Korea: Fewer hurdles and a stable market environment in Asia
Korea as a market is often overlooked and shadowed by its larger neighboring countries such as China and Japan. As a matter of fact, Korea poses less market entry hurdles and a more stable environment than many other Asian countries. Koreans are dynamic, pragmatic and are used to work with foreign companies.
Aging population and higher life expectancy contribute to growth in medical device market
The steady growth of the medical device market in Korea has been driven by demographics, a revision of the national health insurance bill and the advent of new technologies. An aging population is prone to chronic diseases, which trigger a higher demand for medical devices and customized medical services. As life expectancy goes up, the focus of the medical industry is shifting from treatment to prevention. Furthermore, the 4th industrial revolution stimulated rapid changes within the medical device industries. The merge of big data and ICT enabled companies to develop devices that provide proactive healthcare and AI diagnostics. This will create new market segments.
Swiss medtech exports to Korea CHF 200 mio. in 2017 – and rising
In 2016, Swiss medtech exported to Korea USD 147 million as the imported value. Data from the Swiss customs indicate that the total export figure in 2017 was around CHF 200 million. Thermometer, stent, orthopedic fixation plate, intraocular lens and bone graft materials are the main Swiss import products.
There is an important untapped market potential for Swiss suppliers. This report identifies a Red Ocean potential in at least 21 existing product segments. In addition, there is a good chance for a market entry based on a Blue Ocean strategy as there are new markets developing at a fast pace.
Download our Industry Report to find out how your business may benefit from the opportunities in the Medtech sector in Korea. Our Swiss Business Hub Korea in Seoul is happy to provide further information and advise accordingly.
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