The Ulsan National Institute of Science and Technology (UNIST), the Korea Institute of Science and Technology (KIST), and Seoul National University Bundang Hospital have recently received FDA approval for “Mobilise”, a medical device to help degenerative knee arthritis patients.
According to GlobalData, a data and analytics company, this will not only open doors for overseas sales but also encourage domestic and international companies to invest in health IT-based orthopedic devices.
South Korea has one of the most aging populations in the Asia-Pacific (APAC) region. Owing to the rising geriatric population in the country, there is an increased burden of orthopedic diseases.
GlobalData’s research reveals that South Korea’s orthopedic devices market, which accounts for close to 9 percent of the APAC market in 2023, is expected to grow at a compound annual growth rate (CAGR) of over 4 percent through 2030.
“Companies are expected to hugely invest in augmented reality and virtual reality for degenerative knee arthritis management devices. Medical devices with such incorporated interfaces will significantly slow the physical pain, ease day-to-day activities, and improve the quality of life for the patients with irreversible arthritis,” Ayshi Ganguly, Medical Devices Analyst at GlobalData, said in a statment.
Against this backdrop, the approval of Mobilise, which will help elderly patients to exercise at home and improve lower body muscle strength, is expected to boost the South Korean orthopedic devices market.
“The FDA approval is a milestone for digital health in the South Korean orthopedic market. It is expected to encourage domestic and international companies to invest in Health IT-based orthopedic devices to expand their business network and market share. This will further aid in the transition from laborious surgeries to the management of degenerative diseases at the comfort of home,” Ganguly added.