgeries in Korea are performed with minimally invasive equipment.
The South Korea minimally invasive surgery devices market has been segmented on the basis of
- Handheld Instruments
- Guiding Devices
- Electrosurgical Devices
- Endoscopic Devices
- Laparoscopic Devices
- Monitoring and Visualization Devices
- Robotic Assisted Surgical Systems
- Ablation Devices
- Laser Based Devices
Key players competing in the minimally invasive surgery devices market include Olympus Corporation, Smith & Nephew, Medtronic PLC, Siemens Healthineers, and GE Healthcare.
Some of these players are using several market strategies including mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.