Industry Trends in the South Korean medtech market
The medtech market has grown at a CAGR of 7.4% during the period of 2015-2020. The share of import is around 70% as of 2020, and Korea imports various advanced medical devices from developed countries. Korea’s medical technology market is attractive in terms of the market growth potential and also due to the rapid adoption of emerging technologies. The factsheet below provides an overview on the Korean medical technology market, covering market size, growth potential, and key market trends.
South Korea’s medtech market structure and how to successfully enter
Korea’s medtech market structure is fragmented. To execute a successful market entry, there are a few key factors to identify and understand beforehand. How to successfully enter the market? How to establish a successful business model? The strategy will be different case-by-case, however, our factsheet below provides the information necessary to answer these questions, covering topics of distribution system, business model, IP, and regulatory environment.
Introduction to South Korea’s health care system
Korea’s healthcare system is based on a universal care system, meaning a mandatory national insurance scheme. The system is managed by the National Health Insurance Service (NHIS), and with this single-payer public body, it is a relatively simplified system. However, the certification/approval process of medical devices is lengthy and complicated. The factsheet below provides essential information about the Korean healthcare system and the medical device registration & reimbursement process.