Business Monitor International


South Korea Medical Devices Report

Published 30 May 2014

  • 201 pages
 
$1,295.00
South Korea Medical Devices Report

Espicom 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 US$5.1bn in 2013, making it the third largest medical device market in the Asia Pacific 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 US$5.1bn in 2013 to US$7.4bn 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 US$2.9bn in the 12 months to March 2014, representing y-o-y growth of 1.7%.

  • Medical device exports have grown at a 2008-2013 CAGR of 11.6% in US dollar terms. The running annual total reached US$2.3bn in the 12 months to March 2014, representing y-o-y growth of 7.8%. Due to strong export growth in 2012 and 2013, the balance of trade deficit has fallen from US$1.1bn in 2011 to US$634mn in 2013.

  • Domestic medical device production is estimated to exceed US$4.0bn. The industry has particular strengths in ultrasound apparatus, dental products, therapy apparatus and consumables.

Headline Industry Risk/Reward Rating

South Korea ranks as the fifth most attractive market in the Asia Pacific (APAC) region, in which to commercialise a medical device, according to...

Table of Contents

Espicom Industry View
9
SWOT
12
Medical Device Market
12
Political
13
Economic
14
Business Environment
15
Industry Forecast
16
Medical Device Market Forecast
16
2008-2013 Performance
16
2013-2018 Performance
18
Table: Projected Medical Device Market, 2013-2018
20
Table: Detailed Medical Device Market By Product Area, 2008-2018 (US$mn)
21
Consumables Market Forecast
24
Bandages & Dressings
25
Suturing Materials
25
Syringes, Needles & Catheters
25
Other Consumables
25
Table: Consumables Market, 2008-2018 (US$mn)
26
Table: Consumables Market, 2008-2018 (US$mn, % Change)
27
Diagnostic Imaging Market Forecast
28
Electrodiagnostic Sector
29
Radiology Sector
29
Imaging Parts & Accessories Sector
30
Table: Diagnostic Imaging Market, 2008-2018 (US$mn)
30
Table: Diagnostic Imaging Market, 2009-2018 (US$mn, % Change)
31
Dental Products Market Forecast
33
Capital Equipment
34
Instruments & Supplies
34
Table: Dental Products Market, 2008-2018 (US$mn)
34
Table: Dental Products Market, 2009-2018 (US$mn, % Change)
35
Orthopaedics & Prosthetics Market Forecast
36
Fixation Devices
37
Artificial Joints
37
Other Artificial Body Parts
37
Table: Orthopaedics & Prosthetics Market, 2008-2018 (US$mn)
38
Table: Orthopaedics & Prosthetics Market, 2009-2018 (US$mn, % Change)
38
Patient Aids Market Forecast
39
Portable Aids
40
Therapeutic Appliances
40
Table: Patient Aids Market, 2008-2018 (US$mn)
40
Table: Patient Aids Market, 2009-2018 (US$mn, % Change)
41
Other Medical Devices Market Forecast
42
Table: Other Medical Devices Market, 2008-2018(US$mn)
43
Table: Other Medical Devices Market, 2009-2018 (US$mn, % Change)
44
Annual Medical Device Imports
46
Table: Medical Imports By Product Area, 2009-2013 (US$000s)
49
Table: Medical Imports By Product Area, 2009-2013 (US$000s, % Change)
50
Table: Summary Medical Imports By Product Area, 2009-2013 (Local Currency 000s)
51
Table: Summary Medical Imports By Product Area, 2009-2013 (Local Currency % Change)
52
Table: Detailed Medical Device Imports By Product Area, 2009-2013 (US$000s)
53
Table: Detailed Medical Device Import Trends By Product Area, 2013
57
Table: Top 20 Medical Device Suppliers, 2013 (US$000s)
60
Table: Detailed Leading Medical Device Suppliers By Product Area, 2013 (US$000s)
61
Monthly Medical Device Imports
65
Table: Monthly Medical Device Imports By Product Area, April 2011 - March 2014 (US$mn)
65
Annual Medical Device Exports
67
Table: Medical Device Exports By Product Area, 2009-2013 (US$000s)
70
Table: Medical Device Exports By Product Area, 2009-2013 (US$000s, % Change)
71
Table: Medical Device Exports By Product Area, 2009-2013 (Local Currency 000s)
72
Table: Medical Device Exports By Product Area, 2009-2013 (Local Currency 000s, % Change)
73
Table: Detailed Medical Device Exports By Product Area, 2009-2013 (US$000s)
75
Table: Detailed Medical Device Export Trends By Product Area, 2013
78
Table: Top 20 Medical Device Destinations, 2013 (US$000s)
82
Table: Detailed Leading Medical Device Destinations By Product Area, 2013 (US$000s)
83
Table: Detailed Medical Device Balance of Trade, 2009-2013 (US$000s)
86
Monthly Medical Device Exports
90
Table: Monthly Medical Device Exports By Product Area, April 2011 - March 2014 (US$mn)
90
Macroeconomic Forecasts
92
Macroeconomic Forecast
92
Downside Risks Rising From Corporate Korea
93
Table: South Korea - Economic Activity
94
Industry Risk Reward Ratings
95
Table: APAC Medical Device Risk/Reward Ratings, Q314
96
Market Overview
97
Medical Device Market Overview
97
Table: Medical Device Market, Key Ratios, 2013
98
Table: Medical Device Market By Product Area, 2013
99
Healthcare Overview
99
Health Status
99
Healthcare System
101
Healthcare Funding
105
Table: Financial Status Of The Health Insurance System, 2007-12 (KRW100mn)
106
Table: Health Insurance Spending On Medical Treatment, 2009-2012
106
Healthcare Resources
108
Table: Inpatient Facilities by Type, 2008-2012
109
Table: Beds in Inpatient Facilities by Type, 2008-2012
110
Table: Medical Device Technology By Type, 2005-2012 (Units)
111
Table: Medical Device Technology By Type, 2005-2012 (Rate / mn population)
113
Healthcare Activity
114
Healthcare Personnel
114
Key Healthcare Data
115
Table: Key Healthcare Data, 2008-2013
115
Industry Trends And Developments
118
Industry Trends & Developments
118
Table: Medical Device Imports, Leading Suppliers, 2009-2013
118
Table: Medical Device Exports, Leading Destinations, 2009-2013
120
Table: Incidence of Major Cancers, 2011
121
Table: Leading Publically Listed Medical Device Company Revenue Growth, 2008-2013 (%)
127
Regulatory Development
130
Medical Device Regulations
130
Competent Authority
130
Medical Device Regulations
130
Medical Device Pricing & Reimbursement
134
Competitive Landscape
137
Domestic Medical Device Production
137
Table: Medical Device Production Trends (KRWbn) 2008-2013
137
Table: Medical Device Production By Broad Product Area, 2008-2012 (KRWmn)
138
Table: Medical Device Production By Broad Product Area, 2018-2012 (US$mn)
138
Table: Medical Device Production By Category, 2008-2012 (KRWmn)
139
Table: Medical Device Production By Category, 2008-2012 (US$mn)
140
Table: Top 40 Medical Device Products By Category, 2009-2012 (KRWmn)
142
Table: Top 10 Medical Device Producers By Category, 2011 (KRWmn)
144
Domestic Medical Device Manufacturing
145
Table: Medical Device Manufacturers, 2005-2012
145
Table: Medical Device Manufacturers By Company Size, 2012
145
Table: Medical Device Manufacturers By Output Value, 2012
146
National Medical Device Manufacturers
147
Table: Corentec Key Financials, 2010-2013
148
Table: Corentec Revenues By Product Area, 2009-2013 (KRWmn)
149
Table: CU Medical Systems, Key Financials, 2010-2013
150
Table: Osstem Implant Key Financials, 2010-2013
152
Table: Sewoon Medical Key Financials, 2010-2013
155
Table: Sewoon Medical Revenues By Product Area, 2010-2012 (KRWmn)
155
Table: Shinhung Key Financials, 2010-2013
156
Table: Shinhung Revenues By Product Area, 2011-2013 (KRWmn)
157
Table: Vatech Key Financials, 2010-2013
158
Table: Wonju Medical Equipment Techno Valley, Key Statistics, 2005-2015
160
Table: Wonju Medical Equipment Techno Valley Selected Manufacturers
160
Multinational Medical Device Manufacturers
161
Multinational Market Activity
163
Table: Multinational Activity Table, 2014
163
Medical Device Market Access
165
Market Environment
165
Distribution
165
Customs Duties
166
Free Trade Agreements
166
Trade Associations
167
Trade Fairs
167
Methodology
168
Medical Device Market Methodology
168
Trade Code Classifications
169
Table: Used HS Trade Codes, 2014
169
Table: Rearranged HS Trade Codes, 2014
171
Risk/Reward Ratings Methodology
174
Table: Medical Devices Risk/Reward Ratings Indicators, 2014
175
Sources
176
Contact
177

The South Korea Medical Devices Report features market forecasts supported by trade, production and healthcare estimates by Espicom, a Business Monitor International (BMI) 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 and 40+ specific product categories. In addition, presents annual and monthly import and export trade data.

Product Areas:

  • Consumables: medical dressings, suturing materials, syringes, needles & catheters, blood-grouping reagents, first-aid boxes & kits, ostomy products and surgical gloves.
  • Diagnostic Imaging: electrocardiographs, ultrasound, MRI, scintigraphic apparatus, other electrodiagnostic apparatus (i.e. patient monitors), CT scanners, other X-ray apparatus, ABC ray apparatus, contrast media, X-ray film, X-ray tubes and other imaging parts & accessories.
  • Dental Products: dental drills, dental chairs, dental X-ray, dental cements, dental instruments and teeth & other fittings.
  • Orthopaedics & Prosthetics: fixation devices, artificial joints and other artificial body parts.
  • Patient Aids: hearing aids, pacemakers, other portable aids (i.e. stents), mechano-therapy apparatus and therapeutic respiration apparatus.
  • Other Medical Devices: wheelchairs, ophthalmic instruments, hospital furniture, medical/surgical sterilisers, UV/IF apparatus, blood pressure monitors, endoscopy monitors, dialysis apparatus, transfusion apparatus and anaesthesia apparatus.

Macroeconomic Forecasts
Presents macroeconomic forecasts impacting the Medical Devices market.

Industry Risk Rewards Rankings
Industry Risk Rewards Rankings (IRRR) 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 intelligence affecting the market, including healthcare organisation, healthcare developments and health expenditure. Includes historical healthcare data, in terms of health status, health expenditure, health infrastructure, health services and health personnel.

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
Focuses on the latest regulatory developments, covering the competent authority, the latest regulations and marketing registrations. Also, reviews key pricing & reimbursement measures.

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.

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