SOUTH KOREA CHERISHES STEADY GROWTH IN THE MEDICAL DEVICE MARKET

South Korea is Asia’s fastest-growing medical technology market while heightening its share in the global market. The country’s healthcare market is ranked fourth among the Asia Pacific region. The country has dealt with the pandemic in a resilient manner by boosting the domestic manufacturing capacity to further reduce import reliance. The combination of increased insurance coverage to Koreans, ageing population, and government initiatives will expand the healthcare market making South Korea a prime destination for Western medical companies planning to expand to Asian market.

South Korea has cherished steady growth in the medical device market over the past years, reaching approximately $7 billion in 2019. This is 14.5 per cent higher than the year 2018 which is attributed to increased production, export, and import values. The market has grown an average of 10.4 per cent each year for the past five years, earning the 10th rank in the global medical device market.