Summary
Espicom's in-depth medical device market reports are ideal for executives wanting to understand the key drivers in medical markets and have access to a wealth of statistical data. Each report opens with an outlook section that provides analysis of the market, 5-year market forecasts, national data projections, market outlook and key developments such as regulation, health facilities and government policy. The report also provides extensive background information, population trends, health status, health expenditure, organisation & administration, hospital services, medical personnel, healthcare development, market access information, trade data and essential industry contacts. Included with the report are 3 free quarterly updated outlook reports, enabling you to keep up to date with market developments for a year.
Description
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. As a result, much of the population expects a high level of medical care.
South Korea has the highest healthcare expenditure of all the 'Asian Tigers', with an estimated 55% funded by the public sector. 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. In the first half of 2009 for example, senior citizens accounted for 31.7% of costs covered by the National Health Insurance Corporation (NHIC).
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 since the FTA was signed with the USA in 2007, which calls for more transparency especially in the pricing & reimbursement of medical devices.
South Korea's FTA with the European Union (EU) came into effect in July 2011, and this will facilitate increased trade with the easing of tariff and non-tariff barriers between the two parties. Bilateral trade reached US$98.4 billion in 2008. The EU is South Korea's second largest trading partner after China and its largest foreign investor. South Korea is the EU's eighth largest trade partner.
South Korea has a large number of domestic producers, many of which are part of much larger conglomerate companies. Numbers of domestic manufacturers have more than doubled in recent years. Overall, however, the local manufacturing sector is fragmented. One particular area of strength is the electromedical sector.
Based on monthly collated data, imports in full-year 2011 reached US$2,828.2 million, a rise of 12.6% over the previous year. All categories achieved double digit growth during the period except for diagnostic imaging (3.7%), the second largest category at US$803.3 million, and orthopaedics (9.8%), valued at US$195.2 million. The top performing category was consumables, which rose by 22.2% to US$437.2 million.
Includes 3 quarterly updated outlook reports!
Please note: Report sections are periodically updated and some sections may have been updated more recently than the publication date given for the full report.
Related Pages
The Medical Device Market Singapore
The Medical Device Market Taiwan
More Information...
MARKET OUTLOOK
Key national data projections
Current market size
Unique 5-year market projections
Market outlook
Market structure; Including statistical data on imports and exports
Market access; Including distribution and medical device regulation
Healthcare analysis; Including demographics, healthcare system, health expenditure, healthcare infrastructure and personnel
HEALTHCARE DATA: A comprehensive tabula review of the market, including economic indicators, demographics, health expenditure, hospital and primary care data, and healthcare personnel.
DISTRIBUTORS
Details of the medical equipment distributors held in Espicom's database at the time of publication.
