South Korea Medical Devices Report

Published 24 April 2015

  • 198 pages
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  • Includes 3 free updated quarterly reports
$1,295.00
South Korea Medical Devices Report

BMI Industry View: The South Korea n medical device market continues to see sluggish growth . Neverthe le ss, market fundamentals remain strong with a rapidly ageing population and increasing demand for sophisticated medical technology. Medical device imports are likely to come under increasing pressure from locally produced products in certain sectors. Although the domestic manufacturing industry remains fragmented, the number of producers has more than doubled in recent years and domestic output is expected to see steady growth as South Korea seeks to further reduce its reliance on imported products, whilst boosting its share of the global medical device market.

Headline Industry Forecasts

  • The medical device market was valued at USD5.1bn in 2013, making it the third largest medical device market in the Asia Pacific (APAC) region behind Japan and China. The medical device market is set to grow at a CAGR of 7.7% in US dollar terms over the 2013-2018 period. This will raise the market value from USD5.1bn in 2013 to USD7.4bn in 2018.

  • Medical device imports supply just under 60% of the medical device market having grown at a 2008-2013 CAGR of 4.3% in US dollar terms. The running annual total reached USD3.0bn in the 12 months to February 2015, representing y-o-y growth of 3.8%.

  • Medical device exports have grown at a 2008-2013 CAGR of 11.6% in US dollar terms. The running annual total reached USD2.5bn in the 12 months to February 2015, representing y-o-y growth of 7.4%. Due to strong export growth in 2012 and 2013, the balance of trade deficit has fallen from USD1.1bn in 2011 to USD634mn in 2013.

  • Domestic medical device production is estimated to exceed USD4.0bn. The industry has particular strengths in ultrasound apparatus, dental products, therapy apparatus and consumables.

Headline Industry Risk/Reward Index

  • South Korea ranks as the fourth most attractive market in the Asia Pacific (APAC) region, in which to commercialise a medical device,...

BMI Industry View
9
SWOT
12
Medical Device Market
12
Political
13
Economic
14
Operational Risk
15
Industry Forecast
17
Medical Device Market Forecast
17
2008-2013 Performance
17
2013-2018 Performance
19
Table: Projected Medical Device Market, 2013-2018
21
Table: Detailed Medical Device Market By Product Area, 2008-2018 (USDmn)
22
Consumables Market Forecast
25
Bandages & Dressings
26
Suturing Materials
26
Syringes, Needles & Catheters
26
Other Consumables
26
Table: Consumables Market, 2008-2018 (USDmn)
27
Table: Consumables Market, 2008-2018 (USDmn, % Change)
28
Diagnostic Imaging Market Forecast
29
Electrodiagnostic Apparatus
30
Radiation Apparatus
31
Imaging Parts & Accessories
31
Table: Diagnostic Imaging Market, 2008-2018 (USDmn)
32
Table: Diagnostic Imaging Market, 2009-2018 (USDmn, % Change)
33
Dental Products Market Forecast
34
Capital Equipment
35
Instruments & Supplies
35
Table: Dental Products Market, 2008-2018 (USDmn)
35
Table: Dental Products Market, 2009-2018 (USDmn, % Change)
36
Orthopaedics & Prosthetics Market Forecast
37
Fixation Devices
38
Artificial Joints
38
Other Artificial Body Parts
38
Table: Orthopaedics & Prosthetics Market, 2008-2018 (USDmn)
39
Table: Orthopaedics & Prosthetics Market, 2009-2018 (USDmn, % Change)
39
Patient Aids Market Forecast
40
Portable Aids
41
Therapeutic Appliances
41
Table: Patient Aids Market, 2008-2018 (USDmn)
41
Table: Patient Aids Market, 2009-2018 (USDmn, % Change)
42
Other Medical Devices Market Forecast
43
Table: Other Medical Devices Market, 2008-2018(USDmn)
44
Table: Other Medical Devices Market, 2009-2018 (USDmn, % Change)
45
Annual Medical Device Imports
47
Table: Medical Imports By Product Area, 2009-2013 (USD000s)
50
Table: Medical Imports By Product Area, 2009-2013 (USD000s, % Change)
51
Table: Summary Medical Imports By Product Area, 2009-2013 (Local Currency 000s)
52
Table: Summary Medical Imports By Product Area, 2009-2013 (Local Currency % Change)
53
Table: Detailed Medical Device Imports By Product Area, 2009-2013 (USD000s)
54
Table: Detailed Medical Device Import Trends By Product Area, 2013
58
Table: Top 20 Medical Device Suppliers, 2013 (USD000s)
61
Table: Detailed Leading Medical Device Suppliers By Product Area, 2013 (USD000s)
62
Monthly Medical Device Imports
66
Table: Monthly Medical Device Imports By Product Area, March 2012 - February 2015 (USDmn)
66
Annual Medical Device Exports
68
Table: Medical Device Exports By Product Area, 2009-2013 (USD000s)
71
Table: Medical Device Exports By Product Area, 2009-2013 (USD000s, % Change)
72
Table: Medical Device Exports By Product Area, 2009-2013 (Local Currency 000s)
73
Table: Medical Device Exports By Product Area, 2009-2013 (Local Currency 000s, % Change)
74
Table: Detailed Medical Device Exports By Product Area, 2009-2013 (USD000s)
76
Table: Detailed Medical Device Export Trends By Product Area, 2013
79
Table: Top 20 Medical Device Destinations, 2013 (USD000s)
83
Table: Detailed Leading Medical Device Destinations By Product Area, 2013 (USD000s)
84
Table: Detailed Medical Device Trade Balance, 2009-2013 (USD000s)
87
Monthly Medical Device Exports
90
Table: Monthly Medical Device Exports By Product Area, March 2012 - February 2015 (USDmn)
90
Macroeconomic Forecasts
93
Economic Analysis
93
Table: Economic Activity (South Korea 2010-2019)
97
Industry Risk/Reward Index
98
Table: APAC Medical Device Risk/Reward Index, Q315
99
Market Overview
100
Medical Device Market Overview
100
Table: Medical Device Market, Key Ratios, 2013
101
Table: Medical Device Market By Product Area, 2013
102
Healthcare Overview
103
Health Status
103
Table: Incidence Major Cancers, 2011
104
Healthcare System
105
Healthcare Funding
108
Table: Financial Status Of The Health Insurance System, 2007-12 (KRW100mn)
109
Table: Health Insurance Spending On Medical Treatment, 2010-2013
110
Healthcare Resources
111
Table: Inpatient Facilities by Type, 2008-2013
112
Table: Beds in Inpatient Facilities by Type, 2008-2013
113
Table: Medical Device Technology By Type, 2008-2013 (Units)
114
Table: Medical Device Technology By Type, 2005-2013 (Rate / mn population)
116
Table: Selected Medical Device Technology By Provider, 2013 (Units)
117
Healthcare Activity
118
Healthcare Personnel
118
Key Healthcare Data
119
Table: Key Healthcare Data, 2009-2014
119
Industry Trends And Developments
121
Industry Trends & Developments
121
Table: Medical Device Imports, Leading Suppliers, 2010-2014 (USDmn)
122
Table: Medical Device Exports, Leading Destinations, 2010-2014 (USDmn)
123
Table: Government Health and Welfare Budget, 2010-2018 (KRWbn)
127
Table: Medical Expenditure By Age Group, 2009-2014 (KRW100mn)
128
Table: Medical Device Company Profitability Trend By Product Sector, 2009-2013 (%)
136
Table: Medical Device Industry, Key Financials, 2009-2013 (KRWmn)
137
Regulatory Development
140
Medical Device Regulations
140
Competent Authority
140
Regulations
140
Registrations
141
Market Vigilance
144
Medical Device Pricing & Reimbursement
145
Pricing
145
Reimbursement
146
Health Technology Assessment
148
Competitive Landscape
149
Domestic Medical Device Production
149
Table: Medical Device Production Trends (KRWbn) 2008-2013
149
Table: Medical Device Production By Broad Product Area, 2008-2013 (KRWbn)
150
Table: Medical Device Production By Broad Product Area, 2018-2013 (USDmn)
150
Table: Top 40 Medical Device Products By Category, 2009-2013 (KRWmn)
150
Table: Medical Device Production By Category, 2008-2012 (KRWmn)
152
Table: Medical Device Production By Category, 2008-2012 (USDmn)
154
Domestic Medical Device Manufacturing
156
Table: Medical Device Manufacturers, 2005-2013
156
Table: Medical Device Manufacturers By Company Size, 2013
157
Table: Medical Device Manufacturers By Output Value, 2013
157
Table: Medical Device Manufacturers By Region, 2013
158
Table: Top 20 Medical Device Manufacturers By Output Value, 2010-2013, KRWmn
159
National Medical Device Manufacturers
160
Table: Corentec Key Financials, 2010-2014
161
Table: Corentec Revenues By Product Area, 2011-2014 (KRWmn)
161
Table: CU Medical Systems, Key Financials, 2010-2014
162
Table: CU Medical Systems, Sales By Product Area, 2012-2014 (KRWmn)
163
Table: Osstem Implant Key Financials, 2010-2014
167
Table: Samsung Medison Key Financials, 2011-2014
169
Table: Samsung Medison Revenues By Product Area, 2011-2014 (KRWmn)
170
Table: Sewoon Medical Key Financials, 2010-2014
172
Table: Sewoon Medical Revenues By Product Area, 2011-2014 (KRWmn)
172
Table: Shinhung Key Financials, 2010-2014
173
Table: Shinhung Revenues By Product Area, 2011-2014 (KRWmn)
174
Table: Vatech Key Financials, 2010-2014
176
Table: Vatech Revenues By Product Area, 2012-2014 (KRWmn)
176
Table: Wonju Medical Equipment Techno Valley, Key Statistics, 2005-2015
178
Table: Wonju Medical Equipment Techno Valley Selected Manufacturers
179
Multinational Medical Device Manufacturers
180
Multinational Market Activity
182
Table: Multinational Activity Table, 2015
182
Medical Device Market Access
185
Market Environment
185
Distribution
185
Customs Duties
186
Free Trade Agreements
186
Trade Associations
187
Trade Fairs
187
Methodology
188
Forecast Methodology
188
Trade Code Classifications
189
Table: Used HS Trade Codes
189
Table: Rearranged HS Trade Codes
191
Risk/Reward Index Methodology
194
Table: Medical Devices Risk/Reward Index Indicators
195
Sources
197
Contact
198

The South Korea Medical Devices Report features market forecasts supported by trade, production and healthcare estimates by Espicom, a BMI Research's company. These forecasts and estimates focus on six product areas: Consumables, Diagnostic Imaging, Dental Products, Orthopaedics & Prosthetics, Patient Aids and Other Medical Devices.

Detailed product breakdown for market, trade and production data in South Korea provides industry professionals, strategists, company executives and analysts with independent forecasts and competitive intelligence on the South Korea Medical Devices industry.

Key Benefits

  • Benchmark BMI's Medical Devices market forecasts, which take into account macroeconomic and industry-specific forecasts for South Korea, to test analysis as it is a key input for budgeting and strategic business planning. Use our standardised data to gain a better understanding of market performance in South Korea.
  • Target Business Opportunities in the South Korea Medical Devices market by using our assessments and projections for demographic trends, regulatory developments, investment dynamics and domestic demand in South Korea.
  • Assess the activities and market position of your competitors via our assessments of domestic production, national and multinational manufacturers, along with the trade and distribution outlets of multinationals, key company developments and future growth prospects.

Coverage

BMI Industry View

Provides industry, political and economic views. Briefly analyses the medical devices market, taking into account the latest industry forecasts, healthcare indicators and industry trends & developments.

SWOT

SWOT analyses of the medical devices market, the political environment, the economic landscape and the business environment.

Industry Forecasts

Evaluates and analyses the medical devices market in terms of historical and forecast trends, covering six product areas: Consumables, Diagnostic Imaging, Dental Products, Orthopaedics & Prosthetics, Patient Aids and Other Medical Devices. Additionally, presents annual and monthly import and export trade data.

Macroeconomic Forecasts

Presents macroeconomic forecasts impacting the medical devices market.

Industry Risk Reward Index

Risk Reward Indices tool, which provides a globally comparative and numerically based assessment of the medical devices market’s attractiveness.

Market Overview

Assesses the medical devices market in the current year. Additionally, covers healthcare trends shaping the market, focusing on health status, healthcare system, healthcare funding, healthcare resources, healthcare activity and healthcare personnel. Includes historical healthcare data.

Industry Trends & Developments

Analyses the latest industry trends and developments shaping the market, in terms of monthly trade performance, forecast trends, production changes, regulatory developments, competitive strategies, political events and economic performance.

Regulatory developments

A focus on government healthcare reforms, epidemiological trends, mergers and acquisitions, product launches, market entries, FDI activity, R&D, biotechnology, clinical trials and supply chain issues.

Competitive Landscape

Values historical medical devices production, and analyses the presence of national and multinational manufacturers operating in the market. Also, compares the presence of leading multinational company operations, either via sales & marketing, distribution or manufacture. Finally, takes into account market access drivers, including major distribution channels, trade associations and trade shows.

Methodology

Carefully explains the medical devices market methodology, trade classifications, Risk Reward Index methodology and sources used in the medical devices market Report.

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