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South Korea Bariatric Surgery Market Analysis- Industry Size, Share, Research Report, Insights, Covid-19 Impact, Statistics, Trends, Growth and Forecast 2024-2032

Published Date: April, 2024
Base Year: 2023
Delivery Format: PDF+ Excel
Historical Year: 2017-2023
No of Pages: 178
Forecast Year: 2024-2032
Category

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Market Overview

Bariatric surgery in South Korea has emerged as a significant medical intervention for individuals battling obesity. As the country witnesses an increasing prevalence of obesity and related health issues, the demand for bariatric surgery has surged. This market overview provides valuable insights into the South Korea Bariatric Surgery Market, encompassing its meaning, executive summary, key market insights, drivers, restraints, opportunities, dynamics, regional analysis, competitive landscape, segmentation, category-wise insights, key benefits for industry participants and stakeholders, SWOT analysis, market key trends, Covid-19 impact, key industry developments, analyst suggestions, future outlook, and conclusion.

Meaning

Bariatric surgery, also known as weight loss surgery, refers to a set of surgical procedures that aid in weight reduction for individuals with severe obesity. The primary goal of bariatric surgery is to limit the food intake capacity of the stomach or alter the digestion process to induce weight loss. These surgeries are considered for individuals with a body mass index (BMI) of 40 or higher, or a BMI of 35 or higher with significant obesity-related health issues.

 Executive Summary: The South Korea bariatric surgery market has experienced remarkable growth due to rising health awareness, improved healthcare infrastructure, and advancements in medical technology. The market’s sustained expansion is fueled by a growing number of obese individuals seeking medical interventions to manage their weight and improve their quality of life. This report aims to provide comprehensive insights into the market’s current scenario, key trends, opportunities, and future outlook.

South Korea Bariatric Surgery Market

Key Market Insights:

  • The South Korea bariatric surgery market has been witnessing steady growth, driven by an increasing number of individuals opting for weight loss procedures.
  • Key factors contributing to market growth include the rise in obesity rates, advancements in surgical techniques, and growing awareness of the benefits of bariatric surgery.
  • Surgical procedures such as gastric bypass, sleeve gastrectomy, and adjustable gastric banding are among the most widely performed in the market.
  • The demand for minimally invasive techniques is growing due to reduced post-operative complications and faster recovery times.

Market Drivers:

  • Rising Obesity Prevalence: The increasing prevalence of obesity in South Korea is a major driver of the bariatric surgery market. Obesity-related health concerns, such as diabetes and cardiovascular diseases, are prompting individuals to seek surgical solutions.
  • Advancements in Surgical Techniques: Technological advancements have led to safer and more effective surgical procedures, making bariatric surgery a viable option for a larger pool of patients.
  • Changing Lifestyles and Dietary Habits: Sedentary lifestyles and unhealthy dietary habits have contributed to the obesity epidemic, driving the demand for weight loss surgeries.

Market Restraints:

  • High Cost of Surgery: The cost of bariatric surgery can be a significant barrier for some patients, limiting access to those with higher financial means.
  • Post-Surgery Complications: Although advancements have reduced the risk of complications, bariatric surgery still carries potential risks, including infection, nutritional deficiencies, and gastrointestinal issues.

Market Opportunities:

  • Medical Tourism: South Korea’s reputation as a leading medical tourism destination presents an opportunity for the bariatric surgery market. International patients seek high-quality healthcare at competitive prices, promoting market growth.
  • Increasing Healthcare Investments: The South Korean government’s initiatives to improve healthcare infrastructure and services create opportunities for the bariatric surgery market’s expansion.

Market Dynamics: The South Korea bariatric surgery market is dynamic, influenced by a multitude of factors, including changing demographics, evolving healthcare policies, and technological innovations. The market’s future growth will be shaped by how these dynamics interact and evolve over time.

Regional Analysis:

  • The major regions in South Korea witnessing significant demand for bariatric surgery include Seoul, Busan, Incheon, and Daegu.
  • Factors such as population density, healthcare facilities, and awareness levels contribute to regional variations in the adoption of bariatric procedures.

Competitive Landscape: The South Korea bariatric surgery market is characterized by the presence of several prominent players, both domestic and international. These companies compete based on surgical expertise, service quality, and technological advancements.

Segmentation: The market can be segmented based on surgical procedures, including gastric bypass, sleeve gastrectomy, adjustable gastric banding, biliopancreatic diversion, and others.

Category-wise Insights:

  • Gastric Bypass: This procedure involves creating a small pouch in the stomach and rerouting the digestive system. It is effective in producing significant weight loss and improving obesity-related comorbidities.
  • Sleeve Gastrectomy: In this surgery, a portion of the stomach is removed, leaving a smaller, tube-like structure. It reduces the stomach’s capacity, leading to reduced food intake and weight loss.
  • Adjustable Gastric Banding: This procedure involves placing an inflatable band around the upper part of the stomach, restricting food intake.

Key Benefits for Industry Participants and Stakeholders:

  • The growing market offers significant revenue opportunities for healthcare providers and medical device manufacturers specializing in bariatric surgery.
  • For patients, bariatric surgery provides a viable solution for achieving substantial weight loss, improving overall health and well-being.

SWOT Analysis:

  • Strengths: Technological advancements, increasing demand for weight loss solutions, and a robust healthcare system.
  • Weaknesses: High costs associated with surgery and potential post-operative complications.
  • Opportunities: Growing medical tourism and government investments in healthcare infrastructure.
  • Threats: Competition among market players and potential adverse effects of surgery.

Market Key Trends:

  • Rise in Minimally Invasive Procedures: Minimally invasive techniques are gaining popularity due to their lower risk and faster recovery times.
  • Growing Awareness and Acceptance: Increasing awareness of the benefits of bariatric surgery and reduced stigma around obesity drive market growth.

Covid-19 Impact: The Covid-19 pandemic had a short-term impact on the bariatric surgery market, with elective surgeries postponed to prioritize resources for critical patients. However, as the situation improved, the market resumed its growth trajectory.

Key Industry Developments:

  • Introduction of advanced robotic-assisted surgical techniques.
  • Collaboration between healthcare providers and insurance companies to expand patient access to bariatric surgery.

Analyst Suggestions:

  • Focus on patient education and awareness campaigns to combat obesity and promote the benefits of bariatric surgery.
  • Continue investing in research and development to enhance surgical techniques and reduce complications.

Future Outlook: The South Korea bariatric surgery market is poised for continued growth in the coming years, driven by factors such as rising obesity rates, healthcare investments, and advancements in surgical techniques. Market players should be prepared to adapt to changing market dynamics and leverage emerging opportunities.

Conclusion: The South Korea bariatric surgery market presents lucrative opportunities for healthcare providers and medical device manufacturers. With the rising prevalence of obesity and increasing awareness of weight loss solutions, the market is expected to witness sustained growth. By addressing challenges and capitalizing on opportunities, stakeholders can contribute to improving patients’ quality of life and overall healthcare outcomes in South Korea.

South Korea Bariatric Surgery Market Segmentation:

Segment Details
Procedure Gastric Bypass, Sleeve Gastrectomy, Others
End-User Hospitals, Specialized Bariatric Surgery Clinics, Others
Region South Korea

Leading Companies in the South Korea Bariatric Surgery Market:

  1. Apollo Hospitals Enterprise Limited
  2. ILS Hospitals
  3. Medanta – The Medicity
  4. Asian Bariatrics
  5. Fortis Healthcare Limited
  6. Wockhardt Hospitals
  7. Apollo Spectra Hospitals
  8. BLK Super Speciality Hospital
  9. Paras Hospitals
  10. Max Healthcare Institute Ltd.

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