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 low single-digit growth in US dollar terms in 2015. 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. The running annual total reached USD3.0bn in the 12 months ended September 2015, representing y-o-y dollar growth of 1.1%. We anticipate that the import share of the market will continue to decline from around 55%.

  • We expect exports will see low single-digit growth in US dollar terms in 2015 constrained by currency depreciation and weaknesses in key markets. The running annual total reached USD2.5bn in the 12 months ended September 2015, representing y-o-y dollar growth of 3.0%.

  • The MOHW has launched a policy vision for the healthcare industry. Dubbed the 'Healthcare Industry Promotion Plan', the policy will strengthen the country's competitiveness in the global healthcare market.

BMI Industry View
9
SWOT
13
Medical Device Market
13
Political
14
Economic
15
Operational Risk
16
Industry Forecast
18
Medical Device Market Forecast
18
2014-2019 Performance
18
Table: Projected Medical Device Market, 2014-2019
19
2009-2014 Performance
20
Table: Detailed Medical Device Market By Product Area, 2009-2019 (USDmn)
21
Consumables Market Forecast
25
Bandages & Dressings
26
Suturing Materials
26
Syringes, Needles & Catheters
26
Other Consumables
26
Table: Consumables Market, 2009-2019 (USDmn)
27
Table: Consumables Market, 2010-2019 (USDmn, % Change)
28
Diagnostic Imaging Market Forecast
29
Electrodiagnostic Apparatus
30
Radiation Apparatus
31
Imaging Parts & Accessories
31
Table: Diagnostic Imaging Market, 2009-2019 (USDmn)
32
Table: Diagnostic Imaging Market, 2010-2019 (USDmn, % Change)
33
Dental Products Market Forecast
34
Capital Equipment
35
Instruments & Supplies
35
Table: Dental Products Market, 2009-2019 (USDmn)
35
Table: Dental Products Market, 2010-2019 (USDmn, % Change)
36
Orthopaedics & Prosthetics Market Forecast
37
Fixation Devices
38
Artificial Joints
38
Other Artificial Body Parts
38
Table: Orthopaedics & Prosthetics Market, 2009-2019 (USDmn)
39
Table: Orthopaedics & Prosthetics Market, 2010-2019 (USDmn, % Change)
39
Patient Aids Market Forecast
40
Portable Aids
41
Therapeutic Appliances
41
Table: Patient Aids Market, 2009-2019 (USDmn)
41
Table: Patient Aids Market, 2010-2019 (USDmn, % Change)
42
Other Medical Devices Market Forecast
43
Table: Other Medical Devices Market, 2009-2019(USDmn)
44
Table: Other Medical Devices Market, 2010-2019 (USDmn, % Change)
45
Annual Medical Device Imports
47
Table: Medical Imports By Product Area, 2010-2014 (USD000s)
50
Table: Medical Imports By Product Area, 2010-2014 (USD000s, % Change)
51
Table: Summary Medical Imports By Product Area, 2010-2014 (Local Currency 000s)
52
Table: Summary Medical Imports By Product Area, 2010-2014 (Local Currency % Change)
53
Table: Top 20 Medical Device Suppliers, 2014 (USD000s)
55
Table: Detailed Medical Device Imports By Product Area, 2010-2014 (USD000s)
56
Table: Detailed Medical Device Import Trends By Product Area, 2014
59
Table: Detailed Leading Medical Device Suppliers By Product Area, 2014 (USD000s)
62
Monthly Medical Device Imports
65
Table: Monthly Medical Device Imports By Product Area, July 2012 - June 2015 (USDmn)
65
Annual Medical Device Exports
67
Table: Medical Device Exports By Product Area, 2010-2014 (USD000s)
71
Table: Medical Device Exports By Product Area, 2010-2014 (USD000s, % Change)
72
Table: Medical Device Exports By Product Area, 2010-2014 (Local Currency 000s)
73
Table: Medical Device Exports By Product Area, 2010-2014 (Local Currency 000s, % Change)
74
Table: Top 20 Medical Device Destinations, 2014 (USD000s)
76
Table: Detailed Medical Device Exports By Product Area, 2010-2014 (USD000s)
77
Table: Detailed Medical Device Export Trends By Product Area, 2014
80
Table: Detailed Leading Medical Device Destinations By Product Area, 2014 (USD000s)
83
Table: Detailed Medical Device Trade Balance, 2010-2014 (USD000s)
86
Monthly Medical Device Exports
89
Table: Monthly Medical Device Exports By Product Area, July 2012 - June 2015 (USDmn)
89
Macroeconomic Forecasts
91
Economic Analysis
91
Table: Economic Activity (South Korea 2010-2019)
95
Industry Risk/Reward Index
96
Table: APAC Medical Device Risk/Reward Index, Q415
97
Market Overview
98
Medical Device Market Overview
98
Table: Medical Device Market, Key Ratios, 2014
99
Table: Medical Device Market By Product Area, 2014
99
Healthcare Overview
101
Health Status
101
Table: Incidence Major Cancers, 2011
102
Healthcare System
103
Healthcare Funding
106
Table: Financial Status Of The Health Insurance System, 2007-12 (KRW100mn)
107
Table: Health Insurance Spending On Medical Treatment, 2010-2013 (KRWbn)
108
Table: Government Health and Welfare Budget, 2010-2018 (KRWbn)
110
Healthcare Resources
110
Table: Inpatient Facilities by Type, 2008-2013
111
Table: Beds in Inpatient Facilities by Type, 2008-2013
112
Table: Medical Device Technology By Type, 2008-2013 (Units)
113
Table: Medical Device Technology By Type, 2005-2013 (Rate / mn population)
115
Table: Selected Medical Device Technology By Provider, 2013 (Units)
116
Healthcare Activity
117
Healthcare Personnel
117
Key Healthcare Data
118
Table: Key Healthcare Data, 2009-2014
118
Industry Trends And Developments
120
Industry Trends & Developments
120
Table: Medical Device Imports, Leading Suppliers, 2010-2014 (USDmn)
121
Table: Medical Device Exports, Leading Destinations, 2010-2014 (USDmn)
122
Table: Medical Expenditure By Age Group, 2009-2014 (KRW100mn)
126
Table: Medical Device Production, Top 20 Products, 2009-2014 (KRWbn)
130
Table: Medical Device Company Profitability Trend By Product Sector, 2009-2013 (%)
134
Table: Medical Device Industry, Key Financials, 2009-2013 (KRWmn)
135
Regulatory Development
138
Medical Device Regulations
138
Competent Authority
138
Regulations
138
Registrations
139
Market Vigilance
142
Medical Device Pricing & Reimbursement
143
Pricing
143
Reimbursement
144
Health Technology Assessment
146
Competitive Landscape
147
Domestic Medical Device Production
147
Table: Medical Device Production Trends (KRWbn) 2008-2013
147
Table: Medical Device Production By Broad Product Area, 2008-2013 (KRWbn)
148
Table: Medical Device Production By Broad Product Area, 2018-2013 (USDmn)
148
Table: Top 40 Medical Device Products By Category, 2009-2013 (KRWmn)
148
Table: Medical Device Production By Category, 2008-2012 (KRWmn)
150
Table: Medical Device Production By Category, 2008-2012 (USDmn)
152
Domestic Medical Device Manufacturing
154
Table: Medical Device Manufacturers, 2005-2013
154
Table: Medical Device Manufacturers By Company Size, 2013
155
Table: Medical Device Manufacturers By Output Value, 2013
155
Table: Medical Device Manufacturers By Region, 2013
156
Table: Top 20 Medical Device Manufacturers By Output Value, 2010-2013, KRWmn
157
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: Rearranged HS Trade Codes
190
Risk/Reward Index Methodology
193
Table: Medical Devices Risk/Reward Index Indicators
194
Sources
196
Contact
197

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.