The recent report on the medical device market from KMDIA (Korea Medical Devices Industry Association) indicates positive signs for global manufacturers. The South Korean medical device market is flourishing, presenting a lucrative opportunity for foreign manufacturers.
Table source: Annual Statistic Report on Korean medical device market (Production, Export and Import), Korea Medical Devices Industry Association (KMDIA)
(Unit: US$ million)
|
Classification |
2019 |
2020 |
2021 |
|
Market size |
6,695 |
6,383 |
7,981 |
|
Production |
6,245 |
8,589 |
11,257 |
|
Exports |
3,710 |
6,636 |
8,628 |
|
Imports |
4,160 |
4,430 |
5,352 |
*Exchange rate: $ = 1,165.65 (2019), 1,180.05 (2020), 1,144.42 (2021)
*Market size = Production – Export + Import
Medical Device Market Growth and Trends
The statistics from KMDIA’s annual report on the Korean medical device market reveal a steady growth trajectory, despite a minor decline in market size in 2020. The market recovered swiftly in 2021, reaching $7,981 million, with a projected annual growth rate of 6.2%. This growth is attributed to several factors, including:
- An aging population with rising healthcare demands
- Growing prevalence of chronic diseases
- Increasing awareness and adoption of advanced medical technologies
Import Reliance Presents Opportunity
The data highlights a fascinating characteristic of the South Korean medical device market: its dependence on imports. While domestic production has increased significantly, imports still hold the dominant position. In 2021, imports accounted for a substantial 67% of the market, valued at $5,352 million.
The top three imported medical devices in South Korea in 2021 were:
- Tools for specimens
- Multifocal intraocular lenses
- Proton therapy systems
This import dominance suggests a gap in the domestic production of high-end medical devices in South Korea. This gap presents a significant opportunity for global manufacturers of these specific medical devices to enter the South Korean market and cater to this rising demand.
Conclusion
South Korea’s booming medical device market offers a golden opportunity for global manufacturers. With high demand for innovative solutions and a reliance on imports, international companies can gain a competitive edge. But navigating the market requires expertise.
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Reference:
Korea Medical Devices Industry Association