South Korea Spinal Surgery Devices Market Size, Share, and COVID-19 Impact Analysis, By Device Types (Spinal Decompressions [Corpectomy, Discectomy, Laminotomy, and Others], Spinal Fusions [Cervical Fusion, Interbody Fusion, thoracolumbar Fusion, and Others], Fracture Repair Devices, and Others), By End User (Hospitals & Ambulatory Surgery Centers, Specialty Clinics and Others), and South Korea Spinal Surgery Devices Market Insights Forecasts 2022 – 2032

Industry: Healthcare

RELEASE DATE Dec 2023
REPORT ID SI3242
PAGES 200
REPORT FORMAT PathSoft

South Korea Spinal Surgery Devices Market Size Insights Forecasts to 2032

  • The Market Size is Growing at a CAGR of 6.54% from 2022 to 2032.
  • The South Korea Spinal Surgery Devices Market Size is Expected to Hold a Significant Share by 2032.

 

South Korea Spinal Surgery Devices Market

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The South Korea Spinal Surgery Devices Market Size is Expected to Hold a Significant Share by 2032, at a CAGR of 6.54% during the forecast period 2022 to 2032. 

 

Market Overview

Spine surgery, also known as back surgery, is a procedure that aims to change the anatomy of a patient, such as removing a herniated disc that is causing pain and providing pain relief. Some spinal surgeries are more invasive and require longer recoveries, whereas others are minimally invasive and allow for faster recovery. Spine surgeries using specialized spine surgery products can result in pain-free body structure, good body posture, reduced body frictions, and fewer orthopedic disabilities. The growing need for orthopedic spine devices has also resulted in numerous strategic collaborations and new product launches among key players to expand their portfolios and geographical footprints. Several technological advancements are taking place in the spinal device market. Several manufacturers have created spine navigation tools to improve clinical outcomes. Customized implants to best suit the patient are also becoming more popular. Furthermore, the adoption of 3D-printed implants is gradually increasing, which is expected to fuel the spinal surgery devices market.

 

Report Coverage

This research report categorizes the market for South Korea spinal surgery devices market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea spinal surgery devices market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South Korea spinal surgery devices market.

South Korea Spinal Surgery Devices Market Report Coverage

Report CoverageDetails
Base Year:2022
Forecast Period:2022 – 2032
Forecast Period 2022 – 2032 CAGR:6.54%
Historical Data for: 2018-2021
No. of Pages:200
Tables, Charts & Figures:115
Segments covered:By Device Types, By End User, and COVID-19 Impact Analysis.
Companies Covered: B. Braun SE, Johnson & Johnson (Depuy Synthes), Medtronic PLC, Styker, Zimmer Biomet, Bk Meditech, GS Medical, Envision Co., Ltd, Genoss, CORENTEC Co., Ltd, Others, and
Pitfalls & Challenges:COVID-19 Empact, Challenge, Future, Growth, & Analysis

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Driving Factors

Increasing adoption of minimally invasive spinal surgeries is expected to drive market growth during the forecast period, and rising obesity and degenerative spinal conditions are expected to drive market growth in the coming years. Rising life expectancy is expected to drive market growth during the forecast period while rising technological advancements in spinal surgery are expected to boost market growth in the coming years. Growing robotic spine fusion surgeries are expected to drive market growth in the coming years, as is an increase in the incidence of spinal disorders during the forecast period. In addition, new product launches and technological advancements can open up new market opportunities.

 

Restraining Factors

The high cost of spinal surgery and reimbursement uncertainties are expected to hamper market growth during the forecast period. Additionally, complications associated with surgeries such as blood clots, excessive bleeding, dural tears, and infections can restrict the market growth.

 

Market Segment

  • In 2022, the spinal decompressions segment accounted for the largest revenue share over the forecast period.

Based on the device types, the South Korea spinal surgery devices market is segmented into spinal decompressions, spinal fusions, fracture repair devices, and others. The spinal decompression segment is divided into corpectomy, discectomy, laminotomy, and others. The spinal fusion segment is segregated into cervical fusion, interbody fusion, thoracolumbar fusion, and others. Among these, the spinal decompressions segment has the largest revenue share over the forecast period. The surgical removal of a herniated disc's damaged area in the spine is known as a discectomy. A herniated disc occurs when a portion of the disc's softer interior material pushes through a tear in its harder outer layer. This may aggravate or press on nearby nerves, causing discomfort, numbness, or weakness. As a result of the increased incidence of herniated discs in South Korea, the segment is expected to grow.

 

In 2022, the hospitals & ambulatory surgery centers segment accounted for the highest revenue share over the forecast period.

Based on end-user, the South Korea spinal surgery devices market is segmented into hospitals & ambulatory surgery centers, specialty clinics, and others. Among these, the hospitals & ambulatory surgery centers segment accounted for the highest revenue share over the forecast period. Given the favorable healthcare reimbursement policies for spinal procedures and the rapid adoption of spine navigation software. The specialty clinics segment is expected to grow due to an increase in the number of spine surgeons and an increase in outpatient spinal surgery. The other segment is expected to grow due to the rapid adoption of stimulation devices in homecare settings and physiotherapy centers.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea spinal surgery devices market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

  • B. Braun SE
  • Johnson & Johnson (Depuy Synthes)
  • Medtronic PLC
  • Styker
  • Zimmer Biomet
  • Bk Meditech
  • GS Medical
  • Envision Co., Ltd
  • Genoss
  • CORENTEC Co., Ltd
  • Others

 

Key Target Audience

  • Market Players
  • Investors
  • End-users
  • Government Authorities 
  • Consulting and Research Firm
  • Venture capitalists
  • Value-Added Resellers (VARs)

 

Recent Development

  • In September 2022, Amplify Surgical, Inc., a medical device company focused on innovative minimally invasive lumbar spine surgery, hosted its Fall Spine Symposium in collaboration with expert surgeons from South Korea and the United States. It demonstrated the dual-portal approach, a novel two-portal endoscopic technique, one of the most recent advances in minimally invasive spine surgery.

 

  • In August 2022, Curexo, Inc., a South Korean medical robotics specialist, entered into a development and distribution agreement with THINK Surgical, Inc., a pioneer in the field of orthopedic surgical robots. THINK and Curexo have been actively collaborating on development projects. THINK's TSolution One platform is distributed by Curexo in Korea and Vietnam.

 

Market Segment

This study forecasts revenue at regional, and country levels from 2021 to 2032. Spherical Insights has segmented the South Korea Spinal Surgery Devices Market based on the below-mentioned segments:

 

South Korea Spinal Surgery Devices Market, By Device Types

  • Spinal Decompressions
  • Corpectomy
  • Discectomy
  • Laminotomy
  • Others
  • Spinal Fusions
  • Cervical Fusion
  • Interbody Fusion
  • thoracolumbar Fusion
  • Others
  • Fracture Repair Devices
  • Others

 

South Korea Spinal Surgery Devices Market, By End User

  • Hospitals & Ambulatory Surgery Centers
  • Specialty Clinics
  • Others

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