South Korea Pulse Oximeter Market Overview, 2027

The South Korea Pulse Oximeter Market stands at the forefront of technological advancements, combining innovation, precision, and healthcare expertise to provide comprehensive solutions for monitoring oxygen saturation levels. With its dynamic healthcare landscape and a strong emphasis on public health, South Korea has witnessed a surging demand for pulse oximeters, establishing itself as a thriving market in this domain. The country's unwavering commitment to delivering efficient and reliable healthcare services, coupled with a technologically advanced infrastructure, has propelled the growth of the pulse oximeter market. From hospitals and clinics to homes and ambulatory settings, pulse oximeters have become an indispensable tool for healthcare professionals and individuals alike, ensuring timely and accurate oxygen level monitoring. As South Korea embraces cutting-edge advancements in medical technology, the pulse oximeter market continues to thrive, revolutionizing patient care and contributing to a healthier nation. South Korea places significant importance on healthcare, with a well-developed healthcare system and a proactive approach to public health. There is a growing awareness among both healthcare professionals and the general population about the importance of monitoring oxygen saturation levels, especially in the context of respiratory conditions such as COVID-19. This increased awareness has led to a surge in demand for pulse oximeters. According to the report titled, “South Korea Pulse Oximeter Market Overview, 2027”, published by Bonafide Research the market is classified on the basis of Product type and End-user. This segmentation provides in depth and qualitative analysis of the whole market pointing out the current trends and opportunities. The rising health-conscious behaviour amongst the consumer have driven higher adoption of medical devices. This trend in the market has also contributed to the demand of pulse oximeters and driven the market. The rising advent of respiratory diseases among the population which include different kinds of COPD (Chronic Obstructive Pulmonary Diseases), Hypertension and Cardiovascular impairments contribute to the need of oximeters driving the market. It was found out that the saturation levels of oxygen in blood indicate to many different illnesses and monitoring of these saturation levels is crucial this has created higher demand for the devices. Furthermore, the lifestyle choices of some population have displayed an increase in smoking habits which will give rise to higher rates of chronic diseases in the future and facilitating future market growth. The rising advent of air pollution which is contributed through the by-products of industrial activities will give rise to higher rate of diseases driving the market growth. The increasing awareness about the application of pulse oximeter amongst the consumers specially after the Covid-19 pandemic has given a market an unexpected boost in recent times. Obesity is another factor which will increase the rate of high risk diseases and create a need for pulse oximeters. Furthermore, the use of pulse oximeter in the sports sector has increased its market share. Pre-workout and post workout oxygen levels are measured to establish fitness criterion amongst athletes.

South Korea is renowned for its technological advancements and innovation in various industries, including healthcare. The country's expertise in electronics and medical device manufacturing has resulted in the development of advanced pulse oximeters with features like wireless connectivity, smartphone integration, and real-time data analysis. These technological advancements have not only improved the accuracy and reliability of pulse oximeters but have also enhanced user convenience, driving their adoption in various healthcare settings. South Korea has a rapidly aging population, with a significant increase in the elderly population. Older adults are more susceptible to respiratory conditions and require regular monitoring of their oxygen saturation levels. Pulse oximeters provide a non-invasive and convenient way to monitor oxygen levels at home, enabling timely interventions and improving the overall quality of care for the aging population. The rising demand from this demographic segment is a key driver for the pulse oximeter market in South Korea. The Hand held oximeter has originally had the bigger market share but the fingertip oximeter products are expected to grow with the highest growth rate during the forecast period. This expected high growth rate is due to the portability of the device which can essentially fit into a pocket, accompanied by the low cost of the product which makes it accessible to a greater consumer base. Along with this the technological advancement in this product segment which includes integration of pulse rate monitoring sensor has further added to the growth rate. On the basis of end-user the market consist of two categories which are, homecare and non-homecare. The non- homecare segment which consists of uses in hospitals and healthcare facilities has historically had the greater market share. While the higher growth rate is observed by the Homecare segment, which is due to the fact that in home health monitoring practices are on a rise amongst the consumer. Adding to this, is the increasing cost of hospital treatments which has steered the consumer away from the non-homecare segment. However, the majority of the products used in homecare are accurate till a certain extent, for severe cases and critical treatments non-homecare facilities are still in use. The market along with the problem in device accuracy faces many different restraining factors. Historically, the high cost of some devices in the market have created an obstacle for market growth. Which has been dealt with after the invention of cheap fingertip oximeters. Along with this some of the consumers are still unaware about the need for checking the oxygen saturation levels and their benefits. This leads to a slower growth of the pulse oximeter market in the country. There have been issues in the result consistencies of the device from time to time, this has questioned the reliability of the device creating scepticism in the consumers and obstructing the market growth rate.

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Manmayi Raval

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COVID-19 Impact The pulse oximeter market was one of the few industry verticals which witnessed a positive growth during the pandemic. This was due to the fact that early detection of decreasing Spo2 levels in Covid patients helped the proper treatment and decrease mortality of the patients. However, the pandemic created obstructions in the supply chain and production activities of the devices due to lockdowns and travel restrictions. This affected the market in a negative manner. Major Companies Included: CASMED (Edwards Lifesciences Corporation ), Covidien (Medtroni PLCc), Koninklijke Philips NV, Nihon Kohden corporation, ICU Medical Inc., Hillrom Services, Inc., Beckton Dickinson and Company, Contec Medical Systems Co. Ltd., Microtek international private limited, Rossmax International Ltd, Spacelabs Healthcare Considered in the report • Geography: South Korea • Base year: 2021 • Historical year: 2016 • Forecasted year: 2027 Aspects covered in the report • Market Size by Value for the period (2016-2027F) • Market Trends and Opportunities • Market Drivers and restraining factors • Market Share by Product type • Fingertip • Handheld • Others • Market Share by End User • Homecare • Non-Home Care

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The approach of the report: We keep an eye on evolving markets and try to evaluate the potential of the products and services. If we find the market interesting, we start working on it and create the desired table of content, considering all aspects of the business. We start by creating separate questionnaires for C-level executives, national/regional sales personnel, company owners, dealers, distributors, and end-users. Once the questionnaires have been finalized, we start collecting the primary data (mostly through phone calls) and try to understand the market dynamics regionally or tier-wise. This process gives us in-depth details of the market, including all present companies, the top-performing products with reasons why they dominate; we get the details of new players and their innovative approaches; market trends; dynamics; and all the small details of the market. After the collection of primary inputs, we then cross-check the same with secondary sources that include associations, trade journals, annual reports, paid databases, newspapers, magazines, press releases, government sources, etc. From this, we get a rough estimate of the market and start checking existing product price variants, trade, production, raw material scenarios, policies and regulatory landscape, etc. Then, to finalize the market, we start collecting financials of each player present in the market, including limited, private limited, and LLPs. Moreover, we perform cross-industry and cross-region analysis of the product, and based on collected primary inputs and using statistical modeling, we start forecasting the market. We follow our forecasting algorithm, which is unique for each product but gives more weight age to primary inputs. At the same time, the content team starts preparing company profiles, market dynamics, market trends, five forces, PEST analysis, etc. Once the data is verified by the data expert, the team (primary team, content team, and data team) together crosscheck the segmentations, validate the market, and then the designing team starts plotting the graphs. Once the file is ready, the content team completes the report and makes sure that all the discussed points have been covered and provides their valuable inputs in the form of strategic recommendations for new as well as existing players. The QC team then checks the overall report that includes spell check, data verification, and makes the same dispatch ready and error-free. Intended Audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the medical device industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.