The major factors for the growth of the South Korean minimally invasive surgery devices market include the rising adoption of minimally invasive surgery in cosmetic surgeries, increase in medical tourism in South Korea, and technological advancements.
– The major factor driving the growth of the South Korean minimally invasive surgery devices is rising adoption of minimally invasive surgery (MIS) in various aesthetic procedures.
– Minimally invasive surgeries (MIS) cause less post-operative pain, and hence, patients receive smaller dosages of pain killers. As there are minimal cuts or stitches involved, the hospital stay is relatively shorter, and patients need not visit the hospital frequently. Traditional open surgeries involve long incisions made through the muscles, and these muscles take a considerable amount of time to heal, whereas MIS procedures involve smaller incisions, leading to a quicker recovery.
– Furthermore, there is a rising technological advancement, which is boosting the overall growth of the market in South Korea. According to the estimates of the International Society of Aesthetic Plastic Surgery (ISAPS), South Korea was ranked third in the world, in terms of a number of plastic surgeons (2,330) in 2016.
– Additionally, over the past decade, the surgical approach toward the treatment of thoracic disease has shifted to minimally invasive surgery in South Korea.
– Thus, owing to the all aforementioned factors the market is expected to witness healthy CAGR over the forecast period.
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Scope of the Report
As per the scope of this report, minimally invasive surgical devices refer to electrosurgical systems, robot-assisted surgical systems, and surgical equipment, which are used during the minimally invasive procedure. The minimally invasive neurosurgery device market is growing at a significant rate, due to various benefits associated with minimally invasive procedures, such as less recovery time, minimal pain to the patients, shortened hospital stay, and high accuracy. The South Korean minimally invasive surgery devices market is segmented by products and application.
Key Market Trends
The Aesthetic Segment is Expected to be the Fastest Growing Segment over the Forecast Period
Aesthetic procedures are extremely popular in South Korea, and the country performs the highest number of aesthetic procedures per 1,000 persons, as compared to any other country in the world. The country also has a booming medical tourism industry that is primarily focused on aesthetic procedures. Therefore, along with domestic demand, medical tourism for aesthetic surgeries also serves to be an additional source of revenue for this market. In the Korean society, face features are considered to be the most important of all physical features. Especially women, aged between 30-70 years, opt for various types of looks enhancement procedures. Facelift, eyelids enhancements, face fat reposition, jaw bone reductions, chin implants, etc. are the most common facial features’ enhancements performed in South Korea. Already one in every five women in Seoul undergoes some or the other kind of enhancement procedure. Most of the aesthetic procedures are performed with the help of minimally invasive devices in South Korea. The market for aesthetic devise may grow simultaneously with the demand for these procedures.
The South Korean minimally invasive surgery devices market is moderately consolidated, owing to the presence of a few key players in the market. Many of the vendors are now focusing on investing significant resources in R&D to develop new innovative products in the market, in order to offer novel devices to treat patients and deliver high-quality and life-sustaining treatment. Some of the market players are Abbott Laboratories, GE Healthcare, Hologic Inc., Intuitive Surgical, Inc., Koninklijke Philips NV, Medtronic PLC, Olympus Corporation, Siemens Healthineers, and Smith & Nephew.
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Table of Contents
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Adoption of Minimally Invasive Surgery in Cosmetic Surgeries
4.2.2 Increase in Medical Tourism in South Korea
4.2.3 Technological Advancements
4.3 Market Restraints
4.3.1 Shortage of Experienced Professionals
4.3.2 Uncertain Regulatory Framework
4.4 Porter’s Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
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5 MARKET SEGMENTATION
5.1 By Product
5.1.1 Handheld Instruments
5.1.2 Guiding Devices
220.127.116.11 Guiding Catheters
5.1.3 Electrosurgical Devices
5.1.4 Endoscopic Devices
5.1.5 Laproscopic Devices
5.1.6 Monitoring and Visualization Devices
5.1.7 Robotic Assisted Surgical Systems
5.1.8 Ablation Devices
5.1.9 Laser Based Devices
5.1.10 Other MIS Devices
5.2 By Application
5.2.7 Other Applicatons
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