Republic of Korea: Ophthalmic Instruments Market 2024

Ophthalmic Instruments Market Size in Republic of Korea

In 2021, the South Korean ophthalmic instruments market decreased by -18.4% to $X for the first time since 2015, thus ending a five-year rising trend. In general, the total consumption indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +5.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Ophthalmic instruments consumption peaked at $X in 2020, and then shrank rapidly in the following year.

Ophthalmic Instruments Production in Republic of Korea

In value terms, ophthalmic instruments production fell to $X in 2021 estimated in export price. Overall, the total production indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +6.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +67.3% against 2015 indices. The most prominent rate of growth was recorded in 2019 when the production volume increased by 42% against the previous year. Ophthalmic instruments production peaked at $X in 2020, and then reduced modestly in the following year.

Ophthalmic Instruments Exports

Exports from Republic of Korea

Ophthalmic instruments exports from South Korea skyrocketed to X tons in 2021, jumping by 52% compared with the year before. The total export volume increased at an average annual rate of +3.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, ophthalmic instruments exports surged to $X in 2021. The total export value increased at an average annual rate of +4.4% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Russia (X tons), the United States (X tons) and France (X tons) were the main destinations of ophthalmic instruments exports from South Korea, together accounting for 37% of total exports. These countries were followed by Germany, China, Italy, India, Saudi Arabia, Japan, the United Arab Emirates, Canada, Brazil and Ukraine, which together accounted for a further 33%.

From 2012 to 2021, the biggest increases were recorded for Brazil (with a CAGR of +43.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for ophthalmic instruments exported from South Korea were Germany ($X), the United States ($X) and Russia ($X), together accounting for 36% of total exports. France, China, India, Italy, Canada, Ukraine, Brazil, Saudi Arabia, Japan and the United Arab Emirates lagged somewhat behind, together accounting for a further 31%.

Brazil, with a CAGR of +44.8%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average ophthalmic instruments export price amounted to $X per ton, dropping by -5.9% against the previous year. Over the last nine years, it increased at an average annual rate of +1.2%. The pace of growth was the most pronounced in 2015 when the average export price increased by 5.5% against the previous year. The export price peaked at $X per ton in 2020, and then declined in the following year.

Prices varied noticeably country of destination: the country with the highest price was Germany ($X per ton), while the average price for exports to Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+4.3%), while the prices for the other major destinations experienced more modest paces of growth.

Ophthalmic Instruments Imports

Imports into Republic of Korea

In 2021, purchases abroad of ophthalmic instruments and appliances decreased by -45.9% to X tons, falling for the second consecutive year after three years of growth. Overall, imports showed a pronounced curtailment. The pace of growth appeared the most rapid in 2017 with an increase of 47%. Over the period under review, imports attained the peak figure at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, ophthalmic instruments imports shrank notably to $X in 2021. Over the period under review, imports recorded a noticeable descent. The most prominent rate of growth was recorded in 2018 with an increase of 45%. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, the United States (X tons) constituted the largest ophthalmic instruments supplier to South Korea, accounting for a 49% share of total imports. Moreover, ophthalmic instruments imports from the United States exceeded the figures recorded by the second-largest supplier, Germany (X tons), threefold. The third position in this ranking was taken by Japan (X tons), with an 8.2% share.

From 2012 to 2021, the average annual growth rate of volume from the United States amounted to +3.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-14.9% per year) and Japan (-10.3% per year).

In value terms, the United States ($X), Germany ($X) and Switzerland ($X) appeared to be the largest ophthalmic instruments suppliers to South Korea, with a combined 72% share of total imports. These countries were followed by Japan, the UK, Mexico and China, which together accounted for a further 15%.

Among the main suppliers, Mexico, with a CAGR of +109.5%, saw the highest growth rate of 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

In 2021, the average ophthalmic instruments import price amounted to $X per ton, increasing by 2.1% against the previous year. Over the last nine years, it increased at an average annual rate of +1.2%. The pace of growth appeared the most rapid in 2015 when the average import price increased by 15% against the previous year. The import price peaked at $X per ton in 2016; however, from 2017 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Germany ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+8.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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