South Korea Dental Care Market Analysis

South Korea Dental Care Market Analysis


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South Korea's Dental Care Market is projected to grow from $xx Bn in 2022 to $xx Bn by 2030, registering a CAGR of 6.1% during the forecast period of 2022-2030. South Korea is a top choice for Western medical enterprises wishing to expand internationally due to the country's ageing population, expanding healthcare market, and increased insurance coverage. The key players in the South Korean dental care market include Dental Corporation, Lotte Dental, Seoul National University Dental Hospital, Yonsei University Dental Hospital, and many more. These players offer a wide range of dental products and services to meet the country’s growing demand for dental care. Additionally, many of these companies also have a strong presence in the international market.

ID: IN10KRHS005 CATEGORY: Healthcare Services GEOGRAPHY: South Korea AUTHOR: Shivam Zalke

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South Korea Dental Care Market Executive Summary

South Korea's Dental Care Market is projected to grow from $xx Bn in 2022 to $xx Bn by 2030, registering a CAGR of 6.1% during the forecast period of 2022-2030.

South Korea, which would rank 10th among the world's economic superpowers and fourth in Asia in 2022, is well-known for its remarkable transformation from one of the world's poorest nations to a developed, high-income nation in only a single generation. In 2021, South Korea's Gross Domestic Product (GDP) was valued at $1798.53 Bn. South Korea's GDP shares 0.81% of the global economy. With 8.1% of the GDP, Korea's healthcare spending is particularly low, which is excellent. The nation maintained a steady economy throughout the global financial crisis of 2007–2008, even experiencing economic growth at its worst. However, in 2020 the South Korean economy experienced its worst year of growth in more than 50 years due to the COVID-19 pandemic's global effects, China's economic slump, and the unpredictability surrounding the Sino-American trade war.

One of the biggest economic revolutions in the past 60 years has taken place in South Korea. In order to promote growth and transform from a predominately rural, agricultural nation into an urban, industrialised one, the country has given special attention to technology development and innovation. This is due to its small geographic size, insufficient natural resources, and population size (with a labour force of 28.4 Mn out of its 51.28 Mn population). In 2021, industry contributed 32.6% to GDP and employed 25% of the labour force (World Bank, 2022). The primary industries are textile, steel, automobile, shipbuilding, and electronics production. The world's largest producer of semiconductors is South Korea.

The healthcare sector in South Korea is one of the strongest in the Asia-Pacific. South Korea is a top choice for Western medical enterprises wishing to expand internationally due to the country's ageing population, expanding healthcare market, and increased insurance coverage.

The grade of dental care in South Korea is often very excellent. The necessity of preparing dentists to respond to systemic emergencies is also growing as the medical environment and dental services in the nation change. The current model of student-centered education involves preparing students to develop the skills necessary to deal with the problems they experience on a daily basis while simultaneously preparing them to impart knowledge. The market is anticipated to restart expansion soon, thus this is only predicted to be a short downturn.

south korea dental care market analysis

Market Dynamics

Market Growth Drivers Analysis

Age 65 and older people made up 15.7% of South Korea's overall population in 2020. By 2025, South Korea is predicted to become a super-aged society when the senior population reaches 20.3% of the total population. In addition, South Korea's incidence of dental infections and other periodontal diseases is likely to increase as the country's senior population grows, which is predicted to increase demand for dental equipment and accelerate the market's expansion.

Market Restraints

The expense of dental care is very high. Dental treatments are prohibitively expensive, especially in small and medium-sized clinics, which is predicted to impede the expansion of the worldwide dental market. Due to the expensive expense of opening a clinic, many patients in remote areas have restricted access to skilled professionals and very limited health services. In addition, people sometimes put off getting dental work done because of the hefty costs connected with orthodontic surgery, implants, and other procedures.

Competitive Landscape

Key Players

The biggest Dental Care companies in South Korea are

  • Dental Corporation
  • Lotte Dental
  • Seoul National University Dental Hospital
  • Yonsei University Dental Hospital
  • Gunchi Industrial Corporation (KOR)
  • HUMANCROSS CO.,LTD (KOR)
  • Johnson & Johnson
  • Dentsply Sirona
  • Zimmer Biomet
  • Osstem Implant Co Ltd
  • Dentium

Healthcare Policies and Regulatory Landscape

The Ministry of Food and Drug Safety (MFDS), originally the Korea Food and Drug Administration (KFDA), is the principal government agency in charge of regulating the registration, production, and distribution of pharmaceuticals and medical devices in South Korea. To support the growth of national profits, the MFDS is tasked with creating standards and specifications for medical products, observing pre- and post-management processes, ensuring Good Manufacturing Practices (GMP), bolstering the safety control system, and enhancing the industrial competitiveness of medical products.

In accordance with the MFDS, the National Institute of Food and Drug Safety Evaluation (NIFDS), the Pharmaceutical Safety Bureau, the Medical Device Safety Bureau, the Medical Device Information and Technology Assistance Center (MDITAC), and the National Institute of Food and Drug Safety Evaluation (NIFDS) are in charge of reviewing, approving, and regulating pharmaceutical and medical device products.

Reimbursement Scenario

Pharmaceutical importers and manufacturers that want their goods covered by NHI must submit an application for drug review to HIRA along with a copy of the product's marketing authorization. Following an evaluation of factors such as the product's clinical usefulness and cost-effectiveness by HIRA's Drug Reimbursement and Evaluation Committee ("DREC"), a decision will be made regarding whether it qualifies for reimbursement under the NHI.

1. Executive Summary
1.1 Service Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Healthcare Services Market in Country
1.6 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 Services
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Dental Care Market Segmentation

By Product (Revenue, USD Billion):

In terms of product category, the toothbrush had the highest revenue share (26% in 2020). The rising incidence of cavities, sensitivity, and gingivitis has increased toothpaste usage significantly in both emerging and wealthy countries. As a result, toothpaste is now an essential part of good dental health. In the oral care sector, toothpaste thus commands the biggest market share.

  • Toothbrush
  • Toothpaste
  • Mouthwash
  • Dental Floss
  • Denture Care

By Age Group (Revenue, USD Billion):

Adults lead the oral care market over the projection period based on age group. The overall expansion of the oral care industry is being driven by adults' increasing consumer knowledge of mouth cleanliness and care. Adult oral care products come in a variety on the market.

  • Children
  • Adults
  • Geriatric

By Sales Channel (Revenue, USD Billion):

The specialty stores dominate the oral care market over the projection period based on the sales channel. Specialty shops carry a broad selection of goods. The employees of specialty businesses provide customers with precise product information. With the aid of specialty shops, customers can also find all types of dental care items under one roof.

  • Hypermarkets/Supermarkets
  • Specialty Stores
  • Drug Stores &Pharmacies
  • Convenience Stores
  • Online Sales Channel

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

Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

 

Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers, and researchers across countries through which we engage with local experts to gather key data points and assumptions about each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain a high level of accuracy and consistency. The market data is analyzed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, and market share as well as a segment-level analysis of the specific market. Our report includes precise, to-the-point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.

Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:

 

 

Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases, and company-level averages, etc.

We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.

 

 

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
  • ​Analyzing current needs and determining penetration to estimate the market

Insights: Our reports deliver actionable insights backed with supporting facts and figures to assist you in achieving exemplary growth. Our in-depth analyses are interspersed with relevant insights and statistics to offer an executive-level view of a given market. The description helps in correlating many minor factors affecting the market and their impact on the different segments within the market.

Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current, and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumption.

The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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This report addresses

  • Intelligent insights to take informed business decisions
  • Qualitative, acute and result oriented market analysis
  • Market size and forecasts from 2022 to 2030
  • Opportunities for expansion and in-depth market analysis
  • Segmentation and regional revenue forecasts
  • Analysis of the market share and competitive landscape
  • Strategic Recommendations to chart future course of action
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Last updated on: 08 June 2023
Updated by: Riya Doshi

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