Korean medtech market – an overview
Korea imports 63% of medtech products from overseas countries, mainly from USA, Germany, and Japan. In medtech industry, Korea has generated USD 5.08 billion in 2016 (export: USD 2.9 billion, import: USD 3.15 billion). Global players like J&J Medical, Siemens, GE Medical, Phillips Medical and Medtronic dominate import market. Swiss medtech companies exported USD 147 million to Korea, ranking 4th with its import value. Typical Swiss export items are thermometer, stent, orthopedic fixation plate, intraocular lens and bone graft materials.
Opportunities for Swiss companies
Due to the rapid aging society, it is expected that the imports will grow further and the demand shifts from treatment to prevention. By 2021, the aging population will be 8.8 million (6.6% of the population). The Swiss Business Hub South Korea has researched Korea’s top 30 import products and top 30 Swiss export products in Korea.
Learn more about highly promising export products and find practical information about medical device certification, registration procedure and the Korean Healthcare System in our fact sheet below.
