The South Korean endoscopy devices market is witnessing a growth due to the growing preference for minimally-invasive surgeries, increasing prevalence of endoscopy for treatment and diagnosis and technological advancements leading to enhanced applications.
Healthcare expenditure in South Korea is increasing especially in private healthcare, which translates into better healthcare provision and quality of services in the country. Uptake of new and advanced minimally invasive surgical systems are driven by patients and physicians preferences because of their advantages over open surgery, such as less complications, less pain, faster recovery, and shorter operating times, which translate into lower hospitalization costs and improved patient outcomes.
In South Korea, private healthcare providers have been allowed to respond accordingly to the increase in demand for healthcare services, which has resulted in 94% of the hospitals in the country being privately owned. With an increase in chronic diseases, hospitals are expected to be overcrowded, requiring new equipment or procedures that can help reduce the treatment time, or specific partnerships that can help reduce the burden on existing healthcare service providers. Therefore all these factors are expected to contribute to the increase in adoption of endoscopy devices in South Korea.
Key Market Trends
SD Visualization System Segment is Anticipated to Grow with a Significant CAGR
The SD camera systems are used in both 2D and 3D endoscopic devices. The first-generation of endoscopic SD camera has 1 or 3 chips and almost exclusively delivers an output to either a recording device or an analog monitor. Standard Definition (SD) signals in endoscopic cameras offer images in a 4:3 aspect ratio. These visualization systems are equipped with a charge coupled device (CCD) chips that generate a high pixel image, which is displayed in SD format. There are alos many technological advances, like complementary metal-oxide-semiconductor (CMOS), and advancements in CCDs that have resulted in smaller chips that make the endoscopic process easy and also aid in better resolution, thus, helping the growth of the SD market.
The South Korea Endoscopy Devices market consists of major market players and these players are moreover focusing on research and development in order to form the stable and safe devices. The market has been noticing technological developments on a large scale for the past decade. Some of the market players are SOMETECH INC., SUNGYONG MEDITECH, KARL STORZ, Medex Worldwide, TECHCORD Co., Ltd., Fujifilm Holdings, PENTAX Medical, Olympus Corporation e.t.c amongst others
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