The Medical Device Market: South Korea

The Medical Device Market: South Korea

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South Korea ranks as one of the world's leading economies, with a population approaching 50 million and overall GDP listed among the top 15 in the world at an estimated US$1,212 billion in 2013, equal to US$24,843 per capita,. As a result, much of the population expects a high level of medical care.

The economy is expected to grow at a real rate of 3.0% in 2013, having grown by an estimated 1.9% in 2012. Growth over the following five years is forecast to average 4.6%. South Korea's future economic growth is likely to be tempered by a shrinking workforce due to the rapidly ageing population and by increasing competition from China as a low-cost manufacturing base.

South Korea has the highest healthcare expenditure of all the 'Asian Tigers', with an estimated 59% funded by the public sector. Almost every citizen is covered by the country's public health insurance system. The government has been forced to implement cost-cutting measures in recent years, owing to a large deficit faced by the healthcare system. Healthcare costs continue to rise, with the country's rapidly aging population adding upward pressure to total spending.

South Korea is well provided for in terms of hospital facilities which are primarily operated by the private sector. There has been a rapid expansion in the number of beds over the past decade and overall provision in hospitals and medical clinics now exceeds 9.0 beds per thousand population, including 5.2 acute hospital beds per thousand population. In recent years, attention has turned to the provision of long term care beds for the elderly and chronically sick to free up space in general hospitals.

From a regulatory and legal point of view, the market is generally regarded as 'difficult'. Government policies are often not transparent, and there is a large degree of favouritism towards local manufacturers. It remains to be seen, but the situation should improve as a result of the Free Trade Agreements signed with the European Union and the USA, which call for more transparency especially in the pricing & reimbursement of medical devices.

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Unique projected estimates of market size and growth for 33 equipment categories
Five year statistical data for key economic and healthcare indicators
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Detailed Medical trade data
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Related Pages

The Medical Device Market Singapore

The Medical Device Market Taiwan

For more information please click on the link to Espicom's Medical Market Reports

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Table of Contents

Espicom Industry View
SWOT
Medical Device Market
Political
Economic
Business Environment
Industry Forecast
Medical Device Market Forecast
Past Performance 2008-2013
Future Performance 2013-2018
Table: Projected Medical Device Market, 2013-2018
Table: Detailed Medical Device Market By Product Area, 2008-2018 (US$mn)
Table: Detailed Medical Device Market By Product Area, 2008-2018 (US$ Per Capita)
Table: Detailed Medical Device Market By Product Area, 2008-2018 (% Of Total)
Table: Detailed Medical Device Market By Product Area, 2009-18 (US$mn, % Change)
Consumables Market Forecast
Table: Consumables Market, 2008-2018 (US$mn)
Table: Consumables Market, 2008-2018 (US$ Per Capita)
Table: Consumables Market, 2008-2018 (US$mn, % Change)
Diagnostic Imaging Market Forecast
Electrodiagnostic Sector
Radiology Sector
Imaging Parts & Accessories Sector
Table: Diagnostic Imaging Market, 2008-2018 (US$mn)
Table: Diagnostic Imaging Market, 2008-2018 (US$ Per Capita)
Table: Diagnostic Imaging Market, 2009-2018 (US$mn, % Change)
Dental Products Market Forecast
Table: Dental Products Market, 2008-2018 (US$mn)
Table: Dental Products Market, 2008-2018 (US$ Per Capita)
Table: Dental Products Market, 2009-2018 (US$mn, % Change)
Orthopaedics & Prosthetics Market Forecast
Table: Orthopaedics & Prosthetics Market, 2008-2018 (US$mn)
Table: Orthopaedics & Prosthetics Market, 2008-2018 (US$ Per Capita)
Table: Orthopaedics & Prosthetics Market, 2009-2018 (US$mn, % Change)
Patient Aids Market Forecast
Table: Patient Aids Market, 2008-2018 (US$mn)
Table: Patient Aids Market, 2008-2018 (US$ Per Capita)
Table: Patient Aids Market, 2009-2018 (US$mn, % Change)
Other Medical Devices Market Forecast
Table: Other Medical Devices Market, 2008-2018(US$mn)
Table: Other Medical Devices Market, 2008-2018 (US$ Per Capita)
South Korea Medical Devices Report Q1

Table: Other Medical Devices Market, 2009-2018 (US$mn, % Change)
Annual Medical Device Imports