Fact Sheet

Medtech Opportunities in South Korea

The import driven South Korean medtech market is growing steadily and offers a range of opportunities for Swiss medtech firms. We’ve taken a closer look at four specific markets within the industry. 

woman using microscope

ELECTROCARDIOGRAPH (ECG) MARKET

South Korea’s Electrocardiograph (ECG) market was valued at CHF 4.3 million in 2020 and recorded a healthy CAGR of 14% during 2016-2020. With increasing import dependency and market share of ECG devices along with a growing market, the Korean ECG market may provide lucrative opportunities for Swiss companies. Our factsheet provides an overview of Korea’s Electrocardiograph (ECG) market development, major players and market trends.

IN VITRO DIAGNOSTICS (IVD) MARKET

Korea’s In Vitro Diagnostics market grew at a CAGR of 55% during the period of 2016-2020. The Korean ‘Act on In Vitro Diagnostic Medical Devices’ came into effect as of May 1, 2020, presenting an independent legal foundation to reinforce the IVD industry by promoting advanced technology to be applied promptly. Our factsheet on the topic provides an overview of the Korean IVD market development, major players and key industry trends.

ORTHOPAEDIC DEVICES MARKET

Valued at CHF 420.57 million in 2020, South Korea’s orthopaedic devices market showed a healthy 4% CAGR during 2016-2020. With an aging society and rapid technological development, Korea offers significant opportunities for Swiss companies looking to license their technologies in the orthopaedic field, attract investment and establish partnerships. Learn more about the market development of Korea’s orthopaedic devices market, its major players and market trends in the respective factsheet below. 

STERILIZING DEVICES MARKET

This factsheet provides information on the medical sterilizing and disinfecting devices market of South Korea, for the years 2016 to 2020. During this period, the market size of South Korea’s sterilizing devices, ‘A04000 Medical sterilizing apparatus,’ and ‘A05000 Medical water sterilizers,’ increased from CHF 26.83 million to CHF 37 million, with a CAGR of 6.64%. The statistics and data within the factsheet available below are based on annual reports provided by the Ministry of Food and Drug Safety.

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