Summary

South Korea is well-known for its technological strength, and the therapeutic device sector is no exception. The country's significant emphasis on R&D has resulted in the development of cutting-edge therapeutic devices in a variety of categories, including diagnostic imaging, cardiovascular devices, orthopaedic solutions, and wearable health technology. South Korea's government aggressively supports the healthcare sector, creating an environment that encourages innovation. Policies encouraging therapeutic device research, development, and commercialization, as well as investments in healthcare infrastructure, all contribute to market growth. South Korea's regulatory environment protects the safety, efficacy, and quality of medicinal devices. The clearance process is overseen by the Ministry of Food and Drug Safety (MFDS), which ensures compliance with high regulatory requirements, fosters customer confidence, and facilitates market entrance for devices that meet regulatory criteria. South Korea's healthcare system provides universal coverage, making healthcare services more accessible. The ageing population of the country, as well as the incidence of chronic diseases, fuel demand for therapeutic devices that address age-related health concerns, adding to market growth. South Korea is a leader in digital health solutions. Telemedicine systems, remote monitoring devices, and artificial intelligence-powered healthcare applications all contribute to better healthcare delivery, particularly in rural or disadvantaged locations. The country's thriving start-up ecosystem encourages innovation in healthcare technology. Homegrown start-ups focused on therapeutic devices receive support from government initiatives, accelerators, and incubators, contributing to the market's dynamism. The country's advanced telecommunications infrastructure supports telehealth initiatives and remote patient monitoring. Therapeutic devices integrated with telemedicine platforms enable remote consultations, follow-ups, and real-time health monitoring, promoting efficient healthcare delivery.

According to the research report "South Korea Therapeutic Device Market Overview, 2028," published by Bonafide Research, the South Korea Therapeutic Device market is anticipated to add more than USD 1 Billion from 2023 to 2028. The reputation of South Korea as a medical tourism hub increases demand for high-quality therapeutic gadgets. Tourists looking for cosmetic and medical treatments in the country help boost the business by increasing the use of innovative medical technology and products. The creation of healthcare innovation centres and special economic zones dedicated to healthcare and biotechnology provides an environment for therapeutic device research, development, and commercialization, attracting investment and supporting growth. South Korea is a key player in the fields of regenerative medicine and stem cell research. This research contributes to the development of novel therapeutic devices that use regenerative approaches for tissue repair and organ regeneration. South Korea is on the cutting edge of smart healthcare solutions. The incorporation of IoT devices, wearables, and health monitoring devices into therapeutic devices allows for the collection of real-time health data, promoting proactive healthcare management and illness prevention. Mental health technology is becoming increasingly important. South Korea's technical breakthroughs include mental health applications, virtual counselling platforms, and AI-driven solutions for early identification and support, all of which address the growing concern for mental wellness. Bioinformatics and drug delivery system advancements contribute to breakthrough medicinal devices. South Korean research in drug delivery technology, nanomedicine, and tailored drug delivery systems increases therapeutic efficacy while decreasing side effects.

Based on product market is segmented into insulin delivery devices, dialysis equipments, IV equipments, wound care management, and others (ventilators, sleep apnea therapeutic device, respiratory care, hearing aids). IV equipments are playing crucial role in development of South Korea therapeutic device market. IV equipment is essential in hospitals and clinical settings for giving drugs, fluids, and nutrients straight into the bloodstream. South Korea's excellent healthcare infrastructure and emphasis on advanced medical facilities ensure that IV equipment is widely used in healthcare institutions throughout the country. South Korea is well-known for its excellent healthcare services, which draw people from both domestic and foreign markets. IV therapy is a foundational component of numerous therapies, including chemotherapy, hydration, and critical care, underscoring the importance of IV equipment in the country's healthcare scene. The ageing population in South Korea demands increasing medical care, especially IV therapy, for a variety of health issues common among seniors. As the older population develops, so does the demand for IV equipment to satisfy their healthcare demands. IV therapy is critical in the treatment of chronic diseases like cancer, diabetes, and autoimmune disorders. The emphasis on advanced treatments and disease management in South Korea stimulates demand for sophisticated IV equipment adapted to specific therapies. The South Korean government encourages the use of modern treatment devices, such as IV equipment, through healthcare initiatives and payment rules. These regulations improve access to high-quality care and encourage the use of cutting-edge medical technology.

In terms of end user segment market is bifurcated into hospitals and clinics, home care settings, ambulatory care centers (ACCs) and other end user. Hospitals and clinics are key end user of therapeutic devices in South Korea. South Korean hospitals and clinics are outfitted with cutting-edge medical technology and facilities. They provide specialised care in a variety of therapeutic areas, requiring a diverse range of therapeutic gadgets for optimal therapy from simple check-ups to sophisticated procedures and treatments, hospitals and clinics provide a wide range of healthcare services. To meet the demands of their patients, these facilities require a wide range of therapeutic devices, such as imaging systems, infusion pumps, surgical instruments, and monitoring devices. Hospitals and clinics play an important role in the management of chronic diseases that plague the community, such as cardiovascular disease, diabetes, and cancer. In these conditions, therapeutic equipment for infusion therapy, monitoring, and treatment administration is critical. Based on indication market is segmented into wound care, diabetes, respiratory diseases, cardiovascular disorders & hypertension, cancer, pregnancy, hearing disorders, movement disorders and other indications (sleep disorders, kidney disorders, neurovascular diseases, and HIV). Wound care disease is major indication of therapeutic devices in South Korea therapeutic device market. Advanced wound management and therapy are prioritised by South Korean healthcare practitioners. Adoption of cutting-edge wound care technologies and therapeutic devices is critical for optimal wound healing, infection control, and complication reduction. Diabetes and cardiovascular disease are common chronic disorders in South Korea. These disorders frequently result in complications like diabetic foot ulcers or vascular ulcers, which necessitate specialised wound care treatment and therapeutic equipment.

Considered in this report:
• Geography: South Korea
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report:
• South Korea Therapeutic Device market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Product:
• Insulin Delivery Devices
• Dialysis Equipments
• IV Equipments
• Wound Care Management
• Others (ventilators, sleep apnea therapeutic device, respiratory care, hearing aids)

By End User:
• Hospitals and Clinics
• Home Care Settings
• Ambulatory Care Centers (ACCs)
• Other End User

By Indication:
• Wound Care
• Diabetes
• Respiratory Diseases
• Cardiovascular Disorders & Hypertension
• Cancer
• Pregnancy
• Hearing Disorders
• Movement Disorders
• Other Indications (sleep disorders, kidney disorders, neurovascular diseases, and HIV)

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources.

Intended audience:
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Therapeutic Device industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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