Republic of Korea: Needles, Catheters, Cannulae Market 2024

Needles, Catheters, Cannulae Market Size in Republic of Korea

After nine years of growth, the South Korean needles, catheters, cannulae market decreased by -5.3% to $X in 2021. In general, consumption, however, recorded buoyant growth. Over the period under review, the market attained the maximum level at $X in 2020, and then shrank in the following year.

Needles, Catheters, Cannulae Exports

Exports from Republic of Korea

In 2021, shipments abroad of needles, catheters, cannulae was finally on the rise to reach X units after three years of decline. Over the period under review, exports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of 15%. As a result, the exports attained the peak of X units. From 2018 to 2021, the growth of the exports failed to regain momentum.

In value terms, needles, catheters, cannulae exports shrank to $X in 2021. The total export value increased at an average annual rate of +2.9% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 with an increase of 17%. Over the period under review, the exports reached the maximum at $X in 2020, and then shrank modestly in the following year.

Exports by Country

The United States (X units) was the main destination for needles, catheters, cannulae exports from South Korea, accounting for a 19% share of total exports. Moreover, needles, catheters, cannulae exports to the United States exceeded the volume sent to the second major destination, China (X units), twofold. The third position in this ranking was taken by Japan (X units), with a 7.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+12.3% per year) and Japan (-2.6% per year).

In value terms, the United States ($X) remains the key foreign market for needles, catheters, cannulae exports from South Korea, comprising 27% of total exports. The second position in the ranking was taken by Japan ($X), with a 12% share of total exports. It was followed by China, with an 8.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+5.7% per year) and China (+12.1% per year).

Export Prices by Country

In 2021, the average needles, catheters, cannulae export price amounted to $X per unit, with a decrease of -5.7% against the previous year. Over the last nine years, it increased at an average annual rate of +3.4%. The most prominent rate of growth was recorded in 2016 an increase of 13%. The export price peaked at $X per unit in 2020, and then shrank in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per unit), while the average price for exports to Bangladesh (less than $X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Russia (+9.5%), while the prices for the other major destinations experienced more modest paces of growth.

Needles, Catheters, Cannulae Imports

Imports into Republic of Korea

In 2021, after nine years of growth, there was decline in overseas purchases of needles, catheters, cannulae, when their volume decreased by -2.6% to X units. Over the period under review, total imports indicated buoyant growth from 2012 to 2021: its volume increased at an average annual rate of +7.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +92.7% against 2012 indices. The pace of growth was the most pronounced in 2014 with an increase of 13% against the previous year. Over the period under review, imports hit record highs at X units in 2020, and then shrank in the following year.

In value terms, needles, catheters, cannulae imports declined slightly to $X in 2021. In general, total imports indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +7.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +92.4% against 2012 indices. The most prominent rate of growth was recorded in 2017 with an increase of 14% against the previous year. Imports peaked at $X in 2020, and then contracted modestly in the following year.

Imports by Country

China (X units), Vietnam (X units) and Turkey (X units) were the main suppliers of needles, catheters, cannulae imports to South Korea, with a combined 51% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +51.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest needles, catheters, cannulae suppliers to South Korea were the United States ($X), Mexico ($X) and China ($X), with a combined 45% share of total imports. Japan, Vietnam, Turkey, Thailand, Singapore, the Philippines, Italy, the UK, Taiwan (Chinese) and the Dominican Republic lagged somewhat behind, together accounting for a further 29%.

Among the main suppliers, Vietnam, with a CAGR of +62.4%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average needles, catheters, cannulae import price stood at $X per unit in 2021, stabilizing at the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 an increase of 3.5% against the previous year. The import price peaked at $X per unit in 2020, and then declined slightly in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Japan ($X per unit), while the price for the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Dominican Republic (+15.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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