South Korea Medical Devices Report

Providing expert analysis, independent forecasts and competitive intelligence on the medical devices industry.

Report includes: BMI Industry View, Industry SWOT Analysis, Industry Forecasts, Industry Risk Reward Index, Regulatory Development, Competitive Landscape and Regional and Country Industry Overviews.

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South Korea Medical Devices Report
Product Price
$1,295.00

BMI View: South Korea will be one of the slower growing markets within BMI's Asia Pacific region, although it will still outperform other mature markets such as Japan, New Zealand and Australia. Medical device imports will come under further 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 will continue to see steady growth as South Korea seeks to further reduce its reliance on imported products, whilst boosting its share of the global market.

Projected Medical Device Market, 2014-2019
Total (USDmn) Per Capita (USD) Total (Local Currency mn) Per Capita (Local Currency) Exchange Rate (Local Currency/USD)
Source: BMI
2014 5,441.1 109.9 5,729,567.3 115,720.7 1,053.0
2015 5,503.8 110.6 6,054,155.7 121,691.0 1,100.0
2016 5,820.3 116.5 6,402,374.3 128,109.6 1,100.0
2017 6,193.2 123.4 6,812,565.8 135,740.7 1,100.0
2018 6,592.4 130.8 7,251,644.8 143,912.7 1,100.0
2019 7,023.0 138.8 7,725,310.8 152,727.8 1,100.0

Latest Updates And Key Forecasts

  • We forecast that the market will register a 2014-2019 CAGR of 5.2% in US dollar terms, taking the value from USD5.4bn to USD7.0bn. The market will see low single-digit growth in 2015, with higher mid-single digit growth from 2016. South Korea will remain the third largest medical device market in the Asia Pacific (APAC) region behind Japan and China.

  • We expect imports will see mid single-digit growth in US dollar terms in 2016. Import growth will be higher in local currency terms as the Korea won continues to experience depreciatory pressure against the US dollar in the near term. Imports grew by 5.4% to USD3.2bn in the 12 months to March 2016 and by 9.1% in the three months to March 2016.

  • We expect exports will remain subdued in US dollar terms in 2016 constrained by currency depreciation and weaknesses in key markets. Exports grew by 3.5% to USD2.5bn in the 12 months to March 2016 and by 3.4% in the three months to March 2016.

  • Samsung Electronics will retain Samsung Medison as part of its expanding medical device business despite recent poor results amidst fierce competition within the diagnostic imaging market. Samsung will seek to leverage its expertise in IT technology, image processing, semiconductor and communication technologies to maximize synergies and develop enhanced features for its ultrasound devices.

BMI Industry View
9
Table: Projected Medical Device Market, 2014-2019
9
Latest Updates And Key Forecasts
9
SWOT
10
Medical Device Market
10
Industry Forecast
12
Medical Device Market Forecast
12
Latest Updates
12
Structural Trends
12
Table: Detailed Medical Device Market By Product Area, 2009-2019 (USDmn)
14
Consumables Market Forecast
18
Latest Updates
18
Structural Trends
18
Bandages & Dressings
19
Suturing Materials
19
Syringes, Needles & Catheters
19
Other Consumables
19
Table: Consumables Market, 2009-2019 (USDmn)
20
Table: Consumables Market, 2010-2019 (USDmn, % Change)
21
Diagnostic Imaging Market Forecast
22
Latest Updates
22
Structural Trends
23
Electrodiagnostic Apparatus
23
Radiation Apparatus
25
Imaging Parts & Accessories
25
Table: Diagnostic Imaging Market, 2009-2019 (USDmn)
26
Table: Diagnostic Imaging Market, 2010-2019 (USDmn, % Change)
27
Dental Products Market Forecast
28
Capital Equipment
29
Instruments & Supplies
29
Table: Dental Products Market, 2009-2019 (USDmn)
30
Table: Dental Products Market, 2010-2019 (USDmn, % Change)
30
Orthopaedics & Prosthetics Market Forecast
32
Latest Updates
32
Structural Trends
32
Fixation Devices
33
Artificial Joints
33
Other Artificial Body Parts
33
Table: Orthopaedics & Prosthetics Market, 2009-2019 (USDmn)
34
Table: Orthopaedics & Prosthetics Market, 2010-2019 (USDmn, % Change)
34
Patient Aids Market Forecast
36
Latest Updates
36
Structural Trends
36
Portable Aids
36
Therapeutic Appliances
37
Table: Patient Aids Market, 2009-2019 (USDmn)
37
Table: Patient Aids Market, 2010-2019 (USDmn, % Change)
38
Other Medical Devices Market Forecast
40
Latest Updates
40
Structural Trends
40
Table: Other Medical Devices Market, 2009-2019(USDmn)
41
Table: Other Medical Devices Market, 2010-2019 (USDmn, % Change)
42
Annual Medical Device Imports
44
Table: Medical Imports By Product Area, 2010-2014 (USD000s)
47
Table: Summary Medical Imports By Product Area, 2010-2014 (Local Currency 000s)
48
Table: Top 20 Medical Device Suppliers, 2014 (USD000s)
50
Table: Detailed Medical Device Imports By Product Area, 2010-2014 (USD000s)
51
Table: Detailed Medical Device Import Trends By Product Area, 2014
54
Table: Detailed Leading Medical Device Suppliers By Product Area, 2014 (USD000s)
57
Monthly Medical Device Imports
60
Table: Monthly Medical Device Imports By Product Area, Year Ending March 2016 (USDmn)
60
Annual Medical Device Exports
61
Table: Medical Device Exports By Product Area, 2010-2014 (USD000s)
65
Table: Medical Device Exports By Product Area, 2010-2014 (Local Currency 000s)
66
Table: Top 20 Medical Device Destinations, 2014 (USD000s)
68
Table: Detailed Medical Device Exports By Product Area, 2010-2014 (USD000s)
69
Table: Detailed Medical Device Export Trends By Product Area, 2014
72
Table: Detailed Leading Medical Device Destinations By Product Area, 2014 (USD000s)
75
Table: Detailed Medical Device Trade Balance, 2010-2014 (USD000s)
78
Monthly Medical Device Exports
81
Table: Monthly Medical Device Exports By Product Area, Year Ending March 2016 (USDmn)
81
Industry Risk/Reward Index
82
Table: APAC Medical Device Risk/Reward Index, Q316
83
Market Overview
84
Medical Device Market Overview
84
Table: Medical Device Market, Key Ratios, 2015
84
Table: Medical Device Market By Product Area, 2015
85
Healthcare Overview
86
Health Status
86
Healthcare System
87
Healthcare Funding
88
Table: Medical Expenditure By Age Group, 2009-2014 (KRW100mn)
89
Healthcare Resources
90
Table: Inpatient Facilities by Type, 2008-2013
92
Table: Diagnostic Imaging Technology By Type, 2009-2014 (Units)
93
Table: Selected Diagnostic Imaging Technology By Provider, 2013 (Units)
94
Healthcare Activity
95
Healthcare Personnel
95
Key Healthcare Data
96
Table: Key Healthcare Data, 2010-2015
96
Industry Trends And Developments
98
Industry Trends & Developments
98
Table: Medical Device Imports, Leading Suppliers, 2010-2015 (USDmn)
99
Table: Medical Device Exports, Leading Destinations, 2010-2015 (USDmn)
100
Regulatory Development
107
Medical Device Regulations
107
Competent Authority
107
Regulations
107
Registrations
108
Market Vigilance
111
Medical Device Pricing & Reimbursement
112
Pricing
112
Reimbursement
113
Health Technology Assessment
115
Competitive Landscape
116
Domestic Medical Device Production
116
Table: Medical Device Production Trends (KRWbn) 2009-2014
116
Table: Medical Device Production By Broad Product Area, 2009-2014 (KRWbn)
117
Table: Medical Device Production By Broad Product Area, 2009-2014 (USDmn)
117
Table: Top 20 Medical Device Products By Category, 2009-2014 (KRWbn)
117
Domestic Medical Device Manufacturing
119
Table: Medical Device Manufacturers, 2006-2014
119
Table: Medical Device Manufacturers By Company Size, 2014
120
Table: Medical Device Manufacturers By Output Value, 2014
120
Table: Medical Device Manufacturers By Region, 2014
121
Table: Top 20 Medical Device Manufacturers By Output Value, 2010-2014, KRWmn
122
National Medical Device Manufacturers
125
Corentec
125
Table: Corentec Key Financials, 2010-2015 (KRWbn)
125
CU Medical Systems
126
Table: CU Medical Systems, Key Financials, 2010-2015 (KRWbn)
126
Genoss
127
Hanshin Medical
127
JW Medical
127
Listem
128
Mediana
128
MegaGen
129
Osstem Implant
129
Table: Osstem Implant Key Financials, 2010-2015 (KRWbn)
130
Royal Medical
130
S M Medical
130
Samsung Medison
131
Table: Samsung Medison Key Financials, 2011-2015 (KRWbn)
132
Sam Yang
132
Sewoon Medical
133
Table: Sewoon Medical Key Financials, 2010-2015 (KRWbn)
133
Shinhung
133
Table: Shinhung Key Financials, 2010-2015 (KRWbn)
134
Sometech
134
Taewoong Medical
135
Vatech Group
135
Table: Vatech Key Financials, 2010-2015 (KRWbn)
136
Vatech Rayence
136
Wonju Medical Industry Techno Valley
137
Table: Wonju Medical Equipment Techno Valley, Key Statistics, 2005-2015
138
Table: Wonju Medical Equipment Techno Valley Selected Manufacturers
138
Multinational Medical Device Manufacturers
139
Becton Dickinson
139
Baxter Gambro
139
GE Healthcare
140
Siemens
141
Multinational Market Activity
142
B
142
Boston Scientific
143
Fresenius
143
Medtronic
143
Johnson & Johnson
144
Philips
144
Smith & Nephew
145
Stryker
145
Toshiba
145
Zimmer Biomet
145
Medical Device Market Access
147
Market Environment
147
Distribution
147
Customs Duties
148
Free Trade Agreements
148
Trade Associations
149
Trade Fairs
149
Methodology
150
Forecast Methodology
150
Trade Code Classifications
151
Table: Rearranged HS Trade Codes
152
Risk/Reward Index Methodology
155
Table: Medical Devices Risk/Reward Index Indicators
156
Sources
158
Contact
159

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.