South Korea Artificial Organs and Bionics Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

South Korea Artificial Organs and Bionics Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The South Korean artificial organs and bionics market is poised to grow at a CAGR of around 5% during the forecast period.

The COVID-19 pandemic is an unprecedented public health threat that has harmed communities, industries, enterprises, and people throughout South Korea. COVID-19 hampered the supply and manufacture of artificial organs and bionics. According to the study published in December 2021, during COVID-19, the number of deceased donor organ transplants in Korea remained stable in 2020, but the number of living donor organ transplants decreased dramatically. As a result of the potential for contamination from COVID-19 infection, organ transplantation in the country has been drastically reduced, significantly impacting the market growth. Additionally, the industry is expected to gain momentum during the following five years as more organ transplant surgeries are anticipated over the forecast period.

The key factors responsible for the growth of the artificial organ and bionics market include the rising geriatric population and technological advancements in the artificial organ and bionics market. For instance, according to the 2022 statistics published by the United Nations Population Fund, in South Korea, a large proportion of the living population is aged 15-64 and accounts for 71% in 2022. In addition, as per the same source, 17% of the population is aged 65 years and above in 2022. Thus, the rising geriatric populations are more prone to develop chronic diseases resulting in organ failure. This is expected to increase the adoption of artificial organs and bionics, thereby propelling the growth of the studied market.

Another primary factor is the scarcity of donor organs. The lack of availability of potential organs to transplant has been a major issue. According to the study published in the Korean Journal of Transplant in September 2021, in Korea, the number of organ transplants has steadily increased, with over 4,000 transplants conducted in 2020. Bionics and artificial organs can cater to those in need of organ transplantations and replacements are expected to propel the demand for artificial organs and bionics, thereby boosting the market growth during the forecast period.

Moreover, various strategic activities by research institutes and market players are expected to support the growth of the market. For instance, in March 2021, a research team in Korea developed a method that enables stem cells to differentiate into specific cell types, including osteoblasts or vascular mural cells, without the need for additional pretreatment. This technology is anticipated to make it easier to produce artificial organs for transplantation, such as artificial skin and cardiac patches, or artificial organs for preclinical studies. Thus, such research and development activities by various institutes in Korea to bring technologically advanced organ into the market is expected to boost the growth of the market over the forecast period.

However, expensive procedures may restrain the market over the forecast period.

Hemodialysis is a method for removing waste products such as creatinine and urea, as well as free water from the blood when the kidneys are in kidney failure, which is used to clean the patient's blood. The artificial kidney is also called a dialysis machine. The segment is driven by the increasing prevalence of kidney diseases and product launches by the key market players.

According to the study published in Kidney International Supplements in February 2022, chronic renal disease is predicted to affect 6.7% of Korean people aged 19 and up (CKD). In 2020, the prevalence of CKD was 6.7%. In 2020, the prevalence of CKD grew dramatically with age. CKD affects an estimated 27.3% of adults aged 70 and over and 11.1% of those in their 60s. As a result of the increasing prevalence of renal illnesses, which may result in kidney failure and damage, the need for artificial kidneys is projected to promote market expansion during the forecast period.

Furthermore, research has been conducted in South Korea to bring technologically advanced products to the market. For instance, in April 2021, Nephria Bio Inc., a spin-off of the South Korean medical device business EOFlow Co. Ltd, linked a licensing deal with the University to use the two-dimensional material found at Drexel as a filter in a wearable artificial kidney device it is developing. Many of the millions of people suffering from end-stage kidney disease throughout the world may be able to move more freely as a result of this technology, rather than spending hours each week tethered to massive dialysis equipment.

Thus, all the factors mentioned above are expected to boost segment growth over the forecast period.

Cochlear implants convert sound into electrical signals that restore hearing by replacing damaged parts of the cochlea and transmitting the signals to the brain. People use it as a hearing aid for low to high hearing loss. These cochlear implants are surgically implanted and consist of two parts. The inside component is implanted under the skin, while the other external component is worn at the back of the ear. The significant factors bolstering segment growth are the upsurge in hearing impairment in the growing geriatric population, the risk of hearing loss due to exposure to noise in recreational settings in the younger population, and technological advancements and increased battery life of cochlear implants.

According to the KoreaTrak 2021 survey, hearing loss was reported by 5.9% of people in South Korea, and it impacted 6.6% of adults aged 18 and up and 25.9% of people aged 74 and up. Furthermore, 36.5% of those who reported hearing loss use hearing aids. Thus, with the growing prevalence of hearing loss and rising in the adoption of hearing aids in the country, the demand for cochlear implants is expected to increase during the forecast period.

Additionally, a favorable reimbursement scenario in the country is expected to propel the market's growth. For instance, as per the KoreaTrak 2021 survey, one out of every ten hearing aid owners (11%) had their hearing aids fully subsidized, while nearly half (48%) received partial reimbursement. As a result, all of the above factors, such as the growing burden of hearing loss and the adoption of hearing aids, are expected to drive market growth.

The South Korean artificial organ and bionics market is moderately competitive and consists of several major players. The majority of the artificial organs and bionics are being manufactured by the global key players. Market leaders with more funds for research and a better distribution system have established their position in the market. Some of the market players are Asahi Kasei Medical Co. Ltd, Berlin Heart GmbH, Boston Scientific Corporation, Ossur, and others.

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