South Korea Biomaterials in Healthcare Market Analysis

South Korea Biomaterials in Healthcare Market Analysis

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The South Korea Biomaterials Healthcare Market is expected to witness growth from $2.28 Bn in 2022 to $6.60 Bn in 2030 with a CAGR of 14.20% for the forecasted year 2022-2030. With a large percentage of elderly residents, South Korea has one of the world's fastest aging populations. As a result, there is a rising need for biomaterials and medical equipment. The market is segmented by type and by application. Some key players in this market include: Kolon Life Science, Sewon Cellontech, BASF SE, Johnson and Johnson, Medtronic and Evonik Industries.

ID: IN10KRMD003 CATEGORY: Medical Devices GEOGRAPHY: South Korea AUTHOR: Jigyasu Bhandari

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South Korea Biomaterials in Healthcare Market Executive Analysis

The South Korea Biomaterials Healthcare Market size is at around $2.28 Bn in 2022 and is projected to reach $6.60 Bn in 2030, exhibiting a CAGR of 14.20% during the forecast period. The GDP of South Korea is anticipated to be $1.81 trillion in 2021. South Koreans spent about $3.9 thousand per individual on health in 2021. Koreans paid $3.6 thousand annually on average in the previous year. Despite an increase, per-person expenditure is still less than the 2019 OECD average of more than $4,000.

Biocompatibility, the capacity to integrate with living tissues, and the possibility for controlled drug release are just a few of the many advantages and benefits of biomaterials. Additionally, the use of biomaterials can enhance patient outcomes, lower the chance of infection, and lessen the need for subsequent surgeries. Medical devices that can substitute or supplement harmed or sick tissues, like implants and prosthetics, are developed using biomaterials. Biomaterials, for instance, can be used to create cardiac valves, dental implants, and hip and knee implants. In tissue engineering, where cells are grown on a scaffold made of biomaterials to make tissues and organs, biomaterials are used. By offering an infinite supply of organs and tissues for transplantation, this technology has the potential to revolutionize the field of transplantation. Drugs can be delivered using biomaterials, allowing for a regulated release over time. By delivering medications directly to the site of action, this technology can increase the effectiveness of medications and lower their adverse effects. To encourage tissue regeneration and healing, biomaterials can be used in regenerative medicine. Biomaterials, for instance, can be used to spur the development of new blood vessels, encourage bone growth, and restore cartilage that has been damaged.

south korea biomaterials in healthcare market

Market Dynamics

Market Growth Drivers

An increasing number of international patients are choosing South Korea as a destination for medical tourism in order to receive treatment there. High-quality medical equipment and biomaterials that can produce superior results are in high demand as a result of this tendency. With a large percentage of elderly residents, South Korea has one of the world's fastest aging populations. As a result, there is a rising need for biomaterials and medical equipment, such as implants, prosthetic limbs, and tissue engineering solutions, that can enhance elders' quality of life. The demand for healthcare services and treatments is rising as the populace ages. This demand is influencing the creation of novel biomaterials and medical equipment that can treat a variety of healthcare issues, from acute injuries to chronic diseases. The advanced technology sector in South Korea is well-known, and this knowledge is being applied to the creation of cutting-edge medical technology and biomaterials. In the South Korean biomaterials healthcare market, innovations in fields like tissue engineering, drug delivery, and regenerative medicine are fueling growth and opening up new possibilities for manufacturers.

Market Restraints

The South Korean biomaterials market as well as the wider healthcare sector may be impacted by economic unpredictability and market volatility. Geopolitical risks, currency fluctuations, and trade disputes can all hinder market expansion and pose challenges for manufacturers in South Korea biomaterials healthcare market. Due to regulatory limitations or reimbursement caps, some biomaterials and medical devices only have restricted market access. This may restrict the size of the market for particular goods and make it challenging for producers to attain scale.

Competitive Landscape

Key Players

  • Kolon Life Science (KOR)
  • Sewon Cellontech (KOR)
  • Johnson and Johnson
  • Medtronic
  • Evonik Industries

Recent Notable Deals

2022: Kolon Life Science and Meditox, a South Korean manufacturer of botulinum toxin goods, have partnered strategically. In accordance with the agreement, Kolon Life Science will give Meditox access to the manufacturing equipment and raw materials needed to make products containing botulinum toxin.

Healthcare Policies and Regulatory Landscape

In South Korea, Regulation of biomaterials is carried out by organizations like the Korean Ministry of Food and Drug Safety (MFDS), the European Medicines Agency, and the U.S. Food and Drug Administration (FDA). Before being marketed to patients, these organizations demand that medical devices satisfy specific safety and efficacy standards. Manufacturers of medical devices must adhere to stringent manufacturing processes and quality control procedures in order to comply with Good Manufacturing Practices (GMP) rules and produce safe and effective products. GMP rules are enforced by regulatory bodies and are intended to guarantee that medical devices are produced in accordance with uniformly high standards of quality. In the South Korean healthcare market, makers of biomaterials are required to provide accurate and understandable labeling and advertising for their products. Information on the product's intended use, possible risks and side effects, and any safety measures that patients or medical professionals should take when using the product are all included in this.

1. Executive Summary
1.1 Device Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Regulatory Landscape for Medical Device
1.6 Health Insurance Coverage in Country
1.7 Type of Medical Device
1.8 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company Overview Product Applications and Services Recent Developments Partnerships Ecosystem Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Biomaterials in Healthcare Market Segmentation

By Type (Revenue, USD Billion):

Based on type, the market is segmented into Metallic Biomaterials, Polymeric Biomaterials, Ceramic Biomaterials, and Natural Biomaterials. The Metallic Biomaterials segment accounted for the largest share of the South Korea market in 2019. The growing geriatric population South Korealy is expected to drive growth for this segment.

  • Metallic Biomaterials
    • Stainless Steel
    • Titanium & Titanium Alloys
    • Cobalt-Chrome Alloys
    • Gold
    • Silver
    • Magnesium
  • Polymeric Biomaterials
    • Polymethylmethacrylate
    • Polyethylene
    • Polyester
    • Silicone Rubber
    • Nylon
    • Polyetheretherketone
    • Other Polymeric Biomaterials
  • Ceramics
    • Calcium Phosphate
    • Zirconia
    • Aluminum Oxide
    • Calcium Sulfate
    • Carbon
    • Glass
  • Natural Biomaterials
    • Hyaluronic Acid
    • Collagen
    • Gelatin
    • Fibrin
    • Cellulose
    • Chitin
    • Alginates
    • Silk

By Application (Revenue, USD Billion):

The cardiovascular, orthopaedic, dental, plastic surgery, wound healing, tissue engineering, ophthalmology, neurological/CNS, and other applications segments are made up of the biomaterials market. The market category for wound healing is anticipated to have the highest CAGR in 2019. The market will increase as a result of factors including expanding healthcare infrastructure, a large population pool, a rising diabetic population, and rising healthcare spending. Surgical Guides

  • Cardiovascular
    • Catheters
    • Stents
    • Implantable Cardiac Defibrillators
    • Pacemakers
    • Sensors
    • Heart Valves
    • Vascular Grafts
    • Guidewires
    • Others
  • Orthopedic
    • Joint Replacement
      • Knee Replacement
      • Hip Replacement
      • Shoulder Replacement
      • Others
    • Viscosupplementation
    • Bioresorbable Tissue Fixation
    • Spine?
      • Spinal Fusion Surgeries
      • Minimally Invasive Fusion Surgeries
      • Motion Preservation & Dynamic Stabilization Surgeries
        • Pedicle-Based Rod Systems
        • Interspinous Spacers
        • Artificial Discs
    • Fracture Fixation Devices
      • Bone Plates
      • Screws
      • Pins
      • Rods
      • Wires
    • Synthetics Bone Grafts
  • Ophthalmology
    • Contact Lenses
      • Intraocular Lenses
      • Functional Replacement of Ocular Tissues
      • Synthetic Corneas
      • Others
  • Dental
    • Dental Implants
    • Dental Bone Grafts & Substitutes
    • Dental Membranes
    • Tissue Regeneration
  • Plastic Surgery
    • Soft-Tissue Fillers
    • Craniofacial Surgery
  • Wound Healing
    • Wound Closure Devices
      • Sutures
      • Staples
    • Surgical Hemostats
    • Internal Tissue Sealants
    • Adhesion Barriers
    • Hernia Meshes
  • Tissue Engineering
    • Scaffolds for Regenerative Medicine
    • Nanomaterials for Biosensing
    • Tailoring of Inorganic Nanoparticles
  • Neurological/Central Nervous System Applications
    • Shunting Systems
    • Cortical Neural Prosthetics
    • Hydrogel Scaffolds for CNS Repair
    • Neural Stem Cell Encapsulation
  • Other Applications
    • Drug Delivery Systems
    • Gastrointestinal Applications
    • Bariatric Surgery
    • Urinary Applications

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

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Last updated on: 27 March 2023
Updated by: Riya Doshi

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