South Korea is facing a demographic shift unlike any before. The country’s elderly population is rapidly growing, presenting both challenges and opportunities. In this article, Qualtech will explore the growing burden of chronic diseases among Korea’s aging population and how it’s creating a potential boom for the medical technology (MedTech) industry.

 

The Rapid Rise of the Elderly Population

South Korea is experiencing a rapid aging population. In 2022, nearly 18% of the total population was over 65 years old. This number is projected to rise significantly in the coming years, with experts predicting South Korea to become a “super-aged society” by 2025, meaning that over 20% of its population will be 65 or older.

This demographic shift has significant implications for the healthcare system.  As the population ages, there’s a corresponding rise in chronic diseases.  Research shows that a staggering 89.5% of the elderly population in South Korea suffers from at least one chronic condition.

 

Surge in Chronic Diseases as Population Ages

The most prevalent chronic diseases among Korea’s elderly population include:

• Hypertension: With a prevalence rate ranging from 56.8% to 64.4%, high blood pressure is a major concern for South Korea’s elderly population.
• Diabetes Mellitus: Diabetes affects a significant portion of the elderly population, with a prevalence rate between 24.2% and 29.0%.
• Dyslipidemia: Dyslipidemia is another common chronic disease, affecting 17.1% to 38.9% of the elderly population.
• Musculoskeletal Disorders: Osteoarthritis, a degenerative joint disease, affects 16.5% of elderly Koreans. Additionally, lower back pain and sciatica are prevalent, impacting 10% of this age group.

 

Growing Demand for Medical Equipment

The surge in chronic diseases creates a growing demand for innovative medical devices to diagnose, manage, and treat these conditions. This presents a significant opportunity for the MedTech industry. Here’s a look at some of the most sought-after medical devices in the Korean market:

• Diagnostic Tools: Blood pressure monitors, blood glucose meters, and other diagnostic devices are crucial for early detection and monitoring of chronic conditions.
• Remote Patient Monitoring Devices: These devices allow healthcare providers to remotely track vitals and health data of patients, enabling better care coordination and management, especially for those with chronic conditions.
• Wearable Health Trackers: Wearable devices that track heart rate, activity levels, and sleep patterns are becoming increasingly popular for self-monitoring and disease management.
• Cardiovascular and Orthopedic Devices: Joint implants, traction devices, and other medical devices are needed for treating conditions like heart disease, osteoarthritis, and joint pain.
• Diabetes Care Devices: Insulin pumps, continuous glucose monitors, and other devices play a vital role in managing diabetes and improving quality of life for patients.

 

A Lucrative Market for Medical Devices in Korea

South Korea's medical device market is experiencing significant growth, fueled by the aging population and rising demand for advanced healthcare solutions. According to Statista, the market is expected to reach substantial revenue figures across various sectors by 2028:

• Cardiology devices: 1,450 million US$
• Diagnostic imaging devices: 930 million US$
• Orthopedic devices: 790 million US$
• Diabetes care devices: 660 million US$

These figures highlight the immense potential of the Korean medical device market.  Foreign medical device manufacturers with innovative solutions for chronic disease management and care for the elderly population stand to gain significant market share by strategically entering the Korean market.

 

The Bottomline

South Korea’s aging population presents a complex challenge, but it also offers a significant opportunity for the medical device industry. The growing burden of chronic diseases creates a demand for innovative solutions that can improve diagnosis, treatment, and management. Foreign medical device manufacturers with high-quality products and a strategic approach can gain a foothold in this promising market.

 

Navigating the Regulatory Landscape in Korea

With more than 20 years of experience, Qualtech is confident that we can support your business expansion in Korea. We offer:

• A presentative office in Seoul
• Local regulatory experts
• South Korea market entry strategies
• Holistic understanding of Korea regulatory compliance

Our Korean regulatory experts are ready to assist. Contact us now!

 

 

Reference:

1. Share of population aged 65 years and older in South Korea from 2000 to 2023
2. Geriatrics Fact Sheet in Korea 2021
3. Medical Devices - South Korea