SOUTH KOREA MEDICAL DEVICES MARKET

INTRODUCTION

Unlike a pharmaceutical or biologic, a medical device achieves its goal through physical, structural, or mechanical action rather than through chemical or metabolic action within or on the body.

It can be an instrument, apparatus, implant, machine, tool, in vitro reagent, or other similar item that is intended to diagnose, prevent, mitigate, treat, or cure disease or other conditions.

Medical technology is evaluated by the US Food and Drug Administration (FDA) based on patient risk, with greater risk items requiring more clinical proof than lower risk products. Only products that meet FDA regulations are allowed on the US market.

These tools aid in patient diagnosis and treatment, enhancing quality of life and assisting patients in overcoming disease or illness.

The National Health Insurance (NHI), the new healthcare technology assessment system for medical devices, and the new rule requiring the registration of products every five years are the current problems the Korean medical device business is experiencing.

KOREA MEDICAL DEVICES MARKET SIZE AND FORECAST

The South Korea Medical Devices market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2026, registering a CAGR of XX% from 2024 to 2030.

KOREA MEDICAL DEVICES MARKETMARKET DYNAMICS

To increase the medical device industry's competitiveness, South Korean ministries will collaborate.

A combined medical device R&D initiative has been launched, according to the announcement from the Ministry of Trade, Industry and Energy (MOTIE), the Ministry of Science and ICT, the Ministry of Health and Welfare, and the Ministry of Food and Drug Safety.

By seizing the chance of growing confidence in Korean-made medical technology and healthcare services, the project seeks to boost the development of the medical device industry.

The project comprises the selection of strategic products to boost market share, the development of fundamental technologies to fortify the value chain, the creation of novel products to snare new markets, and regulatory support.

For the purpose of treating infectious diseases like COVID-19, the government will fund scientists and engineers as they create vital technology such as ventilators, extracorporeal membrane oxygenation (ECMO), and in vitro diagnostic tools for respiratory ailments.

The personal ECG device manufactured by medical AI company VUNO has been approved by the South Korean Ministry of Food and Drug Safety. The portable medical equipment, known as Hativ Pro, merely measures a user's heart rate and transmits this information via a connected mobile phone app.

For doctors and medical facilities, VUNO has been providing a selection of AI-based medical solutions. With the most recent government certification, VUNO may now get closer to providing customers with AI medical equipment.

The business anticipates launching its integrated health management brand, Hativ, in the near future. Hativ will provide consumers AI-powered home medical devices that enable daily health management and early identification of chronic diseases.

VUNO keeps advancing its ECG-based medical AI business, which it says has "great promise as a biomarker for numerous cardiovascular illnesses."

KOREA MEDICAL DEVICES MARKETNEW PRODUCT LAUNCH

The Welch Allyn RetinaVue 100 Imager PRO has been made available in South Korea by the US-based healthcare company Baxter. The tool is intended to make screening for diabetic retinopathy in primary care settings simple and economical. According to Baxter, RetinaVue can increase patient compliance with potentially life-saving annual diabetic retinal exams by double each year (DREs).

With little training, it enables medical personnel in primary care settings to take excellent fundus photos. The handheld, portable device enables comfortable retinal screening without pharmacological dilatation and features non mydriatic capture through a 3.0mm pupil.

It uses integrated image-quality assessment algorithms and patented touchless auto-focus/image capturing technology to assist minimize the need for re-imaging visits. The tool immediately rates the quality of the taken image.

The IASO was introduced by WellsCare, a member of Born2Global Centre, as the first Korean medical device firm. The IASO is a wearable cold laser pain reliever that is hands-free and allows users to treat different forms of pain on their own. Through the use of cold laser technology, which is frequently employed by hospitals to treat sports injuries, it offers users instant, hands-free pain treatment.

The IASO Ultra upgrade, which WellsCare recently finished, gives the gadget a back pain function. In addition, WellsCare is collaborating to build a digital healthcare pain diagnostic gadget that can quantify pain based on a machine learning algorithm analysis of bio-signal data for chiropractors and other rehabilitative care specialists in the United States.

Electronics giant LG Corporation announced the release of MediPain, its newest healthcare offering, a home device for pain management. The device, which is intended to block the brain's transmission of pain signals, has received certification as a medical device from South Korea's Ministry of Food and Drug Safety.

Following the device's debut in South Korea, the business will look to get permission in other nations.A cutting-edge artificial intelligence-powered X-ray detector was also released by LG Electronics. It has entered into a relationship to establish a digital healthcare research center with KAIST, South Korea's premier technical institution.

COVID-19 IMPACT ON SOUTH KOREA MEDICAL DEVICES MARKET

An unheard-of public health disaster has been caused by COVID-19, a disease that SARS-CoV-2 and this virus induce. Numerous publications from all around the world claimed that South Korea's reaction policy had successfully "flattened the curve" of COVID-19 at the beginning of April 2020.

Telehealth services between a doctor and a patient have been temporarily approved to enable those who want to reduce their exposure to in-person medical care since the COVID-19 epidemic in 2020.

This short-term approach has given Korean patients the opportunity to see first-hand the value of telehealth services.With a growth rate of -3.5 percent in 2020, the total market size for medical devices in Korea will have dropped by an unheard-of amount. However, Korea recovered from its effects quite quickly, and in 2021 its overall market size surpassed previous records by reaching $7.9 billion in USD.

KOREA MEDICAL DEVICES MARKETCOMPANY PROFILE

• Philips
• Stryker
• Siemens Healthineers
• Becton Dickinson & Company
• Cardinal Health

KOREA MEDICAL DEVICES MARKETTHIS REPORT WILL ANSWER FOLLOWING QUESTIONS

1. What is the average cost per  South Korea Medical Devices market  right now and how will it change in next 5-6 years? 
2. Average cost to set up a  Medical Devices market  in South Korea?
3. How many South Korea Medical Devices market  are manufactured per annum globally? Who are the sub-component suppliers in different regions?
4. What is happening in the overall public, globally? 
5. Cost breakup of a  South Korea Medical Devices market  and key vendor selection criteria
6. Where is the South Korea Medical Devices market  manufactured? What is the average margin per equipment?
7. Market share of South Korea Medical Devices market  manufacturers and their upcoming products
8. The most important planned  South Korea Medical Devices market  in next 2 years
9. Details on network of major South Korea Medical Devices market  and pricing plans
10. Cost advantage for OEMs who manufacture South Korea Medical Devices market  in-house
11. 5 key predictions for next 5 years in South Korea Medical Devices market
12. Average B-2-B South Korea Medical Devices market price in all segments
13. Latest trends in South Korea Medical Devices market, by every market segment
14. The market size (both volume and value) of South Korea Medical Devices market in 2024-2030 and every year in between?
15. Global production breakup of South Korea Medical Devices market, by suppliers and their OEM relationship