South Korea Bariatric Surgery Market Overview
Base Year: 2023
Historical Years: 2018-2023
Forecast Years: 2024-2032
Market Growth Rate: 1.20% (2024-2032)
Rising obesity rates in South Korea are driving the market, with a significant portion of the population now experiencing obesity-related health issues. According to the latest report by IMARC Group, the South Korea bariatric surgery market size is projected to exhibit a growth rate (CAGR) of 1.20% during 2024-2032.
South Korea Bariatric Surgery Industry Trends and Drivers:
Rising obesity rates in South Korea are driving the market, with a significant portion of the population now experiencing obesity-related health issues. It is fueling the demand for bariatric procedures, which are seen as effective solutions for weight loss and improvement in overall health. The governing agencies and healthcare organizations are prioritizing obesity management, initiating awareness campaigns, and promoting healthier lifestyles, which, in turn, are increasing public acceptance and consideration of bariatric surgery as a viable treatment option.
Besides this, technological advancements in surgical procedures are propelling the growth of the market. The medical industry in the country is relying on minimally invasive (MI) techniques, such as laparoscopic surgery, which are reducing recovery times and lowering the risk of complications. These techniques are providing various advantages, such as smaller incisions, reduced pain, quicker recovery times, and shorter hospital stays, making them an attractive option for patients.
Individuals are now more inclined to undergo bariatric surgery due to these improvements in safety and effectiveness. Surgeons are also enhancing their skills and expertise, facilitating more precise operations and improving the outcomes of these procedures, further supporting the market growth.The country is witnessing an increase in insurance coverage for bariatric surgery, which is making these procedures more accessible to a broader segment of the population. Insurance companies are starting to recognize the long-term cost savings associated with obesity management through surgery, leading them to include bariatric procedures in their coverage plans.
The coverage is reducing the financial burden on patients and encouraging more individuals to consider surgery as a treatment option, thereby influencing the market. In addition, the rising awareness among the masses about its benefits in managing diabetes is contributing to the market growth, as more individuals are seeking surgery to improve their health outcomes. Furthermore, bariatric surgeries are encouraging healthier food preferences by impacting physiology, reducing hunger, and enhancing satiety, thereby offering a favorable market outlook in the country.
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South Korea Bariatric Surgery Industry Segmentation:
The report has segmented the market into the following categories:
Device Insights:
- Assisting Devices
- Suturing Device
- Closure Device
- Stapling Device
- Trocars
- Others
- Implantable Devices
- Gastric Bands
- Electrical Stimulation Devices
- Gastric Balloons
- Gastric Emptying
- Others
Regional Insights:
- Seoul Capital Area
- Yeongnam (Southeastern Region)
- Honam (Southwestern Region)
- Hoseo (Central Region)
- Others
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- American Express Company
- Kakao Pay Corp.
- Mastercard Inc.
- Naver Corporation
- NHN PAYCO Corp.
- Rapyd Financial Network (2016) Ltd.
- Samsung Electronics Co. Ltd.
- Visa Inc.
- Viva Republica Inc.
Key highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provides a comprehensive suite of market entry and expansion services. IMARC offerings include a thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape, and benchmarking analyses, pricing and cost research, and procurement research.
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