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.
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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.
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.
- 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.
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 analyses of the medical devices market, the political environment, the economic landscape and the business environment.
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.
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.
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.
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.
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.
Carefully explains the medical devices market methodology, trade classifications, Risk Reward Index methodology and sources used in the medical devices market Report.