The population of South Korea is aging rapidly, owing to reduced birth rates and increasing life expectancy. The demographic trend toward an aging population represents a growing need for the management of old age-associated spine disorders. South Korea has a higher number of geriatric population than young people. According to the Korean Statistical Information Service (KOSIS), it was estimated that the old age population in South Korea comprised about 14.9% of the total population in 2019. The higher geriatric population is expected to impact the prevalence of spinal-related disorders and will have significant effects on bone density. These physiological changes, along with prolonged exposure to risk factors and increasing burden of spine disorders, require surgical intervention. Hence, the aforementioned factors, such as the rising geriatric population, along with the increasing demand for minimally invasive devices, are likely to propel the market growth.The South Korean spinal surgery devices market is expected to register a CAGR of 3.2%.(Source: Mordor Intelligence)
Competition
According to Mordor Intelligence, the most significant competitors are B.Braun, Medtronic , Johnson&Johnson, Stryker, Zimmer Biomet and a highly competitive and fragmented market with many korean companies as the following: Please to know more about these companies visit the Korean section: https://thespinemarketgroup.com/category/companies/korea/
- BK Meditech
- BM Korea
- Corentec
- CUREXO
- DreamSTS
- Dio medical
- GS Medical
- Genoss
- HUVEXEL
- IMEDICOM
- Kyungwon Medical
- L&K Biomed
- MANTIZ
- Medyssey
- Osteonic
- OTIS Biotech
- SeohanCare
- Solco Biomedical
- Taeyeon Medical
- TDM
- U&I Corporation