South Korea Wound Care Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

South Korea Wound Care Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The South Korea Wound Care Management Market is expected to grow at a CAGR of 6.72% over the forecast period (2022-2027).

The ongoing Covid-19 pandemic impacted the studied market significantly. The market was impacted adversely during the initial phase of the pandemic due to the lockdowns and shutdowns. However, the government of South Korea continued normal operations in the healthcare system which is expected to have created opportunities for hospital admissions for various wounds and emergency hospital admissions. Additionally, the increasing number of hospital admissions and increasing cases of chronic disease in South Korea increased amid the pandemic, which created the demand for wound care management. For example, as per the article “Changes in the Incidence of Cardiovascular Diseases (CVDs) during the COVID-19 Pandemic in Korea” published in July 2022, when a study was conducted on six common CVDs from clinical visits between January 2018 and March 2021 using the National Health Insurance Service database, to analyze the differences between post-Covid CVDs and Pre-Covid CVDs, higher incidences of myocardial infarction, cardiac failure, and arrhythmia during COVID-19 were reported. This incidence of CVDs is expected to increase hospital admissions and surgeries for patient survival. These surgeries increased the demand for surgical wound healing occurred during the surgeries. This is further expected to drive demand for wound care products. Thus, the pandemic is expected to considerably impact the market studied.

The rising prevalence of diabetes, road traffic accidents, and the increasing hospital admissions for emergency cases are the key drivers of the studied market. For instance, as per the “Diabetes Fact Sheet in Korea 2021” published in May 2022, the estimated prevalence of diabetes mellitus was 16.7% in 2020 among Korean adults aged 30 years or over. Additionally, as per the source mentioned above, the percentage of adults with diabetes mellitus who achieved glycosylated hemoglobin (HbA1c) was 24.5% despite the increased use of new antidiabetic medications. This prevalent condition of diabetes creates the risk of diabetic foot ulcers. A diabetic foot ulcer is an open sore or wound that typically develops on the bottom of the foot and affects 15% of people with diabetes. 6% of people who get foot ulcers end up in the hospital because of an infection or another problem related to the ulcer. Thus, the burden of diabetic foot ulcers is anticipated to drive market growth over the forecast period. This is further expected to fuel the studied market growth over the projected period.

Moreover, the major players in the country are actively focused on the innovation of technically advanced products which can be beneficial to the target population in the country for wound care management. Additionally, government investments are increasing in the country. For instance, in April 2022, the MolecuLight device developed by MolecuLight Inc., and KOVE Inc. allows clinicians to visualize bacteria and measure wounds quickly, safely, and easily at the point of care, received reimbursement in South Korea from the Ministry of Health and Welfare enabling clinician reimbursement for performing the medically necessary MolecuLight procedure. Thus, such developments in the country for wound care management are anticipated to fuel market growth over the forecast period.

Therefore, owing to the abovementioned factors, the market studied is expected to witness growth. However, strict regulations and irregular reimbursement policies are expected to hinder market growth over the studied period.

Key Market TrendsTissue Adhesive, Sealant, and Glue Sub-segment is Expected to Grow Over the Forecast Period

Tissue adhesives, sealants, and glue are the products used for wound closure after a surgical procedure (minor or major). With a rise in surgeries performed in the country, the demand for such products is expected to grow. Thereby, driving the segment growth.

The Korea Health Industry Development Institute (KHIDI) and Ministry of Health and Welfare (MOHW) data updated in August 2021 shows that South Korea received unprecedented numbers of medical tourists from 190 nations, before the coronavirus (COVID-19) outbreak. Additionally, more than 117 thousand patients visited the country for medical reasons in 2020 and internal medicine was the most frequently visited medical department by foreign patients in Korea, followed by plastic surgery and dermatology.

Also, as per the above-mentioned source, patients from Asian countries such as China, Japan, and Thailand primarily came to Korea for cosmetic surgery and dermatology. Such demand for surgical procedures in the country is expected to increase the number of surgeries. The increasing number of surgeries is increasing the demand for wound closure required post-surgery. Thus, the rising number of surgical procedures in the country is predicted to generate demand for the tissue adhesives, sealants, and glue used for wound closure. Thereby, driving the segment growth in the country over the forecast period.

Furthermore, according to a poll conducted in June 2021 by the Hana Institute of Finance in Seoul, cosmetic surgery and skin clinics in South Korea witnessed a 10% increase in sales in the first ten months of 2020 compared to the year prior year. Thus, a growing number of surgical procedures are likely to increase the demand for surgical sealants, tissue adhesives, and glues in healthcare settings, in turn, it is expected to fuel overall segment growth.

Therefore, owing to the aforementioned factors the segment is anticipated to witness growth over the forecast period.

Competitive Landscape

The market players are committed to developing innovative healing solutions for customers and patients across the care continuum, generating proven clinical outcomes. The companies are also showing continuous growth and are developing new and differentiated products and services, which address the evolving healthcare needs among patients, providers, and consumers. These key players are involved in adopting strategies such as mergers and acquisitions and entering into partnerships to strengthen their position in the market. Medtronic, Smith and Nephew, Coloplast S/A, Molnlycke Health Care, and Paul Hartmann AG are some of the market players among others.

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