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 to 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 3.9% to USD3.1bn in 2015. We anticipate that the import share of the market will continue to decline from around 55%.

  • We expect exports will continue to see low single-digit growth in US dollar terms in 2016 constrained by currency depreciation and weaknesses in key markets. Exports grew by 2.6% to USD2.5bn in 2015.

  • South Korea will seek to restructure its industrial sector by investing more in innovative industries including medical devices and by adding value through integrating manufacturing and IT. The medical device industry is one of a number of industries that will benefit from a government plan to invest KRW8.5trn (USD7.1bn) to help companies find new growth opportunities.

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
19
Latest Updates
19
Structural Trends
19
Bandages & Dressings
20
Suturing Materials
20
Syringes, Needles & Catheters
20
Other Consumables
20
Table: Consumables Market, 2009-2019 (USDmn)
21
Table: Consumables Market, 2010-2019 (USDmn, % Change)
22
Diagnostic Imaging Market Forecast
23
Latest Updates
23
Structural Trends
24
Electrodiagnostic Apparatus
24
Radiation Apparatus
26
Imaging Parts & Accessories
26
Table: Diagnostic Imaging Market, 2009-2019 (USDmn)
27
Table: Diagnostic Imaging Market, 2010-2019 (USDmn, % Change)
28
Dental Products Market Forecast
29
Capital Equipment
30
Instruments & Supplies
30
Table: Dental Products Market, 2009-2019 (USDmn)
31
Table: Dental Products Market, 2010-2019 (USDmn, % Change)
31
Orthopaedics & Prosthetics Market Forecast
33
Latest Updates
33
Structural Trends
33
Fixation Devices
34
Artificial Joints
34
Other Artificial Body Parts
34
Table: Orthopaedics & Prosthetics Market, 2009-2019 (USDmn)
35
Table: Orthopaedics & Prosthetics Market, 2010-2019 (USDmn, % Change)
35
Patient Aids Market Forecast
37
Latest Updates
37
Structural Trends
37
Portable Aids
37
Therapeutic Appliances
38
Table: Patient Aids Market, 2009-2019 (USDmn)
38
Table: Patient Aids Market, 2010-2019 (USDmn, % Change)
39
Other Medical Devices Market Forecast
41
Latest Updates
41
Structural Trends
41
Table: Other Medical Devices Market, 2009-2019(USDmn)
42
Table: Other Medical Devices Market, 2010-2019 (USDmn, % Change)
43
Annual Medical Device Imports
45
Table: Medical Imports By Product Area, 2010-2014 (USD000s)
48
Table: Summary Medical Imports By Product Area, 2010-2014 (Local Currency 000s)
49
Table: Top 20 Medical Device Suppliers, 2014 (USD000s)
51
Table: Detailed Medical Device Imports By Product Area, 2010-2014 (USD000s)
52
Table: Detailed Medical Device Import Trends By Product Area, 2014
55
Table: Detailed Leading Medical Device Suppliers By Product Area, 2014 (USD000s)
58
Monthly Medical Device Imports
61
Table: Monthly Medical Device Imports By Product Area, Year Ending December 2015 (USDmn)
61
Annual Medical Device Exports
62
Table: Medical Device Exports By Product Area, 2010-2014 (USD000s)
66
Table: Medical Device Exports By Product Area, 2010-2014 (Local Currency 000s)
67
Table: Top 20 Medical Device Destinations, 2014 (USD000s)
69
Table: Detailed Medical Device Exports By Product Area, 2010-2014 (USD000s)
70
Table: Detailed Medical Device Export Trends By Product Area, 2014
73
Table: Detailed Leading Medical Device Destinations By Product Area, 2014 (USD000s)
76
Table: Detailed Medical Device Trade Balance, 2010-2014 (USD000s)
79
Monthly Medical Device Exports
82
Table: Monthly Medical Device Exports By Product Area, Year Ending December 2015 (USDmn)
82
Industry Risk/Reward Index
83
Table: APAC Medical Device Risk/Reward Index, Q216
84
Market Overview
85
Medical Device Market Overview
85
Table: Medical Device Market, Key Ratios, 2014
85
Table: Medical Device Market By Product Area, 2014
86
Healthcare Overview
87
Health Status
87
Healthcare System
88
Healthcare Funding
89
Table: Medical Expenditure By Age Group, 2009-2014 (KRW100mn)
90
Healthcare Resources
91
Table: Inpatient Facilities by Type, 2008-2013
93
Table: Diagnostic Imaging Technology By Type, 2008-2013 (Units)
94
Table: Selected Diagnostic Imaging Technology By Provider, 2013 (Units)
95
Healthcare Activity
96
Healthcare Personnel
96
Key Healthcare Data
96
Table: Key Healthcare Data, 2010-2015
96
Industry Trends And Developments
99
Industry Trends & Developments
99
Table: Medical Device Imports, Leading Suppliers, 2010-2015 (USDmn)
100
Table: Medical Device Exports, Leading Destinations, 2010-2015 (USDmn)
101
Regulatory Development
106
Medical Device Regulations
106
Competent Authority
106
Regulations
106
Registrations
107
Market Vigilance
110
Medical Device Pricing & Reimbursement
111
Pricing
111
Reimbursement
112
Health Technology Assessment
114
Competitive Landscape
115
Domestic Medical Device Production
115
Table: Medical Device Production Trends (KRWbn) 2009-2014
115
Table: Medical Device Production By Broad Product Area, 2009-2014 (KRWbn)
116
Table: Medical Device Production By Broad Product Area, 2009-2014 (USDmn)
116
Table: Top 20 Medical Device Products By Category, 2009-2014 (KRWmn)
116
Table: Medical Device Production By Category, 2008-2012 (KRWmn)
117
Table: Medical Device Production By Category, 2008-2012 (USDmn)
119
Domestic Medical Device Manufacturing
122
Table: Medical Device Manufacturers, 2006-2014
122
Table: Medical Device Manufacturers By Company Size, 2014
123
Table: Medical Device Manufacturers By Output Value, 2014
123
Table: Medical Device Manufacturers By Region, 2014
124
Table: Top 20 Medical Device Manufacturers By Output Value, 2010-2014, KRWmn
125
National Medical Device Manufacturers
128
Corentec
128
Table: Corentec Key Financials, 2010-2014 (KRWmn)
128
Table: Corentec Revenues By Product Area, 2011-2014 (KRWmn)
129
CU Medical Systems
130
Table: CU Medical Systems, Key Financials, 2010-2014 (KRWmn)
130
Table: CU Medical Systems, Sales By Product Area, 2012-2014 (KRWmn)
130
Genoss
131
Hanshin Medical
132
JW Medical
132
Listem
133
Mediana
133
MegaGen
134
Osstem Implant
134
Table: Osstem Implant Key Financials, 2010-2014 (KRWmn)
135
Royal Medical
135
S M Medical
135
Samsung Medison
135
Table: Samsung Medison Key Financials, 2011-2014 (KRWmn)
137
Table: Samsung Medison Revenues By Product Area, 2011-2014 (KRWmn)
137
Sam Yang
138
Sewoon Medical
138
Table: Sewoon Medical Key Financials, 2010-2014 (KRWmn)
138
Table: Sewoon Medical Revenues By Product Area, 2011-2014 (KRWmn)
139
Shinhung
139
Table: Shinhung Key Financials, 2010-2014
140
Table: Shinhung Revenues By Product Area, 2011-2014 (KRWmn)
140
Sometech
141
Taewoong Medical
141
Vatech Group
141
Table: Vatech Key Financials, 2010-2014
142
Table: Vatech Revenues By Product Area, 2012-2014 (KRWmn)
143
Vatech Rayence
143
Wonju Medical Industry Techno Valley
144
Table: Wonju Medical Equipment Techno Valley, Key Statistics, 2005-2015
145
Table: Wonju Medical Equipment Techno Valley Selected Manufacturers
145
Multinational Medical Device Manufacturers
146
Becton Dickinson
146
Baxter Gambro
146
GE Healthcare
146
Siemens Ultrasound Systems Korea
147
Multinational Market Activity
148
Table: Multinational Activity Table, 2016
148
Medical Device Market Access
151
Market Environment
151
Distribution
151
Customs Duties
152
Free Trade Agreements
152
Trade Associations
153
Trade Fairs
153
Methodology
154
Forecast Methodology
154
Trade Code Classifications
155
Table: Rearranged HS Trade Codes
156
Risk/Reward Index Methodology
159
Table: Medical Devices Risk/Reward Index Indicators
160
Sources
162
Contact
163

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.