Market Insights Health Medical Technology

Medical Devices - South Korea

South Korea

In 2024, the projected revenue in the Medical Devices market market in South Korea is expected to reach US$7.09bn.
Among the various markets in this market, the largest one is Cardiology_Devices with a projected market volume of US$1.02bn in 2024.
Looking ahead, the revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2028) of 7.76%, leading to a market volume of US$9.56bn by 2028.
It is worth noting that in a global comparison, the United States is expected to generate the highest revenue, amounting to US$182.00bn in 2024.
South Korea is experiencing a growing demand for advanced medical devices, driven by its strong healthcare infrastructure and a focus on technological innovation.

Key regions: Spain, Japan, United States, Europe, United Kingdom

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Analyst Opinion

South Korea, known for its advanced technology and innovative industries, has been experiencing significant growth in the Medical Devices market. With a population that is increasingly conscious about healthcare and a government that promotes medical advancements, South Korea has become a key player in the global medical device industry.

Customer preferences: South Korean consumers have shown a growing preference for technologically advanced medical devices. They are willing to invest in devices that offer innovative features, such as remote monitoring capabilities and artificial intelligence. This preference is driven by the country's high smartphone penetration rate and the increasing popularity of wearable devices. Additionally, South Korean consumers value convenience and ease of use, which has led to a rise in demand for portable and user-friendly medical devices.

Trends in the market: One of the key trends in the South Korean Medical Devices market is the increasing adoption of telemedicine. Telemedicine allows patients to consult with healthcare professionals remotely, reducing the need for in-person visits and improving access to healthcare services, especially in rural areas. This trend has been accelerated by the COVID-19 pandemic, which has highlighted the importance of telehealth solutions. As a result, telemedicine devices, such as remote monitoring devices and video consultation platforms, have seen a surge in demand. Another trend in the South Korean Medical Devices market is the growing focus on personalized medicine. With advancements in genomic sequencing and molecular diagnostics, healthcare providers are increasingly able to tailor treatments to individual patients. This has created a demand for medical devices that can support personalized medicine, such as genetic testing kits and targeted drug delivery systems. The government's support for precision medicine initiatives has further fueled this trend.

Local special circumstances: South Korea has a well-developed healthcare system, with a high level of government investment in healthcare infrastructure and research and development. The country has a strong network of hospitals and clinics, which provides a conducive environment for the adoption of medical devices. Additionally, the government has implemented policies to support the growth of the medical device industry, including tax incentives for research and development activities and streamlined regulatory processes.

Underlying macroeconomic factors: South Korea's aging population and increasing healthcare expenditure are key macroeconomic factors driving the growth of the Medical Devices market. As the population ages, there is a greater need for medical devices to manage chronic conditions and provide long-term care. Furthermore, the government's commitment to improving healthcare services and the increasing disposable income of the population have led to higher healthcare expenditure, which in turn has boosted the demand for medical devices. In conclusion, the Medical Devices market in South Korea is experiencing significant growth due to customer preferences for technologically advanced devices, the adoption of telemedicine, and the focus on personalized medicine. The country's well-developed healthcare system, government support, and underlying macroeconomic factors also contribute to the market's growth. As South Korea continues to invest in healthcare infrastructure and promote medical advancements, the Medical Devices market is expected to further expand in the coming years.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.