South Korea Ophthalmic Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

The South Korean ophthalmic devices market is expected to register a CAGR of 4.2% during the forecast period.

The COVID-19 pandemic resulted in considerable service reductions throughout the NHS, with ophthalmology being one of the most severely impacted specialties. According to the study published in March 2022 by the Journal of Clinical Medicine, overall, 121,042 patients were scheduled to visit the Sanggye Paik Hospital Ophthalmology Department. The cancellation rate was 19.13% during pre-COVID-19, 24.13% during early COVID-19, and 17.34% during late COVID-19. The reasons for not visiting the clinic included a hospital, patient, and contact factors; hospitalization in other departments and hospitals; and death. Thus, the COVID-19 pandemic severely curtailed ophthalmology service clinical activities, impacting the market’s growth in its initial phase.

Furthermore, ophthalmic devices are medical equipment for diagnosis, surgical, and vision correction purposes. These devices gained substantial importance due to the high prevalence of various ophthalmic diseases such as glaucoma, cataracts, and other vision-related issues across the nation.

Per the research article published in BMC Medical Research, 2022, Dry eye disease (DED) is a rising public health problem in ophthalmology, and its prevalence among middle-aged and elderly individuals ranges from 7% to 34% in South Korea. Cataract surgery is considered the most commonly performed surgery in South Korea. Moreover, as per an article published in April 2022 by Alex Delaney-Gesing, researchers selected 145 students in the first grade of the school with the lowest daylight factor (0.51%) and 147 students in the first grade of the school with the highest daylight factor (13.35%). Hence, as the number of eye disorders increases, a tremendous demand for ophthalmic devices for diagnostic and therapeutic purposes drives the market’s growth over the forecast period. However, the risk associated with ophthalmic procedures is expected to hinder the market’s growth.

The increasing launches by manufacturers to meet the growing demand for innovative products are expected to drive the market’s growth. For instance, in July 2022, Baxter launched its Welch Allyn RetinaVue 100 Imager PRO in South Korea. The device was designed to make diabetic retinopathy screening simple and affordable in primary care settings. Similarly, in August 2021, Eyenovia Inc. announced they entered into an exclusive license agreement for Arctic Vision to develop and commercialize MicroPine for the treatment of progressive myopia and MicroLine for the treatment of presbyopia in South Korea. Such factors drive the demand for the adoption of ophthalmic devices in South Korea.

However, the risk associated with ophthalmic procedures is expected to hamper the South Korean ophthalmic devices market growth.

South Korea Ophthalmic Devices Market Trends

Lasers Segment is Expected to Show Better Growth during the Forecast Period

Based on surgical devices, the market is segmented into glaucoma, intraocular lenses, lasers, and other devices. A laser eye procedure is intended to correct long-term vision problems in people. The laser can be applied to the iris or the trabecular meshwork to allow aqueous fluid to flow more effectively within the eye and drain better by the normal drainage channels. Laser vision correction has a very high success rate, and many patients’ reliance on eyeglasses or contact lenses is significantly reduced.

As per the study published in May 2022 by the Retina Journal, 36,053 patients were identified as having incident chorioretinopathy (CSC). The annual incidence in the latest year was 19.61 (95% confidence interval, 19.58 to 19.63) per 100,000 people. A total of 11,492 patients were included in the study group and 22,984 in the non-CSC group. The CSC and non-CSC groups had 166 (1.44%) and 73 (0.32%) cases of exudative age-related macular degeneration (AMD), respectively. Therefore, laser treatment is required to cure various eye diseases, which is expected to increase the need for laser devices. Thereby, the market segment is expected to see a surge.

Moreover, in January 2022, the NUNEMISO eye center of Korea shortened the eye recovery period of SMILE LASIK to a day. Such initiatives are expected to boost the market segment's growth over the forecast period.

Hence, the segment is expected to witness rapid growth over the forecast period owing to the high growth opportunities.

Ophthalmic Ultrasound Imaging Systems is Expected to Hold a Significant Share in the Market and Expected to do Same Over the Forecast Period

Ocular ultrasound, also known as ocular echography, 'echo,' or a B-scan, is a quick, non-invasive test routinely used in clinical practice to assess the structural integrity and pathology of the eye.

The rising prevalence of eye-related diseases is leading to increased demand for ophthalmic ultrasound, in the country. In the country, eye conditions have emerged as potential threats to populations. The increase in the prevalence of diabetes in various countries has led to the addition of diabetic retinopathy to the priority list. As per the study published in March 2021, by Natures, approximately 94.1% of the total number of people with disabilities and 94.7% of visually impaired people were registered with the local government. Moreover, as per an article published in June 2021, by Voice of America (VOA), roughly 250,000 South Koreans have a visual disability - a relatively small demographic in a nation of about 52 million. Thus, the increasing high burden of vision impairment is expected to increase the demand for an ophthalmic ultrasound imaging system for an early diagnosis, which is expected to boost the growth of the market's segment over the forecast period.

Thus, owing to the abovementioned factors, the market in the segment is expected to show growth over the forecast period.

South Korea Ophthalmic Devices Market Competitor Analysis

The South Korea ophthalmic devices market is moderately competitive. The global players in the South Korean ophthalmic devices market are Alcon Inc., Carl Zeiss Meditec AG, Hoya Corporation, Johnson & Johnson, Nidek Co. Ltd, Topcon Corporation, and Ziemer Group AG, among others.

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