South Korea Deep Brain Stimulation Devices Market Size & Outlook
South Korea deep brain stimulation devices market, 2018-2030 (US$M)
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South Korea deep brain stimulation devices market highlights
- The South Korea deep brain stimulation devices market generated a revenue of USD 11.2 million in 2023 and is expected to reach USD 23.7 million by 2030.
- The South Korea market is expected to grow at a CAGR of 11.3% from 2024 to 2030.
- In terms of segment, dual channel was the largest revenue generating product in 2023.
- Single Channel is the most lucrative product segment registering the fastest growth during the forecast period.
Deep brain stimulation devices market data book summary
| Market revenue in 2023 | USD 11.2 million |
| Market revenue in 2030 | USD 23.7 million |
| Growth rate | 11.3% (CAGR from 2023 to 2030) |
| Largest segment | Dual channel |
| Fastest growing segment | Single Channel |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Single Channel, Dual Channel |
| Key market players worldwide | Abbott Laboratories, Medtronic PLC, Boston Scientific Corp, Nexstim Oyj Registered Shs Reg S, LivaNova PLC, NeuroPace Inc |
Other key industry trends
- In terms of revenue, South Korea accounted for 1.0% of the global deep brain stimulation devices market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, Japan deep brain stimulation devices market is projected to lead the regional market in terms of revenue in 2030.
- Thailand is the fastest growing regional market in Asia Pacific and is projected to reach USD 17.8 million by 2030.
Dual channel was the largest segment with a revenue share of 58.04% in 2023. Horizon Databook has segmented the South Korea deep brain stimulation devices market based on single channel, dual channel covering the revenue growth of each sub-segment from 2018 to 2030.
South Korea is expected to grow at a considerably faster rate in the coming years owing to rising prevalence of neurological disorders such as PD, epilepsy, and brain tumors. PD, epilepsy, and other neurological disorders are age related, thus rise in geriatric population would lead to increase in the incidence of such conditions, thereby creating more opportunities in deep brain stimulation devices market.
Furthermore, Korea-US Free Trade Agreement (KORUS FTA) was implemented on March 15, 2012, thus, most of the medical devices in Korea received duty-free treatment. Moreover, mental health awareness programs are being conducted by many nonprofit organizations and institutions such as Department of Neurology (Y.S.K.), among others.
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Deep Brain Stimulation Devices Market Scope
Deep Brain Stimulation Devices Market Companies
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South Korea deep brain stimulation devices market size, by product, 2018-2030 (US$M)
South Korea Deep Brain Stimulation Devices Market Outlook Share, 2023 & 2030 (US$M)
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