South Korea Respiratory Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

South Korea Respiratory Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The South Korea respiratory devices market is expected to register a CAGR of 7.8% over the forecast period.

COVID-19 had a significant impact on the South Korea respiratory devices market. For instance, as per the article published in June 2021 under the title “Trends in Viral Respiratory Infections During COVID-19 Pandemic, South Korea”, the study found that the acute respiratory infections caused by seasonal viruses (except HBoV) had significantly lower positivity rates during the COVID-19 pandemic in South Korea. The positivity rate of HBoV increased from November to December 2020 in proportion to the number of COVID-19 cases. Furthermore, as per the article published in January 2021, under the title “Impact of coronavirus disease-2019 on chronic respiratory disease in South Korea: an NHIS COVID-19 database cohort study”, the risk of COVID-19 was likely to be higher in patients with obstructive sleep apnea (OSA) and interstitial lung disease (ILD). Additionally, among patients with COVID-19, COPD and chronic lung illness brought on by outside agents may be linked to a higher risk of mortality. Hence COVID-19 had a significant impact on the South Korea respiratory devices market.

The market for respiratory devices has been increasing in South Korea primarily due to the increasing prevalence of respiratory disorders, such as COPD, TB, Asthma, respiratory tract infections, and Sleep Apnea. As per the International Agency for Research on Cancer, the number of new cases of Trachea, bronchus, and lung cancer in 2020 was 28.7 thousand and the count is expected to rise to 53.5 thousand by 2040. Hence this high prevalence is likely to boost the market growth since the diagnosed population is likely to invest in respiratory devices to improve their respiratory problems.

Furthermore, research and development in the field of respiratory devices are likely to boost the market growth. For instance, as per the article published in March 2021, “Reliability of Portable Spirometry Performed in the Korea National Health and Nutrition Examination Survey Compared to Conventional Spirometry”, the study result showed that the lung function determined by portable spirometry and traditional spirometry had a good correlation. The spirometry data from the Korea National Health and Nutrition Examination Survey (KNHANES) were credible even though the values exhibited barely noticeable variations amongst them.

Owing to the rapid advancements in devices, the increase in respiratory device population the market is likely to propel during the forecast period. However, the high cost associated with the devices restrains the market growth.

Key Market TrendsInhalers as Therapeutic devices are Expected to Register High Growth in the Forecast Period

The Inhaler segment is likely to witness growth over the forecast period owing to the facts such as the high prevalence of chronic obstructive pulmonary disease (COPD) patients, and increased product launches, research, and development in the field of inhalers in South Korea. For instance, as per the article published in June 2021, under the title “The current status of chronic obstructive pulmonary disease awareness, treatments, and plans for improvement in South Korea: a narrative review”, to address the concerns relating to COPD, the Korea Disease Control and Prevention Agency (KDCA) and the Korean Academy of Tuberculosis and Respiratory Diseases (KATRD) have been collaborating on several projects. As a result of these initiatives, a few projects are now being worked on to enhance the effectiveness of COPD treatments in primary care settings and incorporate pulmonary function tests (PFTs) into the National Health Examination (NHE) of Korea as part of screening exams. Government agencies as well as academic organizations were working together to increase public understanding of a chronic illness like COPD.

Furthermore, as per the Globocan 2020 report, the lung cancer prevalence in South Korea was 286,51 in 2020. The increased risk of lung cancer is leading people to adopt inhalers to improve their quality of life. There are COPD inhalers that are hand-held, portable devices that deliver medication to the lungs. A variety of COPD inhalers are available to help control COPD symptoms. Hence as the prevalence of COPD, Lung related issues increases in South Korea, the demand for inhalers is expected to increase as well. This is expected to help the market growth in the region.

Competitive Landscape

The respiratory devices market consists of several major players, but South Korea still has few major players in the market. The companies are implementing certain strategic initiatives, such as a merger, new product launches, acquisitions, and partnerships that help them in strengthening their market position. The major players are Drägerwerk AG & Co. KGaA, ResMed, Teleflex Incorporated, Scitech Korea Inc., and J&Bio Co., Ltd among others.

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