South Korea Peripheral Vascular Devices Market- Growth, Share, Opportunities & Competitive Analysis, 2024 – 2032

Market Overview

The South Korea Peripheral Vascular Devices Market is anticipated to expand from USD 41.25 million in 2023 to USD 54.80 million by 2032, registering a compound annual growth rate (CAGR) of 3.62%.

This growth is primarily driven by the rising incidence of peripheral artery disease (PAD) and the nation’s aging demographic, which has significantly increased the need for advanced vascular treatment solutions. Innovations in minimally invasive procedures and the development of more effective devices are improving treatment efficacy, thereby accelerating market growth. Government-led healthcare reforms and initiatives aimed at broadening access to medical care are also supporting this upward trajectory. Heightened awareness of PAD, along with the recognized value of early diagnosis and intervention, is propelling demand for peripheral vascular devices. Additionally, the increasing integration of advanced imaging tools and robotic technologies into vascular interventions is further enhancing market momentum. Collectively, these factors, alongside ongoing improvements in healthcare infrastructure, are positioning South Korea as a significant player in the global peripheral vascular devices industry.

Market Drivers

Increasing Prevalence of Peripheral Artery Disease (PAD)

A major catalyst for growth in South Korea’s Peripheral Vascular Devices market is the rising occurrence of PAD. The aging population is especially susceptible to this condition, which results from arterial narrowing. For example, a study found that the prevalence of PAD in South Korea surged from 3.93 per 1,000 individuals in 2011 to 23.55 per 1,000 in 2018. PAD primarily affects those aged 60 and older, and with the country’s demographic shift toward an older population, the demand for advanced treatment devices is rising accordingly. This increased need for effective PAD management solutions is playing a crucial role in driving market expansion.

Market Challenges

High Cost of Technologically Advanced Devices

The elevated cost of next-generation vascular devices presents a substantial barrier within the South Korean market. While these innovations offer improved precision and outcomes, their high price can limit accessibility—especially among smaller clinics and hospitals. Moreover, even with existing reimbursement schemes, patients may still encounter financial challenges related to out-of-pocket expenses. According to the South Korean Medical Device Industry Association, the steep cost of cutting-edge medical technologies remains a considerable obstacle for healthcare providers. This financial hurdle can slow the adoption of the latest treatment options, thereby impacting the overall market growth and restricting access to improved vascular care solutions.

Market Segmentation

By Type:

Angioplasty Balloons

Angioplasty Stents

Catheters

Guidewires

Others

By End-user:

Hospitals

Ambulatory Surgical Centers

Specialty Clinics

By Geography:

Seoul Metropolitan Region

Gyeonggi Province

Busan and Ulsan Regions

Daegu Region

Key Market Players

Terumo Corporation

Medtronic plc

Boston Scientific Corporation

Abbott Laboratories

Nipro Corporation

Cook Medical

Asahi Intecc Co., Ltd.

B. Braun Melsungen AG

MicroPort Scientific Corporation

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