Republic of Korea: Orthopedic Artificial Joints Market 2024

Orthopedic Artificial Joints Market Size in Republic of Korea

In 2022, the South Korean orthopedic artificial joints market decreased by -9.3% to $X for the first time since 2011, thus ending a ten-year rising trend. Overall, consumption, however, saw a mild decrease. The most prominent rate of growth was recorded in 2021 when the market value increased by 6.5%. As a result, consumption attained the peak level of $X, and then shrank in the following year.

Orthopedic Artificial Joints Exports

Exports from Republic of Korea

In 2022, orthopedic artificial joints exports from South Korea skyrocketed to X units, increasing by 712% compared with 2021 figures. In general, exports continue to indicate a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, orthopedic artificial joints exports soared to $X in 2022. Overall, exports enjoyed buoyant growth. The most prominent rate of growth was recorded in 2013 when exports increased by 40% against the previous year. Over the period under review, the exports reached the maximum at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units) was the main destination for orthopedic artificial joints exports from South Korea, accounting for a 31% share of total exports. Moreover, orthopedic artificial joints exports to the United States exceeded the volume sent to the second major destination, Singapore (X units), twofold. The United Arab Emirates (X units) ranked third in terms of total exports with a 6% share.

From 2020 to 2022, the average annual rate of growth in terms of volume to the United States stood at +203.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+661.6% per year) and the United Arab Emirates (+101.0% per year).

In value terms, the United States ($X) remains the key foreign market for artificial joints for orthopedic purposes exports from South Korea, comprising 23% of total exports. The second position in the ranking was taken by Singapore ($X), with a 10% share of total exports. It was followed by the United Arab Emirates, with a 5% share.

From 2020 to 2022, the average annual rate of growth in terms of value to the United States stood at -18.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+193.5% per year) and the United Arab Emirates (-19.3% per year).

Export Prices by Country

The average orthopedic artificial joints export price stood at $X per unit in 2022, waning by -84% against the previous year. Over the period under review, the export price continues to indicate a dramatic slump. The pace of growth appeared the most rapid in 2021 when the average export price increased by 4.5%. As a result, the export price reached the peak level of $X per unit, and then dropped notably in the following year.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to the United Arab Emirates ($X per unit) and Mexico ($X per unit), while the average price for exports to Malaysia ($X per unit) and Singapore ($X per unit) were amongst the lowest.

From 2020 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (-46.9%), while the prices for the other major destinations experienced a decline.

Orthopedic Artificial Joints Imports

Imports into Republic of Korea

For the eleventh year in a row, South Korea recorded growth in overseas purchases of artificial joints for orthopedic purposes, which increased by 19% to X units in 2022. Over the period under review, imports posted a significant increase. The pace of growth appeared the most rapid in 2021 when imports increased by 153%. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the immediate term.

In value terms, orthopedic artificial joints imports contracted to $X in 2022. Overall, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when imports increased by 9%. Imports peaked at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

The United States (X units), the Netherlands (X units) and Germany (X units) were the main suppliers of orthopedic artificial joints imports to South Korea, together comprising 59% of total imports. Singapore, Belgium, Italy and Ireland lagged somewhat behind, together comprising a further 35%.

From 2020 to 2022, the biggest increases were recorded for Singapore (with a CAGR of +4,484.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest orthopedic artificial joints suppliers to South Korea were the United States ($X), the Netherlands ($X) and Germany ($X), with a combined 42% share of total imports. Singapore, Belgium, Italy and Ireland lagged somewhat behind, together comprising a further 18%.

Singapore, with a CAGR of +2,804.2%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average orthopedic artificial joints import price stood at $X per unit in 2022, which is down by -16.3% against the previous year. Overall, the import price continues to indicate a significant decline. The import price peaked at $X per unit in 2020; however, from 2021 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per unit), while the price for Ireland ($X per unit) was amongst the lowest.

From 2020 to 2022, the most notable rate of growth in terms of prices was attained by the United States (-33.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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