Medical Technology - South Korea

South Korea

The projected revenue in the Medical Technology market market in South Korea is estimated to reach US$11.34bn in 2024.
This market is dominated by Medical Devices, which is expected to have a market volume of US$7.09bn in the same year.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2028) of 6.37%, leading to a market volume of US$14.52bn by 2028.
In comparison to other countries, the United States is projected to generate the highest revenue, amounting to US$215.80bn in 2024.
South Korea is leading the way in medical technology innovation with its advanced research and development capabilities.

Key regions: United States, Germany, China, Japan, France

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Analyst Opinion

The Medical Technology market in South Korea has been experiencing significant growth in recent years, driven by customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in South Korea have been shifting towards more advanced and innovative medical technologies. As the country's healthcare system continues to evolve and improve, there is a growing demand for cutting-edge medical devices and equipment. Customers are increasingly seeking out technologies that offer greater accuracy, efficiency, and patient comfort. This has led to a surge in demand for medical technologies such as robotic surgery systems, advanced imaging devices, and telemedicine solutions. Trends in the market further contribute to the development of the Medical Technology sector in South Korea. The country has a strong focus on research and development, with significant investments being made in the healthcare and biotechnology sectors. This has resulted in the emergence of numerous startups and companies specializing in medical technology innovation. These companies are constantly introducing new and improved products to the market, driving competition and pushing the boundaries of medical technology in South Korea. Local special circumstances also play a role in the growth of the Medical Technology market in South Korea. The country has a rapidly aging population, leading to an increased demand for healthcare services and medical devices. Additionally, South Korea has a well-developed healthcare infrastructure and a high level of healthcare expenditure, providing a favorable environment for the adoption of advanced medical technologies. Underlying macroeconomic factors further support the development of the Medical Technology market in South Korea. The country has a strong economy and a highly skilled workforce, which enables the production and export of high-quality medical devices and equipment. South Korea is also known for its robust regulatory framework and strict quality control standards, ensuring the safety and effectiveness of medical technologies. These factors contribute to the country's reputation as a reliable and trusted supplier of medical devices, attracting both domestic and international customers. Overall, the Medical Technology market in South Korea is experiencing significant growth due to customer preferences for advanced technologies, ongoing market trends, local special circumstances, and favorable macroeconomic factors. As the country continues to invest in healthcare innovation and improve its healthcare system, the demand for medical technologies is expected to further increase 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.