SEOUL, March 30 (Korea Bizwire) — With South Korea transitioning rapidly into an aging society, the desire to maintain good health and seek out customized treatment methods is expected to drive up demand of six different medical technologies.
Dental implants, implantable medical devices, robotic surgery machinery, 3D-printed medical devices, medical lasers and electrosurgical units were named as the technologies with promising futures in a report by the Ministry of Food and Drug Safety.
The 4.8 trillion won global market for dental implants in 2016 is forecast to reach 6.7 trillion won in 2020 on the strength of 8.6 percent yearly growth. A promising development in the industry yet to pass government approval is the bio-implant, which would raise the odds of making a successful implant in less time.
The market for implantable medical devices such as heart pacemakers is also growing and is projected to reach 40 trillion won by 2021. Recent R&D efforts are focusing on creating wirelessly-charged implantable devices that would solve the current problem that medical practitioners face in that most devices have batteries that need to be replaced.
The projected margin of growth for robotic surgery machinery is higher than either dental implants or implantable medical devices (8.8 percent) at 13.2 percent. By 2021, the market is expected to grow to 9.6 trillion won.