The import of orthopaedic appliances to South Korea has steadily increased from $559.18 million in 2013 to $877.71 million in 2023. In 2023, the value stood at $877.71 million, marking a 2.96% year-on-year increase from 2022. Over the past two years, the growth rate has shown slight decreases, with 3.11% in 2022 and 3.28% in 2021. The compound annual growth rate (CAGR) over the last five years was 4.12%, demonstrating a stable yet decelerating trend.
Looking forward, the forecasts suggest continued growth in imports, reaching $996.42 million by 2028, with an average annual growth rate of 2%. This projection indicates an overall increase of 10.42% over the next five years.
Future trends to watch for include:
- Technological advancements in orthopaedic appliances that might spur increased imports.
- Changes in the healthcare policy and insurance coverages in South Korea affecting demand.
- Global economic conditions and currency fluctuations impacting import costs.
- Ageing population in South Korea driving higher demand for orthopaedic devices.
