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.
SOUTH 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 2022 to 2027.
MARKET 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.”
COMPANY PROFILE
THIS REPORT WILL ANSWER FOLLOWING QUESTIONS
- What is the average cost per South Korea Medical Devices market right now and how will it change in next 5-6 years?
- Average cost to set up a Medical Devices market in South Korea?
- How many South Korea Medical Devices market are manufactured per annum globally? Who are the sub-component suppliers in different regions?
- What is happening in the overall public, globally?
- Cost breakup of a South Korea Medical Devices market and key vendor selection criteria
- Where is the South Korea Medical Devices market manufactured? What is the average margin per equipment?
- Market share of South Korea Medical Devices market manufacturers and their upcoming products
- The most important planned South Korea Medical Devices market in next 2 years
- Details on network of major South Korea Medical Devices market and pricing plans
- Cost advantage for OEMs who manufacture South Korea Medical Devices market in-house
- 5 key predictions for next 5 years in South Korea Medical Devices market
- Average B-2-B South Korea Medical Devices market price in all segments
- Latest trends in South Korea Medical Devices market, by every market segment
- The market size (both volume and value) of South Korea Medical Devices market in 2022-2027 and every year in between?
- Global production breakup of South Korea Medical Devices market, by suppliers and their OEM relationship
