South Korea Neurology Devices Market Size Insights Forecasts to 2032

• The South Korea Neurology Devices Market Size was valued at USD XX Billion in 2022.
• The Market Size is Growing at a CAGR of 6.4% from 2022 to 2032.
• The South Korea Neurology Devices Market Size is expected to reach XX Billion by 2032.

The South Korea Neurology Devices Market Size is expected to reach USD XX Billion by 2032, at a CAGR of 6.4% during the forecast period 2022 to 2032.

Market Overview

A wide variety of medical instruments and technologies are referred to as neurology devices, and their purpose is to identify, track, and manage disorders of the nervous system. Because they help medical professionals better understand and treat conditions like epilepsy, Parkinson's disease, and various neurodegenerative disorders, these gadgets are essential to the fields of neurology and neuroscience. Electroencephalography (EEG) machines, magnetic resonance imaging (MRI) and computed tomography (CT) scanners, and nerve conduction studies are examples of diagnostic neurology devices that allow for the precise visualization and evaluation of neural structures and functions. Furthermore, the market for cutting-edge neurology devices is driven by rising public and professional awareness of the advantages of early detection and treatment of neurological disorders. The growing significance of telemedicine in South Korea, especially in the aftermath of the pandemic, highlights the need for wearable and remote neurology monitoring devices to support ongoing patient care and data gathering. The neurology devices market in South Korea is expected to grow steadily due to a confluence of demographic, technological, and healthcare policy factors as the nation continues to invest in public health awareness, research capabilities, and healthcare infrastructure.

Report Coverage

This research report categorizes the market for South Korean neurology 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 Korean neurology 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 Korean neurology devices market.

Driving Factors

The rising incidence of neurological disorders is the main driver of the market in South Korea. Accordingly, the ageing population and changing lifestyles are driving a large portion of the market expansion. Additionally, the need for sophisticated diagnostic and therapeutic neurology devices is being driven by the rising prevalence of diseases like Parkinson's, epilepsy, and stroke, which is driving the market's growth. Technological developments in neuroimaging methods, such as high-resolution CT and MRI scanners, improve diagnostic precision and propel the nation's adoption of state-of-the-art neurology equipment. Furthermore, South Korea's advanced medical technology adoption policies and strong healthcare infrastructure support the country's healthcare institutions' need for cutting-edge neurology equipment. In addition, the government's emphasis on modernizing healthcare and its funding for R&D is very important. Efforts to promote cooperation between research institutions and industry are driving innovation in neurology devices.

Restraining Factors

Neurology devices are subject to strict regulatory requirements for approval and marketing, which can pose difficulties for manufacturers and restrict the availability of new products. The government and private insurance companies in South Korea only partially reimburse neurology devices, which prevents their widespread use. South Korea's growth in this market may be constrained by competition from nations like China and Japan in the research and development of neurology devices.

Market Segment

• In 2022, the neurosurgery devices segment accounted for the largest revenue share over the forecast period.

Based on the type, the South Korean neurology devices market is segmented into neurostimulation, interventional neurology, CSF management, and neurosurgery devices. Among these, the neurosurgery devices segment has the largest revenue share over the forecast period. This is mainly due to the rising incidence of neurological conditions along with an increase in the ageing population and lifestyle-related conditions like chronic pain and depression, as well as the rising use of cutting-edge neurosurgery devices.

• In 2022, the speciality centres segment accounted for the largest revenue share over the forecast period.

Based on end users, the South Korean neurology devices market is segmented into hospitals & clinics, speciality centres, and others. Among these, the speciality centres segment has the largest revenue share over the forecast period. Neurology devices are in higher demand due to factors such as patient preference for less invasive medical procedures, the expansion of ambulatory surgery centres in developed countries, and the convenience of scheduling appointments. The availability of neurology devices in hospital settings and patients' preference to visit hospitals for neurology device diagnosis and treatment, however, account for hospitals and clinics' fastest rate of growth.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korean neurology 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

• Elekta AB
• Smith & Nephew
• B. Braun SE
• Stryker Corporation
• Medtronic PLC
• Johnson and Johnson
• Integra LifeSciences Corporation
• Abbott Laboratories

Key Target Audience

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

Market Segment

This study forecasts revenue at regional, and country levels from 2021 to 2032. Spherical Insights has segmented the South Korean neurology devices market based on the below-mentioned segments:

South Korea Neurology Devices Market, By Type

• Neurostimulation
• Interventional Neurology
• CSF Management
• Neurosurgery Devices

South Korea Neurology Devices Market, By End User

• Hospitals & Clinics
• Specialty Centers
• Others