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

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

The South Korean ultrasound devices market was valued at USD 139.25 million in 2021 and is projected to register a CAGR of 5.61% during the forecast period (2022-2027).

COVID-19 had an adverse impact on the ultrasound devices market in South Korea. Due to methodical planning and resource allocation in accordance with the Korean Centers for Disease Control and Prevention, the public hospitals have been able to maintain daily operations, and the majority of South Korean cancer centers have been able to preserve cancer treatment continuity (KCDC). Additionally, a study that analyzed the state of common cancer between the years 2019 and 2020 was published in the European Journal of Cancer in July 2020 under the title "Innovative Countermeasures Can Maintain Cancer Care Continuity During the Coronavirus Disease-2019 Pandemic in Korea." According to the article's findings, there were a total of 1,694 initial cancer diagnoses made in 2019 compared to 1,445 in 2020, a decline of 14.7%. As a result, the pandemic adversely impacted digital imaging methods in South Korea during its early stages of cancer screening. Additionally, according to statistics from the British Dental Journal from June 2020, South Korea was able to successfully contain the virus without imposing a lockdown and continued to offer standard dental care during this time. The Korean Dental Association (KDA) stated that they are unable to stop dental offices from treating patients, but it is the patients' obligation to weigh the risks and provide advice on whether to postpone or restart dental care during the outbreak. The dental services persisted as a result despite the national pandemic. As a result, medical professionals could provide routine treatment to patients while following accepted infection control practices thanks to the government's innovative countermeasures. During the pandemic phase, these factors significantly affected digital image practices in South Korea.

Due to the increasing prevalence of chronic diseases coupled with research studies and initiatives in South Korea, the ultrasound devices market is likely to increase throughout the forecast period. South Korea is an emerging market in the region with a tremendous potential for growth. An article titled "Treatment of hypothyroidism utilizing Korean medicine: 2 case reports" published in May 2020 states that while the prevalence of hypothyroidism ranges from 4 to 15% globally, it affects 14% of the population overall in Korea. Ultrasound systems are widely used to diagnose a variety of conditions are thus driving market expansion. Additionally, initiatives by key market players are expected to increase the market growth. For instance, in December 2020, GE Healthcare introduced the Voluson SWIFT, AI-Enhanced ultrasound equipment. Voluson SWIFT is developed, and manufactured in GE Ultrasound Korea located in Seongnam by collaborating with global teams. Thus, the abovementioned factors are expected to increase market growth.

Key Market TrendsPortable Ultrasounds Segment is Expected to Hold a Significant Market Share Over the Forecast Period

Factors such as increasing prevalence of cancer and initiatives by key market players is expected to increase the market growth. The ability to treat patients who are in life-threatening situations and need emergency care wherever they are, maybe with the requirement for an on-the-spot diagnosis, may be made possible by the portable ultrasound equipment. In order to diagnose and monitor patients at the bedside without having to move them to the radiology department, portable ultrasound devices are essential. For instance, according to figures from GLOBOCAN 2020, there were 2,150 cases of brain and nervous system cancer expected in 2020, and 2,850 instances are predicted by the year 2040. These figures demonstrate the country's rising need for ultrasonic imaging for radiological applications, which is boosting market expansion. Increasing technological advancement in ultrasound as well as increasing launches by key market players boost the market growth over the forecast period. Healcerion, a South Korean company, unveiled the Sonon 300L cordless handheld ultrasound device in July 2020. The Sonon 300L is made to give primary care providers (PCPs) rapid insight to diagnose or refer a patient to a specialist, enabling them to be more effective and efficient. The segment is therefore anticipated to have significant expansion throughout the projected period as a result of the aforementioned factors.

Competitive Landscape

The South Korea ultrasound devices market is moderately competitive and consists of several major players. Some of the companies that are currently dominating the market are Canon Medical Systems Corporation, Siemens Healthineers AG, GE Healthcare, Fujifilm Holdings Corporation, and Koninklijke Philips NV among others.

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