The South Korean neurology devices market is projected to reach a market size of $2.032 billion by 2032, with a compound annual growth rate (CAGR) of 6.4% from 2022. This growth is driven by factors such as the increasing incidence of neurological disorders, an aging population, and advancements in medical technology.
Neurology devices are essential in diagnosing, monitoring, and managing nervous system disorders like epilepsy and Parkinson's disease. These devices include instruments and technologies like EEG, MRI, and CT scanners, which enable precise visualization and assessment of neural structures and functions.
The demand for these devices is further fueled by the growing awareness of the benefits of early detection and treatment of neurological disorders. The rise of telemedicine has also emphasized the need for portable and remote neurological monitoring solutions.
However, the market faces challenges such as regulatory approval processes, limited reimbursement policies, and competition from neighboring countries. The market is segmented by type and end-user, with neurosurgical devices accounting for the largest share of revenues in 2022.
Specialty centers have emerged as the leading end-user segment, driven by a preference for less invasive procedures and specialized care.
Key players in the market include Elekta AB, Smith & Nephew, B. Braun SE, Stryker Company, Medtronic, Johnson & Johnson, Integra LifeSciences Corporation, and Abbott Laboratories. These companies are actively involved in product development and strategic partnerships to enhance their market position.
The market is expected to continue growing as South Korea invests in public health awareness and research capabilities.