The South Korean respiratory devices market is expected to register a CAGR of 7.8% over the forecast period.
COVID-19 has impacted the growth of the respiratory devices market in South Korea. For instance, according to an article published in Emergency Infectious Diseases in June 2021, it has been observed that seasonal viruses, with the exception of human bocavirus (HBoV), have been found to have much reduced positive rates for acute respiratory illnesses during the COVID-19 pandemic in South Korea. In addition, as per the same source, the positivity rate of HBoV increased during the last two months of the COVID-19 pandemic in proportion to the number of COVID-19 cases. With the increased severity of COVID-19 in the country, several companies have increased their ventilator production to combat the pandemic. For instance, in April 2020, MEKICS Co. Ltd, a South Korean company, partnered with BIOLASE Inc. to supply ICU-grade portable ventilators through BIOLASE's FDA-registered manufacturing facility in California. Such partnerships have increased the production of portable ventilators in the country. Hence, the COVID-19 pandemic had a favorable impact on the market initially; currently, as the pandemic has subsided, the market has lost some traction. However, it is expected to have stable growth during the forecast period of the study.
Factors such as the rising burden of respiratory disorders such as COPD, asthma, and sleep apnea, as well as growing technological advancements and increasing application in homecare settings, are boosting the market growth.
The prevalence and incidence of respiratory diseases such as asthma, chronic obstructive pulmonary diseases, and others among the population are increasing rapidly, which is anticipated to increase the demand for respiratory devices, hence propelling market growth. For instance, according to an article published in the International Journal of Chronic Obstructive Pulmonary Disease in October 2022, it has been observed that 15.5/1,000 people are diagnosed with COPD annually in South Korea. In addition, as per the same source, the incidence rate of COPD was higher among men as compared to women. Thus, the prevalence of COPD, a serious public health issue, is expected to rise, especially in emerging countries which is anticipated to increase the demand for different respiratory devices such as inhalers, nebulizers, ventilators, and others. This, in turn, is anticipated to fuel the market growth over the forecast period.
Furthermore, the rising government activities and initiatives to donate respiratory devices to other countries to combat the coronavirus pandemic have also increased the production of respiratory devices in the country. This is also contributing to the market growth. For instance, in June 2021, the South Korean government donated 350 oxygen concentrators and 35 ventilators to help Indonesia cope with an exponential spike in COVID-19 cases. South Korea disbursed USD 4 million in funds to help Indonesia as a manifestation of cooperation to increase its capacity to handle the COVID-19 pandemic.
Moreover, the rising company activities are also contributing to market growth. For instance, in November 2021, HoneyNaps, a South Korea-based healthcare startup, launched its medical software that uses artificial intelligence to diagnose sleep disorders. The device is called SOMNUM, the deep learning-based analysis program that enables real-time, multi-channel, large-capacity signal analysis. It automatically provides polysomnography readings that are said to be more accurate than conventional autoscoring.
Therefore, owing to the factors such as the high burden of respiratory diseases and growing company activities in the country, the studied market is expected to grow over the forecast period. However, the high cost of devices is likely to hinder the growth of the respiratory devices market in South Korea over the forecast period.
A ventilator is an equipment that delivers mechanical ventilation by moving breathable air into and out of the lungs to deliver breaths to a patient who is unable or insufficiently breathing. Modern ventilators are microprocessor-controlled computers; however, patients can also be ventilated using a simple, hand-operated bag valve mask. Ventilators are most employed in intensive care, home care, emergency medicine, and anesthesiology. In addition, ventilators are used in the treatment of various respiratory diseases, and the growing prevalence of these diseases is expected to boost the segment's growth.
The rising burden of COPD, coupled with the growing geriatric population who are more prone to develop chronic obstructive pulmonary disease due to the age-associated changes in the structure and function of the lung, is also expected to increase the demand for different respiratory devices, thereby bolstering the segment growth. For instance, according to an article published in the Journal of Thoracic Disease in June 2021, it has been observed that the prevalence rate of COPD was higher among people aged 40 years or over. Also, as per the data published by Statistics Korea, in September 2022, the population aged 65 years or over is expected to reach 17.5% of the total population in 2022, and South Korea is predicted to become one of the most aged societies by 2025 when the elderly population will reach 20.6% of the total population. Thus, the expected increase in the aging population is anticipated to augment the market growth.
Therefore, owing to the factors such as the high burden of COPD growing aging population in the country, the studied segment is expected to grow over the forecast period.
In addition, the rising government initiatives to combat the reoccurring cases of COVID-19 in the country are anticipated to fuel the segment growth. For instance, in September 2022, the South Korean government reintroduced surgical masks to curb the spread of coronavirus infection among the population in the country. This is expected to increase the demand for masks, hence boosting segment growth.
Furthermore, the high number of tuberculosis cases in the country further raises the demand for respirators to protect against inhaled toxins, hence propelling the segment’s growth. For instance, as per the 2021 data published by the World Bank, the incidence rate of tuberculosis (TB) was 44 per 100,000 people in South Korea in 2021. In addition, Gyeonggi recorded the highest number of TB cases (4,137) in 2021, followed by Seoul (3,067) and Gyeongbuk (1,368) in South Korea in 2021. Thus, the high number of TB infections in patients is expected to increase the demand for surgical masks to prevent the inhalation and spread of airborne droplet nuclei, thereby boosting segment growth.
Moreover, the rising company activities to develop various respiratory disposal items increase their availability in the market, which is also expected to augment the segment growth over the forecast period. For instance, in February 2022, Atman, a company in South Korea, launched a mask, Kosk, a two-piece PPE that covers only the nose and leaves the mouth uncovered, which helps people to eat and drink comfortably.
Therefore, owing to the factors such as increasing government initiatives and rising company activities, the studied segment is expected to grow in South Korea over the forecast period.
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COVID-19 has impacted the growth of the respiratory devices market in South Korea. For instance, according to an article published in Emergency Infectious Diseases in June 2021, it has been observed that seasonal viruses, with the exception of human bocavirus (HBoV), have been found to have much reduced positive rates for acute respiratory illnesses during the COVID-19 pandemic in South Korea. In addition, as per the same source, the positivity rate of HBoV increased during the last two months of the COVID-19 pandemic in proportion to the number of COVID-19 cases. With the increased severity of COVID-19 in the country, several companies have increased their ventilator production to combat the pandemic. For instance, in April 2020, MEKICS Co. Ltd, a South Korean company, partnered with BIOLASE Inc. to supply ICU-grade portable ventilators through BIOLASE's FDA-registered manufacturing facility in California. Such partnerships have increased the production of portable ventilators in the country. Hence, the COVID-19 pandemic had a favorable impact on the market initially; currently, as the pandemic has subsided, the market has lost some traction. However, it is expected to have stable growth during the forecast period of the study.
Factors such as the rising burden of respiratory disorders such as COPD, asthma, and sleep apnea, as well as growing technological advancements and increasing application in homecare settings, are boosting the market growth.
The prevalence and incidence of respiratory diseases such as asthma, chronic obstructive pulmonary diseases, and others among the population are increasing rapidly, which is anticipated to increase the demand for respiratory devices, hence propelling market growth. For instance, according to an article published in the International Journal of Chronic Obstructive Pulmonary Disease in October 2022, it has been observed that 15.5/1,000 people are diagnosed with COPD annually in South Korea. In addition, as per the same source, the incidence rate of COPD was higher among men as compared to women. Thus, the prevalence of COPD, a serious public health issue, is expected to rise, especially in emerging countries which is anticipated to increase the demand for different respiratory devices such as inhalers, nebulizers, ventilators, and others. This, in turn, is anticipated to fuel the market growth over the forecast period.
Furthermore, the rising government activities and initiatives to donate respiratory devices to other countries to combat the coronavirus pandemic have also increased the production of respiratory devices in the country. This is also contributing to the market growth. For instance, in June 2021, the South Korean government donated 350 oxygen concentrators and 35 ventilators to help Indonesia cope with an exponential spike in COVID-19 cases. South Korea disbursed USD 4 million in funds to help Indonesia as a manifestation of cooperation to increase its capacity to handle the COVID-19 pandemic.
Moreover, the rising company activities are also contributing to market growth. For instance, in November 2021, HoneyNaps, a South Korea-based healthcare startup, launched its medical software that uses artificial intelligence to diagnose sleep disorders. The device is called SOMNUM, the deep learning-based analysis program that enables real-time, multi-channel, large-capacity signal analysis. It automatically provides polysomnography readings that are said to be more accurate than conventional autoscoring.
Therefore, owing to the factors such as the high burden of respiratory diseases and growing company activities in the country, the studied market is expected to grow over the forecast period. However, the high cost of devices is likely to hinder the growth of the respiratory devices market in South Korea over the forecast period.
South Korea Respiratory Devices Market Trends
Ventilator Segment is Expected to Register Significant Growth Over the Forecast Period
The ventilator segment is expected to witness significant growth in the respiratory devices market over the forecast period owing to the factors such as the rising prevalence of asthma, COPD, allergic rhinitis, brain injuries, cardiac arrest, and strokes among the population.A ventilator is an equipment that delivers mechanical ventilation by moving breathable air into and out of the lungs to deliver breaths to a patient who is unable or insufficiently breathing. Modern ventilators are microprocessor-controlled computers; however, patients can also be ventilated using a simple, hand-operated bag valve mask. Ventilators are most employed in intensive care, home care, emergency medicine, and anesthesiology. In addition, ventilators are used in the treatment of various respiratory diseases, and the growing prevalence of these diseases is expected to boost the segment's growth.
The rising burden of COPD, coupled with the growing geriatric population who are more prone to develop chronic obstructive pulmonary disease due to the age-associated changes in the structure and function of the lung, is also expected to increase the demand for different respiratory devices, thereby bolstering the segment growth. For instance, according to an article published in the Journal of Thoracic Disease in June 2021, it has been observed that the prevalence rate of COPD was higher among people aged 40 years or over. Also, as per the data published by Statistics Korea, in September 2022, the population aged 65 years or over is expected to reach 17.5% of the total population in 2022, and South Korea is predicted to become one of the most aged societies by 2025 when the elderly population will reach 20.6% of the total population. Thus, the expected increase in the aging population is anticipated to augment the market growth.
Therefore, owing to the factors such as the high burden of COPD growing aging population in the country, the studied segment is expected to grow over the forecast period.
Disposables Segment is Expected to Have the Significant Market Share Over the Forecast Period
The disposables segment is expected to witness significant growth in the respiratory devices market in South Korea over the forecast period. The factors attributing to the segment growth are the increasing coronavirus and tuberculosis infection, rising demand for disposable products such as masks, breathing circuits, and others, and growing company activities.In addition, the rising government initiatives to combat the reoccurring cases of COVID-19 in the country are anticipated to fuel the segment growth. For instance, in September 2022, the South Korean government reintroduced surgical masks to curb the spread of coronavirus infection among the population in the country. This is expected to increase the demand for masks, hence boosting segment growth.
Furthermore, the high number of tuberculosis cases in the country further raises the demand for respirators to protect against inhaled toxins, hence propelling the segment’s growth. For instance, as per the 2021 data published by the World Bank, the incidence rate of tuberculosis (TB) was 44 per 100,000 people in South Korea in 2021. In addition, Gyeonggi recorded the highest number of TB cases (4,137) in 2021, followed by Seoul (3,067) and Gyeongbuk (1,368) in South Korea in 2021. Thus, the high number of TB infections in patients is expected to increase the demand for surgical masks to prevent the inhalation and spread of airborne droplet nuclei, thereby boosting segment growth.
Moreover, the rising company activities to develop various respiratory disposal items increase their availability in the market, which is also expected to augment the segment growth over the forecast period. For instance, in February 2022, Atman, a company in South Korea, launched a mask, Kosk, a two-piece PPE that covers only the nose and leaves the mouth uncovered, which helps people to eat and drink comfortably.
Therefore, owing to the factors such as increasing government initiatives and rising company activities, the studied segment is expected to grow in South Korea over the forecast period.
South Korea Respiratory Devices Market Competitor Analysis
The respiratory devices market consists of several major players, but South Korea still has few major players in the market. The companies are implementing certain strategic initiatives, such as mergers, new product launches, acquisitions, and partnerships, that help them strengthen their market position. The major players are Drägerwerk AG & Co. KGaA, ResMed, Teleflex Incorporated, Fisher & Paykel Healthcare Limited, and HoneyNaps Co., Ltd., among others.Additional benefits of purchasing the report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
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Table of Contents
1 INTRODUCTION
4 MARKET DYNAMICS
5 MARKET SEGMENTATION (Market Size by Value - USD Million)
6 COMPETITIVE LANDSCAPE
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Drägerwerk AG & Co. KGaA
- M.I.One Co., Ltd
- Teleflex Incorporated
- HoneyNaps Co., Ltd.
- MEKICS Co., Ltd
- Fisher & Paykel Healthcare Limited
- iSenLAb Co. LTD
- ResMed Inc
Methodology
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