South Korea
Slight growth in the South Korean market is being driven by increases in the unit sales for hemodialysis catheters that are being slightly counteracted by decreases in the average selling price. Over the next few years, the South Korean market for dialysis catheters is expected to be worth several million. However, the regulatory process in South Korea is limiting the number and types of devices and companies that enter the medical market.
The approval process for medical devices in the region tends to be complex and lengthy when compared with other regions such as Europe and the United States. Additionally, there is a perception that the regulatory process tends to favor local producers and distributors, which limits the number of international companies willing to attempt the approval process.
South Korea signed a Free Trade Agreement with the U.S. in 2007, and in late 2010, the country was finalizing a similar agreement with the European Union. Free Trade Agreements typically call for more transparency when it comes to the approval, pricing and reimbursement of medical devices; once these agreements are fully implemented, they could lessen the limiting effect of the South Korean regulatory process.
Europe
The European dialysis catheter market, led by Medcomp, is being driven by changes in population. This will especially drive growth in the chronic dialysis catheter segment, which is expected to increase.
Demand for dialysis catheters has increased as a result of higher rates of diabetes and hypertension across Europe; the two main causes of kidney failure. There have been substantial decreases in the prices of most dialysis catheters in Europe over the past few years as companies try to gain market share over their competitors by making their devices more economically appealing.
Additionally, because dialysis catheters are not the first choice for consumers when treating renal diseases, their lower price will make them more appealing when compared to other treatment options.
Additional Information is Available
The information contained in this article is taken from a global series of detailed and comprehensive reports for Europe (15 countries), Australia, South Korea and Japan published by iData Research entitled “Markets for Vascular Access.” For more information and a free synopsis of these reports, or for information on the U.S., please contact iData Research at: info@idataresearch.net
iData Research is an international market research and consulting firm focused on providing market intelligence for the medical device, dental and pharmaceutical industries. Stay current on industry statistics and the latest news by following their blog and twitter feed.
