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.

Successfully Navigating the Korean Market with Qualtech Consultant

Entering the South Korean medical device market offers exciting prospects, but it can also be challenging. Regulatory landscapes, navigating distribution channels, and cultural considerations can disrupt a smooth entry. These factors are no longer your problems when you partner with Qualtech.

With more than 20 years of experience and local team in Seuol, we are confident to offer:

  • Local regulatory experts
  • South Korea market entry strategies
  • Holistic understanding of Korea regulatory compliance

Contact Qualtech now for a free consultation!

 

 

Reference:

Korea Medical Devices Industry Association

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