Medical Technology

The projected revenue in the Medical Technology market market in South Korea is estimated to reach US$10.88bn in 2024.
This market is dominated by Medical Devices, which is expected to have a market volume of US$7.06bn in the same year.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 6.46%, leading to a market volume of US$14.88bn by 2029.
In comparison to other countries, the United States is projected to generate the highest revenue, amounting to US$211.10bn in 2024.
South Korea is leading the way in medical technology innovation with its advanced research and development capabilities.

Definition:
The Medical Technology market covers devices and products used for prevention, diagnosis, and treatment of diseases. Next to pharmaceuticals, they form the most important category of medical products. The most well known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants.

Structure:
The Medical Technology market consists of two markets, In Vitro Diagnostics (IVD) and Medical Devices. The IVD market covers products used for medical laboratory testing of specimens derived from the human body. The Medical Devices market covers a broad range of products which are further marketed into medical specialties or types of application: Cardiology Devices, Diagnostic Imaging Devices, Orthopedic Devices, Ophthalmic Devices, and General & Plastic Surgery Devices. The Other Medical Devices market provides information on additional areas that are not covered by the main markets.

Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Company examples: Medtronic, Johnson & Johnson, Abbott Laboratories, Siemens Healthineers.
Further information on the key players can be found in the Market Shares boxes.

Implants and prostheses
Assistive technology products (e.g., hearing aids, wheelchairs)
Clinical engineering products
Imaging devices
Products for laboratoy testing (IVD)
Active medical devices (i.e., operating with electrical energy)

Pharmaceuticals
Services (i.e., treatment expenses)
Consumer technologies, e.g., fitness trackers
Blood and transplants derived from the human body

The Medical Technology market in South Korea has been experiencing significant growth in recent years, driven by customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in South Korea have been shifting towards more advanced and innovative medical technologies. As the country's healthcare system continues to evolve and improve, there is a growing demand for cutting-edge medical devices and equipment. Customers are increasingly seeking out technologies that offer greater accuracy, efficiency, and patient comfort. This has led to a surge in demand for medical technologies such as robotic surgery systems, advanced imaging devices, and telemedicine solutions. Trends in the market further contribute to the development of the Medical Technology sector in South Korea. The country has a strong focus on research and development, with significant investments being made in the healthcare and biotechnology sectors. This has resulted in the emergence of numerous startups and companies specializing in medical technology innovation. These companies are constantly introducing new and improved products to the market, driving competition and pushing the boundaries of medical technology in South Korea. Local special circumstances also play a role in the growth of the Medical Technology market in South Korea. The country has a rapidly aging population, leading to an increased demand for healthcare services and medical devices. Additionally, South Korea has a well-developed healthcare infrastructure and a high level of healthcare expenditure, providing a favorable environment for the adoption of advanced medical technologies. Underlying macroeconomic factors further support the development of the Medical Technology market in South Korea. The country has a strong economy and a highly skilled workforce, which enables the production and export of high-quality medical devices and equipment. South Korea is also known for its robust regulatory framework and strict quality control standards, ensuring the safety and effectiveness of medical technologies. These factors contribute to the country's reputation as a reliable and trusted supplier of medical devices, attracting both domestic and international customers. Overall, the Medical Technology market in South Korea is experiencing significant growth due to customer preferences for advanced technologies, ongoing market trends, local special circumstances, and favorable macroeconomic factors. As the country continues to invest in healthcare innovation and improve its healthcare system, the demand for medical technologies is expected to further increase in the coming years.

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.