South Korea Neurovascular Devices Market Size & Outlook
South Korea neurovascular devices market, 2018-2030 (US$M)
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South Korea neurovascular devices market highlights
- The South Korea neurovascular devices market generated a revenue of USD 70.1 million in 2023 and is expected to reach USD 118.7 million by 2030.
- The South Korea market is expected to grow at a CAGR of 7.8% from 2024 to 2030.
- In terms of segment, cerebral embolization and aneurysm coiling devices was the largest revenue generating device in 2023.
- Neurothrombectomy Devices is the most lucrative device segment registering the fastest growth during the forecast period.
Neurovascular devices market data book summary
| Market revenue in 2023 | USD 70.1 million |
| Market revenue in 2030 | USD 118.7 million |
| Growth rate | 7.8% (CAGR from 2023 to 2030) |
| Largest segment | Cerebral embolization and aneurysm coiling devices |
| Fastest growing segment | Neurothrombectomy Devices |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Cerebral Embolization and aneurysm Coiling devices, Cerebral Angioplasty and Stenting Systems, Neurothrombectomy Devices, Support Devices, Trans Radial Access Devices |
| Key market players worldwide | Medtronic PLC, Johnson & Johnson, Penumbra Inc, MicroPort Scientific Corp, Stryker Corp, Terumo Corp, Integra Lifesciences Holdings Corp |
Other key industry trends
- In terms of revenue, South Korea accounted for 2.3% of the global neurovascular 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 neurovascular devices market is projected to lead the regional market in terms of revenue in 2030.
- Japan is the fastest growing regional market in Asia Pacific and is projected to reach USD 212.2 million by 2030.
Cerebral embolization and aneurysm coiling devices was the largest segment with a revenue share of 34.81% in 2023. Horizon Databook has segmented the South Korea neurovascular devices market based on cerebral embolization and aneurysm coiling devices, cerebral angioplasty and stenting systems, neurothrombectomy devices, support devices, trans radial access devices covering the revenue growth of each sub-segment from 2018 to 2030.
South Korea neurovascular devices market is anticipated to witness moderate growth over the forecast period due to increasing healthcare expenditure. For instance, the healthcare expenditure in South Korea was 4.84% in 2018, whereas in 2016, it was 4.33%.
Increase in healthcare expenditure may encourage new and key players to enter the market, thereby propelling the market growth. However, declining cases of acute ischemic stroke may negatively impact the market growth.
In addition, low adoption of technologically advanced products and lack of skilled professionals in the country may hinder the market growth over the forecast period. According to the National Center for Biotechnology Information (NCBI), in 2016, the incidence of intracranial aneurysm was around 52.2 per 100,000 populations and more than half of the people were diagnosed with unruptured brain aneurysm.
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Neurovascular Devices Market Scope
Neurovascular Devices Market Companies
| Name | Profile | # Employees | HQ | Website |
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South Korea neurovascular devices market size, by device, 2018-2030 (US$M)
South Korea Neurovascular Devices Market Outlook Share, 2023 & 2030 (US$M)
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