Republic of Korea: Orthopaedic Appliances Market 2024

Orthopaedic Appliances Market Size in Republic of Korea

The South Korean orthopaedic appliances market amounted to $X in 2022, growing by 6% against the previous year. Overall, the total consumption indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -3.0% against 2020 indices. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Orthopaedic Appliances Production in Republic of Korea

In value terms, orthopaedic appliances production rose notably to $X in 2022 estimated in export price. Over the period under review, the total production indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -6.1% against 2020 indices. The most prominent rate of growth was recorded in 2014 with an increase of 67% against the previous year. Over the period under review, production hit record highs at $X in 2015; however, from 2016 to 2022, production remained at a lower figure.

Orthopaedic Appliances Exports

Exports from Republic of Korea

Orthopaedic appliances exports from South Korea rose rapidly to X tons in 2022, growing by 12% compared with 2021 figures. The total export volume increased at an average annual rate of +2.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2014 with an increase of 20%. Over the period under review, the exports attained the maximum at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, orthopaedic appliances exports surged to $X in 2022. Overall, exports continue to indicate a strong increase. The most prominent rate of growth was recorded in 2014 when exports increased by 61% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Japan (X tons), Canada (X tons) and the United States (X tons) were the main destinations of orthopaedic appliances exports from South Korea, together comprising 62% of total exports. China, the United Arab Emirates, Greece, Russia, Vietnam, Saudi Arabia, Italy and Egypt lagged somewhat behind, together comprising a further 24%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Vietnam (with a CAGR of +30.5%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Canada ($X) and Japan ($X) appeared to be the largest markets for orthopaedic appliances exported from South Korea worldwide, with a combined 41% share of total exports. China, Vietnam, Russia, the United Arab Emirates, Greece, Saudi Arabia, Italy and Egypt lagged somewhat behind, together comprising a further 22%.

Vietnam, with a CAGR of +34.5%, recorded 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

The average orthopaedic appliances export price stood at $X per ton in 2022, rising by 7.5% against the previous year. Over the period under review, export price indicated strong growth from 2012 to 2022: its price increased at an average annual rate of +7.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when the average export price increased by 34%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Japan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Egypt (+15.6%), while the prices for the other major destinations experienced more modest paces of growth.

Orthopaedic Appliances Imports

Imports into Republic of Korea

In 2022, imports of orthopaedic appliances and splints into South Korea expanded to X tons, surging by 4.6% compared with the year before. Over the period under review, imports enjoyed a buoyant increase. The pace of growth was the most pronounced in 2015 with an increase of 71% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

In value terms, orthopaedic appliances imports skyrocketed to $X in 2022. Overall, imports recorded a significant increase. The most prominent rate of growth was recorded in 2015 with an increase of 68% against the previous year. Over the period under review, imports reached the maximum in 2022 and are likely to see gradual growth in years to come.

Imports by Country

In 2022, China (X tons) constituted the largest orthopaedic appliances supplier to South Korea, with a 75% share of total imports. Moreover, orthopaedic appliances imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), threefold.

From 2012 to 2022, the average annual growth rate of volume from China totaled +22.7%.

In value terms, China ($X) constituted the largest supplier of orthopaedic appliances and splints to South Korea, comprising 50% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 13% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China totaled +31.0%.

Import Prices by Country

In 2022, the average orthopaedic appliances import price amounted to $X per ton, rising by 17% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.5%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per ton), while the price for Taiwan (Chinese) stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+6.8%).

Source: IndexBox Platform

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