Republic of Korea: Orthopedic Prosthetics Market 2024

Orthopedic Prosthetics Market Size in Republic of Korea

In 2022, the South Korean orthopedic prosthetics market increased by X% to $X, rising for the sixth consecutive year after two years of decline. Over the period under review, consumption saw buoyant growth. Over the period under review, the market attained the peak level in 2022 and is expected to retain growth in years to come.

Orthopedic Prosthetics Exports

Exports from Republic of Korea

In 2022, approx. X units of artificial parts of the body (excl. artificial teeth and dental fittings and artificial joints) were exported from South Korea; with an increase of X% against the previous year. Over the period under review, exports enjoyed prominent growth. The growth pace was the most rapid in 2013 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at X units in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, orthopedic prosthetics exports skyrocketed to $X in 2022. In general, exports showed a prominent increase. The pace of growth appeared the most rapid in 2018 when exports increased by X%. Over the period under review, the exports reached the maximum at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

China (X units), the UK (X units) and the United States (X units) were the main destinations of orthopedic prosthetics exports from South Korea, with a combined X% share of total exports. Japan, Singapore, France, Spain, Thailand, Hong Kong SAR, Ireland and Colombia lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for France (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) emerged as the key foreign market for artificial parts of the body (excl. artificial teeth and dental fittings and artificial joints) exports from South Korea, comprising X% of total exports. The second position in the ranking was held by China ($X), with a X% share of total exports. It was followed by Japan, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Singapore stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (X% per year) and Japan (X% per year).

Export Prices by Country

In 2022, the average orthopedic prosthetics export price amounted to $X per unit, jumping by X% against the previous year. In general, the export price posted a prominent increase. The most prominent rate of growth was recorded in 2018 an increase of X%. Over the period under review, the average export prices reached the maximum in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Singapore ($X per unit), while the average price for exports to the UK ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Colombia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Join Us at HANNOVER MESSE 2024

Don’t miss your chance to connect with us directly. Schedule a personal meeting to dive deeper into how solutions.
Hall 002, Stand C10. 22 - 26 April 2024 | Hannover, Germany

Book Your Meeting

Orthopedic Prosthetics Imports

Imports into Republic of Korea

For the third year in a row, South Korea recorded growth in overseas purchases of artificial parts of the body (excl. artificial teeth and dental fittings and artificial joints), which increased by X% to X units in 2022. Overall, imports saw a strong expansion. The pace of growth was the most pronounced in 2021 when imports increased by X%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, orthopedic prosthetics imports rose slightly to $X in 2022. Over the period under review, imports showed a prominent increase. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are likely to see gradual growth in the near future.

Imports by Country

The United States (X units), Costa Rica (X units) and Singapore (X units) were the main suppliers of orthopedic prosthetics imports to South Korea, together comprising X% of total imports. Ireland, France, Germany, the Netherlands and Austria lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Ireland (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Ireland ($X) and Singapore ($X) were the largest orthopedic prosthetics suppliers to South Korea, together accounting for X% of total imports.

Among the main suppliers, Ireland, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average orthopedic prosthetics import price amounted to $X per unit, shrinking by X% against the previous year. Over the period under review, the import price, however, enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2019 an increase of X% against the previous year. The import price peaked at $X per unit in 2021, and then declined slightly in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Ireland ($X per unit), while the price for Costa Rica ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ireland (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :