The South Korea Neurology Devices Market is expected to grow with a CAGR of 5.2% during the forecasted period. The key factors propelling the growth of this market are increase in incidence of neurological disorders,huge investments by private players in neurology devices and increase in R&D in the field of neurotherapies.
The population in the South Korea is ageing rapidly. According to the World Population Ageing 2019 report, in South Korea population aged above 65 years or over is expected to reach 12.658 million (24.7%) by 2030 from 7.715 million (15.1%) in 2019. This growing geriatric population are more prone to neurological disorders such as Alzheimer’s disease, Parkinsons disease which drives the market over the forecast period.
Thus, owing to above factors the market is expected to show significant growth over the forecast period.
Key Market Trends
Sacral Nerve Stimulation Devices is the Segment under Neurostimulation Devices that is Expected to Grow Fastest during the Forecast Period
The sacral nerve stimulation devices are mostly used for patients for whom drug therapy or other types of medications are not successful. It is performed with the help of a small device, which is capable of sending electrical impulses to the targeted sacral nerves located in the lower back region. These devices are found to be successful in treating bladder problems. Hence, with increasing incidences of overactive bladder, the sacral nerve stimulation devices segment is expected to grow during the forecast period.
Sacral nerve stimulation devices are an effective and safe treatment for patients suffering from fecal and urinary dysfunction. Increasing demand for the minimal invasive therapy, rising prevalence of urinary bladder diseases, and technological advancements such as introduction of novel coatings and engineering strategies are the main factors driving the growth of the market.
According to the Organisation for Economic Co-operation and Development (OECD), in South Korea total healthcare expenditure in 2018 was approximately 8.1% of Korea's Gross Domestic Product (GDP) up from 7.6% in 2017. As healthcare expenditure is rising which shows positive impact on the market.
Thus, owing to above factors the market is expected to show growth in near future.
The South Korea Neurology Devices Market is fragmented competitive. There are market participants involved in R&D for the development of advanced stimulation and neuromodulation techniques with minimally invasive procedures that are more preferable to the patients. Furthermore, many private companies are showing great interest in developing novel neurological devices to earn huge profits. In the coming years few other players are expected to enter into the market.
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