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,...

Table of Contents

BMI Industry View
9
SWOT
12
Medical Device Market
12
Political
13
Economic
14
Industry Forecast
15
Medical Device Market Forecast
15
2008-2013 Performance
15
2013-2018 Performance
17
Table: Projected Medical Device Market, 2013-2018
19
Table: Detailed Medical Device Market By Product Area, 2008-2018 (US$mn)
20
Consumables Market Forecast
23
Bandages & Dressings
24
Suturing Materials
24
Syringes, Needles & Catheters
24
Other Consumables
24
Table: Consumables Market, 2008-2018 (US$mn)
25
Table: Consumables Market, 2008-2018 (US$mn, % Change)
26
Diagnostic Imaging Market Forecast
27
Electrodiagnostic Apparatus
28
Radiation Apparatus
29
Imaging Parts & Accessories
29
Table: Diagnostic Imaging Market, 2008-2018 (US$mn)
30
Table: Diagnostic Imaging Market, 2009-2018 (US$mn, % Change)
31
Dental Products Market Forecast
32
Capital Equipment
33
Instruments & Supplies
33
Table: Dental Products Market, 2008-2018 (US$mn)
33
Table: Dental Products Market, 2009-2018 (US$mn, % Change)
34
Orthopaedics & Prosthetics Market Forecast
35
Fixation Devices
36
Artificial Joints
36
Other Artificial Body Parts
36
Table: Orthopaedics & Prosthetics Market, 2008-2018 (US$mn)
37
Table: Orthopaedics & Prosthetics Market, 2009-2018 (US$mn, % Change)
37
Patient Aids Market Forecast
38
Portable Aids
39
Therapeutic Appliances
39
Table: Patient Aids Market, 2008-2018 (US$mn)
39
Table: Patient Aids Market, 2009-2018 (US$mn, % Change)
40
Other Medical Devices Market Forecast
41
Table: Other Medical Devices Market, 2008-2018(US$mn)
42
Table: Other Medical Devices Market, 2009-2018 (US$mn, % Change)
43
Annual Medical Device Imports
45
Table: Medical Imports By Product Area, 2009-2013 (US$000s)
48
Table: Medical Imports By Product Area, 2009-2013 (US$000s, % Change)
49
Table: Summary Medical Imports By Product Area, 2009-2013 (Local Currency 000s)
50
Table: Summary Medical Imports By Product Area, 2009-2013 (Local Currency % Change)
51
Table: Detailed Medical Device Imports By Product Area, 2009-2013 (US$000s)
52
Table: Detailed Medical Device Import Trends By Product Area, 2013
56
Table: Top 20 Medical Device Suppliers, 2013 (US$000s)
59
Table: Detailed Leading Medical Device Suppliers By Product Area, 2013 (US$000s)
60
Monthly Medical Device Imports
64
Table: Monthly Medical Device Imports By Product Area, September 2011 - August 2014 (US$mn)
64
Annual Medical Device Exports
66
Table: Medical Device Exports By Product Area, 2009-2013 (US$000s)
69
Table: Medical Device Exports By Product Area, 2009-2013 (US$000s, % Change)
70
Table: Medical Device Exports By Product Area, 2009-2013 (Local Currency 000s)
71
Table: Medical Device Exports By Product Area, 2009-2013 (Local Currency 000s, % Change)
72
Table: Detailed Medical Device Exports By Product Area, 2009-2013 (US$000s)
74
Table: Detailed Medical Device Export Trends By Product Area, 2013
77
Table: Top 20 Medical Device Destinations, 2013 (US$000s)
81
Table: Detailed Leading Medical Device Destinations By Product Area, 2013 (US$000s)
82
Table: Detailed Medical Device Trade Balance, 2009-2013 (US$000s)
85
Monthly Medical Device Exports
88
Table: Monthly Medical Device Exports By Product Area, September 2011 - August 2014 (US$mn)
88
Macroeconomic Forecasts
90
Economic Analysis
90
Domestic Drivers Remain Weak
91
Government Stimulus To Provide Support In 2015
92
Reprieve From Exports Not Guaranteed
93
Table: Economic Activity (South Korea 2009-2018)
93
Industry Risk Reward Ratings
94
Table: APAC Medical Device Risk/Reward Ratings, Q115
95
Market Overview
96
Medical Device Market Overview
96
Table: Medical Device Market, Key Ratios, 2013
97
Table: Medical Device Market By Product Area, 2013
98
Healthcare Overview
99
Health Status
99
Table: Incidence Major Cancers, 2011
100
Healthcare System
101
Healthcare Funding
104
Table: Financial Status Of The Health Insurance System, 2007-12 (KRW100mn)
105
Table: Health Insurance Spending On Medical Treatment, 2009-2012
106
Healthcare Resources
107
Table: Inpatient Facilities by Type, 2008-2012
108
Table: Beds in Inpatient Facilities by Type, 2008-2012
109
Table: Medical Device Technology By Type, 2008-2013 (Units)
110
Table: Medical Device Technology By Type, 2005-2013 (Rate / mn population)
112
Table: Selected Medical Device Technology By Provider2013 (Units)
113
Healthcare Activity
114
Healthcare Personnel
114
Key Healthcare Data
115
Table: Key Healthcare Data, 2008-2013
115
Industry Trends And Developments
117
Industry Trends & Developments
117
Table: Medical Device Imports, Leading Suppliers, 2009-2013
117
Table: Medical Device Exports, Leading Destinations, 2009-2013
119
Table: Medical Expenditure By Age Group, 2008-2014 (KRW100mn)
123
Table: Medical Device Company Profitability Trend By Product Sector, 2009-2013 (%)
129
Table: Medical Device Industry, Key Financials, 2009-2013 (KRWmn)
130
Regulatory Development
133
Medical Device Regulations
133
Competent Authority
133
Medical Device Regulations
133
Medical Device Pricing & Reimbursement
137
Competitive Landscape
140
Domestic Medical Device Production
140
Table: Medical Device Production Trends (KRWbn) 2008-2013
140
Table: Medical Device Production By Broad Product Area, 2008-2013 (KRWbn)
141
Table: Medical Device Production By Broad Product Area, 2018-2013 (US$mn)
141
Table: Top 40 Medical Device Products By Category, 2009-2013 (KRWmn)
141
Table: Medical Device Production By Category, 2008-2012 (KRWmn)
143
Table: Medical Device Production By Category, 2008-2012 (US$mn)
145
Domestic Medical Device Manufacturing
147
Table: Medical Device Manufacturers, 2005-2013
147
Table: Medical Device Manufacturers By Company Size, 2013
148
Table: Medical Device Manufacturers By Output Value, 2012
148
Table: Medical Device Manufacturers By Region, 2013
149
Table: Top 20 Medical Device Manufacturers By Output Value, 2010-2013, KRWmn
150
National Medical Device Manufacturers
151
Table: Corentec Key Financials, 2010-2013
152
Table: Corentec Revenues By Product Area, 2009-2013 (KRWmn)
153
Table: CU Medical Systems, Key Financials, 2010-2013
154
Table: Osstem Implant Key Financials, 2010-2013
157
Table: Sewoon Medical Key Financials, 2010-2013
160
Table: Sewoon Medical Revenues By Product Area, 2010-2013 (KRWmn)
160
Table: Shinhung Key Financials, 2010-2013
161
Table: Shinhung Revenues By Product Area, 2011-2013 (KRWmn)
162
Table: Vatech Key Financials, 2010-2013
164
Table: Wonju Medical Equipment Techno Valley, Key Statistics, 2005-2015
165
Table: Wonju Medical Equipment Techno Valley Selected Manufacturers
166
Multinational Medical Device Manufacturers
167
Multinational Market Activity
169
Table: Multinational Activity Table, 2014
169
Medical Device Market Access
172
Market Environment
172
Distribution
172
Customs Duties
173
Free Trade Agreements
173
Trade Associations
174
Trade Fairs
174
Methodology
175
Medical Device Market Methodology
175
Trade Code Classifications
176
Table: Used HS Trade Codes, 2014
176
Table: Rearranged HS Trade Codes, 2014
178
Risk/Reward Ratings Methodology
181
Table: Medical Devices Risk/Reward Ratings Indicators, 2014
182
Sources
183
Contact
184

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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Testimonials

'An essential, multi-faceted research tool. BMI’s thorough understanding of the major market players enables an informed – and informative – review of the sector’s actual performance, together with useful insights into current industry issues, which are topped-off with detailed and invaluable forecasts of industry and macroeconomic trends.’

Senior Research Analyst, ABC International Bank plc