South Korea Endoscopy Devices Market Growth & Trends
The South Korea Endoscopy Devices Market size was estimated at USD 368.09 million in 2023 and is projected to register a compound annual growth rate (CAGR) of 9.48% from 2024 to 2030. The growth in minimally invasive surgical technologies is expected to boost the demand for endoscopic procedures. The emergence of capsule endoscopes and robot-assisted endoscopy has increased the demand for minimally invasive endoscopic surgeries (MIS). Innovations in endoscopic visualization systems and operative devices is anticipated to drive the market further. The increasing number of healthcare facilities, including hospitals, oncology specialty clinics, and cancer centers, is leading to a rise in the need for endoscopy devices. Furthermore, advancements in healthcare infrastructure and adoption of technologically advanced endoscopy systems is anticipated to bolster the market growth.
The adoption of endoscopy devices for clinical diagnosis and therapeutic interventions across various diseases is rising. These devices enable minimally invasive surgeries, leading to quicker patient recovery and fewer post-operative complications. By utilizing smaller incisions and minimizing muscle disruption, endoscopic procedures help preserve tissue integrity, thereby reducing complications for both patients and healthcare providers. Furthermore, they offer cost-effective alternatives to open surgeries, resulting in shorter hospital stays, faster recovery times, and reduced blood loss during procedures.
Since the introduction of the National Health Insurance Service (NHIS) in 1989, per capita healthcare expenditure in South Korea has been increasing. According to OECD Health at Glance, in 2023, South Korea spends USD 4,570 on healthcare per capita. Despite this, healthcare costs in Korea are acknowledged as being relatively low for healthcare providers. Consequently, this focus on quality and cost reduction in medical care is crucial from an economic perspective, as it allows consumers to purchase healthcare services according to their requirements while simultaneously ensuring providers are compensated sufficiently to maintain and improve their services, thus positively impacting the growth of the healthcare market.
South Korea has one of the highest life expectancies in the world, according to a BBC report in 2019, leading to an increase in the geriatric population in the country. According to Statistics Korea news article published in March 2023, the geriatric population in the country is forecasted to exceed 10 million individuals in 2024 and would increase by 5.4% compared to 2023. However, the early detection and management of geriatric ailments is still in development due to infrastructural and regulatory shortcomings. To address the diverse healthcare needs of the elderly, an integrated care approach is crucial. This approach involves coordinating various healthcare services, including preventive and rehabilitative measures, to ensure comprehensive and personalized care for older adults.
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South Korea Endoscopy Devices Market Report Highlights
- Endoscopy visualization components led the market revenue share at 36.07% in 2023. This is attributable to the country’s substantial investment in research and development, resulting in innovative medical devices.
- The endoscopes segment is anticipated to grow at a lucrative CAGR over the forecast period.
- The gastrointestinal (GI) endoscopy segment led the market revenue share with 55.52%.
- The urology endoscopy (cystoscopy) segment is expected to grow fastest over the forecast period, owing to demographic changes and technological advancements.
- Hospitals dominated the market share, with a revenue share of 46.73% in 2023. This is attributable to the increasing number of surgeries performed in hospitals and the robust healthcare infrastructure, particularly associated with hospitals, in the country.
South Korea Endoscopy Devices Market Segmentation
Grand View Research has segmented the South Korea endoscopy devices market report based on product, application and end-use:
- Product Outlook (Revenue, USD Million, 2016 - 2030)
- Endoscopes
- Rigid Endoscopes
- Laparoscopes
- Arthroscopes
- Ureteroscopes
- Cystoscopes
- Gynecology Endoscopes
- Neuroendoscopes
- Bronchoscopes
- Hysteroscopes
- Laryngoscopes
- Sinuscopes
- Otoscopes
- Sigmoidoscopes
- Pharyngoscopes
- Duodenoscopes
- Nasopharyngoscopes
- Rhinoscopes
- Flexible Endoscopes
- Laparoscopes
- Arthroscopes
- Ureteroscopes
- Cystoscopes
- Gynecology Endoscopes
- Neuroendoscopes
- Bronchoscopes
- Hysteroscopes
- Laryngoscopes
- Sinuscopes
- Otoscopes
- Sigmoidoscopes
- Pharyngoscopes
- Duodenoscopes
- Nasopharyngoscopes
- Rhinoscopes
- Colonoscopes
- Disposable Endoscopes
- Laparoscopes
- Arthroscopes
- Ureteroscopes
- Cystoscopes
- Gynecology Endoscopes
- Neuroendoscopes
- Bronchoscopes
- Hysteroscopes
- Laryngoscopes
- Sinuscopes
- Otoscopes
- Sigmoidoscopes
- Pharyngoscopes
- Duodenoscopes
- Nasopharyngoscopes
- Rhinoscopes
- Colonoscopes
- Capsule Endoscopes
- Robot Assisted Endoscopes
- Endoscopy Visualization Systems
- Standard Definition (SD) Visualization Systems
- 2D systems
- 3D systems
- High Definition (HD) Visualization Systems
- 2D systems
- 3D systems
- Endoscopy Visualization Component
- Camera Heads
- Insufflators
- Light Sources
- High Definition Monitors
- Suction Pumps
- Video Processors
- Operative Devices
- Energy Systems
- Access Devices
- Suction & Irrigation Systems
- Hand Instruments
- Wound Retractors
- Snares
- Application Outlook (Revenue, USD Million, 2016 - 2030)
- Gastrointestinal (GI) Endoscopy
- Laparoscopy
- Obstetrics/Gynecology Endoscopy
- Arthroscopy
- Urology Endoscopy (Cystoscopy)
- Bronchoscopy
- Mediastinoscopy
- Otoscopy
- Laryngoscopy
- Other Applications
- End-use Outlook (Revenue, USD Million, 2016 - 2030)
- Hospitals
- Ambulatory Surgery Centers/Clinics
- Other End-users
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