South Korea Coronary Stents Market Report 2022 to 2030

South Korea Coronary Stents Market Analysis

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South Korea's Coronary Stents Market is expected to witness growth from $165 Mn in 2022 to $258 Mn in 2030 with a CAGR of 5.75% for the forecasted year 2022-30. In South Korea, the frequency of coronary artery illness is increasing which is anticipated to increase demand for coronary stents. The market is segmented by type, mode of delivery, materials, and end user. Some key players in this market include Nanoomtech, Kolon Life Science, B. Braun, Abbott Laboratories, Biotronik, Medtronic, GE Healthcare, Boston Scientific, Transmedia Healthcare, and Philips Healthcare.

ID: IN10KRMD006 CATEGORY: Medical Devices GEOGRAPHY: South Korea AUTHOR: Jigyasu Bhandari

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South Korea Coronary Stents Healthcare Market Executive Analysis

South Korea's Coronary Stents Market is expected to witness growth from $165 Mn in 2022 to $258 Mn in 2030 with a CAGR of 5.75% for the forecasted year 2022-30. In 2023, South Korea's GDP is expected to reach $1.96 trillion. In 2021, South Koreans spent roughly $3.9 thousand per person on health. In the preceding year, Koreans paid an average of $3.6 thousand annually. Despite a rise, per-person spending is still below the 2021 OECD average of more than $4,258 despite the increase.

Around 14% of all deaths in South Korea are caused by coronary artery disease, making it one of the main killers. Based on population-based research of more than 10,000 people aged 40 and older, the prevalence of CAD in South Korea in 2022 is estimated to be 8.4%. Men are more likely than women to have CAD, and the risk rises with age. Small metal or plastic tubes known as coronary stents are inserted into constricting or blocked coronary arteries in an effort to improve blood flow to the heart. In South Korea, where coronary artery disease is a serious public health issue, coronary stents are frequently utilized to treat the condition. Coronary stents are used to treat coronary artery disease (CAD), which is brought on by a build-up of plaque in the coronary arteries and results in decreased blood flow to the heart. The stent is inserted into the narrowed or blocked artery to keep it open and enhance blood flow to the heart muscle, which lowers symptoms like angina and the chance of having a heart attack.

South Korea Coronary Stents Market Analysis

Market Dynamics

Market Growth Drivers

In South Korea, the frequency of coronary artery illness is increasing which is anticipated to increase demand for coronary stents. The need for efficient treatment alternatives like coronary stents is projected to increase as more people get CAD. Continuous technical development, such as the creation of bioresorbable stents, which are intended to dissolve over time to lower the risk of problems, is what distinguishes the South Korean coronary stents market. Manufacturers who can create unique and efficient stents will probably have an advantage over rivals in the market. With the ageing population that is rising in South Korea, CAD is more likely to occur. The need for coronary stents is projected to rise as the population ages, propelling market expansion.

Market Restraints

Coronary stents must adhere to strict regulatory standards set by the South Korean government. To sell their products on the market, manufacturers must abide by these laws, which can be time-consuming and expensive. Although coronary stents are frequently used to treat CAD, there are other options, including medication and dietary changes. Due to the competition from these alternative treatments, the market for coronary stents may not have as much room for expansion as it could. The process of creating new coronary stents is expensive and calls for large research and development expenditures. These expenses are the responsibility of the manufacturers, which might be a major barrier to entry.

Competitive Landscape

Key Players

Nanoomtech (KOR)
Kolon Life Science (KOR)
L&K Biomed (KOR)
Biotronik
Boston Scientific
B. Braun
Abbott Laboratories
GE Healthcare
Medtronic
Philipps Healthcare

Healthcare Policies and Regulatory Landscape

In South Korea, the Ministry of Food and Drug Safety (MFDS) is the regulatory body in charge of approving coronary stents. Before they may be promoted and sold in the nation, all medical devices must go through a thorough approval process. The MFDS has put in place a number of rules to guarantee the security and efficacy of medical equipment. These laws cover every stage of the product's production, including design, development, manufacture, testing, and marketing. Medical device makers must have regulatory permission from the MFDS in order to commercialise their products in South Korea. This approval procedure entails a thorough assessment of the device's effectiveness and safety, as well as its production procedures.

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
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 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

Coronary Stents Market Segmentation

By Type (Revenue, USD Billion):

The three main categories of coronary stents are bare-metal, drug-eluting, and bioabsorbable, depending on their nature. The segment for bioabsorbable stents is anticipated to increase at the fastest rate over the forecast period. The benefits that are encouraging the use of bioabsorbable stents include a decrease in problems including thrombosis and inflammation, the cSouth Koreaity to restore normal vasomotion, and an improvement in aberrant endothelial function. However, in the upcoming years, the expansion of this market segment is anticipated to be constrained by the high cost of bioabsorbable stents.

Bare-metal Stents
Drug-eluting Stents
Bioabsorbable Stents

By Mode of Delivery (Revenue, USD Billion):

The market is divided into self-expanding and balloon-expandable stents according to delivery method. Because of the high use of these stents, rising research initiatives to advance the technology, and rising regulatory approvals for balloon-expandable stents, the balloon expandable stents segment is anticipated to increase at the greatest CAGR over the projection period.

Balloon-expandable Stents
Self-expanding Stents

By Materials (Revenue, USD Billion):

The coronary stent market is divided into metallic (cobalt chromium, platinum chromium, nickel-titanium, and stainless steel) and other stents according to the material. The market for other stents is anticipated to experience the largest CAGR growth during the projection period. The rapid expansion of this market can be ascribed to the increased use of polymers and copolymers in the production of bioabsorbable stents.

Metallic Stents
Cobalt-Chromium
Platinum Chromium
Nickel Titanium
Stainless Steel
Other Stents

By End User (Revenue, USD Billion):

The coronary stent market is divided into hospitals, cardiac centres, and ambulatory surgical centres based on the end user. According to predictions, the hospital sector will control the market in 2016. This is primarily caused by hospitals using a lot of coronary stents.

Hospitals
Cardiac Centers
Ambulatory Surgical Centers

Methodology for Database Creation

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Analyzing historical proprietary data collected from multiple projects.
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Combining Secondary and Primary Research

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Merging historical data from secondary research with real-time data from primary research.
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