The Korea’s medical equipment industry increases its global presence, responding to higher standards of the medical and hospital industry both in Korea and internationally.
Due to an ageing population and rising healthcare costs, the global medical industry is one of the world’s fastest growing industries. Experts say that the aging population is a worldwide phenomenon, and consequentially, demand for reliable and yet affordable medical technologies for tackling chronic diseases such as hypertension, diabetes and a cardiac disorder are rapidly growing.
Facing an increasingly aging society, Korea is not an exception. And the size of nation’s medical industry is also increasing, and it is reflected in part by swelling demand for medical equipment, creating a large local market.
According to a report written by Pacific Bridge Medical, the medical device market in Korea is growing quickly, at an annual average rate of 13.5 percent. It had a value of $3.9 billion in 2012, making it the third largest medical device market in Asia. Korea’s medical device market is expected to maintain its current level of growth from now through 2018.
Reflecting the trend, globalization of the medical healthcare service industry sector is a main topic if interest in Korea nowadays, particularly at a time when the entire Korean economy has faced the need to find new growth engine than any other time.
Against the backgrounds, an abundant supply of skilled manpower in the electronics and medical engineering sectors, coupled with Korea’s top-notch expertise in semiconductors, industrial electronics, and electronic parts, has led to the nation’s electro-medical equipment industry reaping a rapid growth in a relatively short period. Due to their high reliability, domestic manufacturers continue to demonstrate their commitment to product quality and innovation.
The Korea’s large scale of the medical industry has been very much in evidence in the increasing export data. According to a data from the Korea Health Industry Development Institute (KHIDI), exports of Korea’s medical devices rose 17.5% to reach US$1.967 billion in 2012, thanks to the active expansion of overseas markets.
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