Espicom's in-depth medical device market reports are ideal for executives wanting to understand the key drivers in medical markets and have access to a wealth of statistical data. Each report opens with an outlook section that provides analysis of the market, 5-year market forecasts, national data projections, market outlook and key developments such as regulation, health facilities and government policy. The report also provides extensive background information, population trends, health status, health expenditure, organisation & administration, hospital services, medical personnel, healthcare development, market access information, trade data and essential industry contacts. Included with the report are 3 free quarterly updated outlook reports, enabling you to keep up to date with market developments for a year.South Korea ranks as one of the world's leading economies, with a population approaching 50 million and overall GDP listed among the top 15 in the world. As a result, much of the population expects a high level of medical care.South Korea has the highest healthcare expenditure of all the 'Asian Tigers', with an estimated 55% funded by the public sector. The government has been forced to implement cost-cutting measures in recent years, owing to a large deficit faced by the healthcare system. Healthcare costs continue to rise, with the country's rapidly aging population adding upward pressure to total spending. In the first half of 2009 for example, senior citizens accounted for 31.7% of costs covered by the NationalHealth Insurance Corporation (NHIC).From a regulatory and legal point of view, the market is generally regarded as 'difficult'. Government policies are often not transparent, and there is a large degree of favouritism on behalf of local manufacturers. It remains to be seen, but the situation should improve since the FTA was signed with the USA in 2007, which calls for more transparency especially in the pricing & reimbursement of medical devices.South Korea's FTA with the European Union (EU) is being finalised, and this will facilitate increased trade with the easing of tariff and non-tariff barriers between the two parties. Bilateral trade reached US$98.4 billion in 2008. The EU is South Korea's second largest trading partner after China and its largest foreign investor. South Korea is the EU's eighth largest trade partner. South Korea is predominantly supplied by imports, largely from the USA, Germany and Japan.Tough economic conditions saw imports dip by 12.0% to US$2.1 billion in 2009, but over a five year period, imports have risen 52.4%.South Korea has a large number of domestic producers, many of which are part of much larger conglomerate companies. Numbers of domestic manufacturers have more than doubled in recent years. Overall, however, the local manufacturing sector is fragmented. One particular area of strength is the electromedical sector.In August 2009, the government announced it had selected two provincial cities, Osong and Daegu, to become sites for high-tech medical-industrial clusters which are expected to cost around US$5 billion. Construction began in 2009 and is expected to finish in 2012. Please note: Report sections are periodically updated and some sections may have been updated more recently than the publication date given for the full report. More Information...MARKET OUTLOOK Key national data projections Current market size Unique 5-year market projections Market outlook Market structureIncluding statistical data on imports and exports Market accessIncluding distribution and medical device regulation Healthcare analysisIncluding demographics, healthcare system, health expenditure, healthcare infrastructure and personnel HEALTHCARE DATA A comprehensive tabula review of the market, including economic indicators, demographics, health expenditure, hospital and primary care data, and healthcare personnel.DISTRIBUTORSDetails of the medical equipment distributors held in Espicom's dat

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The Medical Device Market: South Korea
Published on October 2010
Report Summary
Espicom's in-depth medical device market reports are ideal for executives wanting to understand the key drivers in medical markets
and have access to a wealth of statistical data. Each report opens with an outlook section that provides analysis of the market, 5-year
market forecasts, national data projections, market outlook and key developments such as regulation, health facilities and government
policy. The report also provides extensive background information, population trends, health status, health expenditure, organisation
& administration, hospital services, medical personnel, healthcare development, market access information, trade data and essential
industry contacts. Included with the report are 3 free quarterly updated outlook reports, enabling you to keep up to date with market
developments for a year.
South Korea ranks as one of the world's leading economies, with a population approaching 50 million and overall GDP listed among
the top 15 in the world. As a result, much of the population expects a high level of medical care.
South Korea has the highest healthcare expenditure of all the 'Asian Tigers', with an estimated 55% funded by the public sector. The
government has been forced to implement cost-cutting measures in recent years, owing to a large deficit faced by the healthcare
system. Healthcare costs continue to rise, with the country's rapidly aging population adding upward pressure to total spending. In the
first half of 2009 for example, senior citizens accounted for 31.7% of costs covered by the National
Health Insurance Corporation (NHIC).
From a regulatory and legal point of view, the market is generally regarded as 'difficult'. Government policies are often not
transparent, and there is a large degree of favouritism on behalf of local manufacturers. It remains to be seen, but the situation should
improve since the FTA was signed with the USA in 2007, which calls for more transparency especially in the pricing & reimbursement
of medical devices.
South Korea's FTA with the European Union (EU) is being finalised, and this will facilitate increased trade with the easing of tariff and
non-tariff barriers between the two parties. Bilateral trade reached US$98.4 billion in 2008. The EU is South Korea's second largest
trading partner after China and its largest foreign investor. South Korea is the EU's eighth largest trade partner. South Korea is
predominantly supplied by imports, largely from the USA, Germany and Japan.
Tough economic conditions saw imports dip by 12.0% to US$2.1 billion in 2009, but over a five year period, imports have risen 52.4%.
South Korea has a large number of domestic producers, many of which are part of much larger conglomerate companies. Numbers of
domestic manufacturers have more than doubled in recent years. Overall, however, the local manufacturing sector is fragmented.
One particular area of strength is the electromedical sector.
In August 2009, the government announced it had selected two provincial cities, Osong and Daegu, to become sites for high-tech
medical-industrial clusters which are expected to cost around US$5 billion. Construction began in 2009 and is expected to finish in
2012.
Please note: Report sections are periodically updated and some sections may have been updated more recently than the publication
date given for the full report.
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More Information...
MARKET OUTLOOK
Key national data projections
Current market size
Unique 5-year market projections
Market outlook
Market structure
Including statistical data on imports and exports
Market access
Including distribution and medical device regulation
Healthcare analysis
Including demographics, healthcare system, health expenditure, healthcare infrastructure and personnel
HEALTHCARE DATA
A comprehensive tabula review of the market, including economic indicators, demographics, health expenditure, hospital and primary
care data, and healthcare personnel.
DISTRIBUTORS
Details of the medical equipment distributors held in Espicom's database at the time of publication.
Table of Content
Contents
EXECUTIVE SUMMARY .. 1
Introduction 2
Medical Market Analysis 3
Size . 3
Projections 5
Consumables 5
Diagnostic Imaging .. 5
Dental Products .. 5
Orthopaedic & Implantables ... 5
Outlook . 8
Imports .... 11
Consumables ... 12
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Diagnostic Imaging Apparatus .. 12
Dental Products 12
Orthopaedic & Implantable Products .. 12
Monthly Import Data August 2009-August 2010 ... 20
Domestic Manufacturing .. 21
Domestic Production .. 21
Trade Associations 24
Korea Medical Devices Industrial Cooperative Association 24
Local Manufacturers ... 24
Boin Medica Co. Ltd. ... 24
Choongwae Medical .... 24
Daewoong Medical Corporation .. 24
Hanshin Medical 24
Listem (former Dong-A X-ray Co.) .... 25
Medison ... 25
Prosonic ... 25
Royal Medical .... 25
S M Medical Co. 25
Sam Yang 26
Sometech 26
Multinational Manufacturers . 26
Gambro .... 26
GE Healthcare ... 26
Exports .... 27
Consumables ... 28
Diagnostic Imaging Apparatus .. 28
Dental Products 28
Orthopaedic & Implantable Products .. 28
Others .... 28
Monthly Export Data August 2009-August 2010 .. 35
ACCESSING THE MARKET .... 36
Medical Device Regulations .. 36
New Medical Device Act of 2003 . 36
Class I notification .. 36
Class II & III approval .. 36
Exemptions from product testing . 37
Non-exempt products .. 37
Clinical trials . 37
Pricing & Reimbursement .. 37
Recent Reimbursement Issues ... 38
Planned Deregulation of Medical Laws . 38
Healthcare Analysis . 39
Demographics ... 39
Population ... 39
Birth Rate . 39
Death Rate ... 40
Infant Mortality ... 40
Life Expectancy at Birth .... 40
Public Health .... 40
Causes of Death 40
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Incidence of Communicable Diseases .. 40
Incidence of Non-communicable Diseases 40
HIV/AIDS . 41
Healthcare System . 41
Healthcare Provision .. 41
Healthcare Funding .... 42
US$5 Billion High-Tech Medical Industrial Clusters .. 42
Medical Tourism .... 42
Medical Tourism Complex in Jeju 42
Spending by Medical Tourists Rise in 2009 .... 42
Medical Tourism Marketing Legalised ... 42
Health Expenditure 43
Healthcare Infrastructure . 44
Inpatient Analysis .. 44
Hospital Outpatient Visits .. 46
Healthcare Outlook .... 48
Healthcare Personnel . 48
Physician Projections . 48
DIRECTORY ... 49
Healthcare Organisations 49
Professional Bodies/Trade Associations .... 49
Trade Code Classifications .... 50
Methodology.. 52
Sources 52
List of Tables
Summary Key Data Projections, 2010-2015 2
Summary of the South Korean Medical Device Market, 2010 . 3
Historic Market Estimates, 2004-2008 (US$ millions) .... 4
Projected Medical Equipment Market, 2010-2015 (US$ Millions) . 5
Projected Medical Equipment Market by Category, 2009-2015 (US$ Millions) .... 6
Projected Medical Equipment Market by Category Per Capita, 2009-2015 (US$) .... 6
Projected Medical Equipment Market by Category, 2009-2015 (%) .. 7
Espicom Analysis of the South Korean Health Sector .. 9
SWOT Analysis of the South Korean Medical Device Market .... 10
Medical Imports by Product Area, 2005-2009 (US$000s) . 13
Medical Imports by Product Area, 2005-2009 (%) ... 13
Change in Medical Imports by Product Area, 2005-2009 (%) 14
Leading Suppliers by Product Area, 2009 (US$000s) .. 14
Leading Suppliers by Product Area, 2009 (% of Total) 15
Imports of Medical Equipment & Supplies, 2005-2009 (US$000s) .. 16
Medical Equipment Import Trends, 2008-2009 (US$000s) 17
Leading Suppliers, 2009 (US$000s). 18
Leading Suppliers by Category, 2009 (US$000s) .... 19
Medical Equipment Imports (US$000s), Aug 2009-Aug 2010 20
Medical Device Companies by Output Value, 2007 21
Medical Device Market Trends (Billion Won) 2001-2007 .. 21
Medical Device Production by Category 2007 (Billion Won). 22
Medical Device Production by Category 2007 (US$ Million) . 23
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Medical Exports by Product Area, 2005-2009 (US$000s) . 29
Medical Exports by Product Area, 2005-2009 (%) ... 29
Change in Medical Exports by Product Area, 2006-2009 (%) 29
Leading Medical Destinations, 2009 (US$000s) . 30
Leading Medical Destinations, 2009 (%) ... 30
Exports of Medical Equipment & Supplies, 2005-2009 (US$000s) .. 31
Medical Export Trends, 2008-2009 (US$000s) .... 32
Leading Destinations, 2009 (US$000s) 33
Balance of Medical Trade, 2005-2009 (US$000s) .... 34
Medical Equipment Exports (US$000s), Aug 2009-Aug 2010 35
Summary of Demographic Data . 39
Projected Population, 2010-2015 39
Healthcare Expenditure, 2006 43
Projected Health Expenditure, 2010-15 43
Hospitals and Beds, 2006 .. 44
Hospital Bed Projections, 2010-2015 ... 44
Inpatient Activity (All Hospitals), 1986-2003 .. 45
Hospital Inpatient Activity by Ownership, 2003 . 45
Detailed Inpatient Activity by Hospital Ownership, 2003 . 46
Hospital Outpatient Visits, 1986-2003 .. 47
Hospital Outpatient Visits by Type of Hospital, 2002 & 2003 47
Hospital Outpatient Activity by Hospital Ownership, 2002 & 2003 . 47
Projected Number of Physicians, 2010-15 48
HS Trade Codes Used in This Report .. 50
HS Trade Codes, Rearranged 51
List of Charts
South Korean Medical Device Market by Category, 2010 (%) . 4
Radar Graph of the South Korean Medical Market, 2010 . 10
Imports of Medical Equipment & Supplies, 1990-2009 (US$000s) .. 11
Change in Imports of Medical Equipment & Supplies, 1991-09 (%) .... 11
Medical Imports by Product Area, 2009 (%) .. 13
CAGR of Medical Imports by Product Area, 2005-2009 (CAGR %) . 14
Leading Suppliers, 2009 (%) .. 15
South Korean Medical Equipment Imports (US$ 000s), January 2009 to August 2010 ... 20
Exports of Medical Equipment & Supplies, 1990-2009 (US$000s) .. 27
Change in Exports of Medical Equipment & Supplies, 1991-09 (%) .... 27
Medical Exports by Product Area, 2009 (%) .. 29
CAGR of Medical Exports by Product Area, 2005-2009 (CAGR %) . 30
South Korean Medical Equipment Exports (US$ 000s), August 2009 to August 2010 .... 35
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