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Medical Devices Market in South Korea is Favourable Due to a High Healthcare Spend and Developed Economy

Posted on: Thursday, 11 January 2007, 00:00 CST

Research and Markets (http://www.researchandmarkets.com/reports/c48176) has announced the addition of Espicom Business Intelligence's new report: The Medical Device Market: South Korea to their offering.

South Korea ranks as one of Asia's leading Tiger economies, with a population approaching 50 million and GDP per capita equivalent to that found in southern or central Europe. As a result, much of the population expects a high level of medical care. Korea has the highest healthcare expenditure of all the 'Asian Tigers', over half of which is funded by the private sector. The government has been forced to implement cost-cutting measures in recent years, owing to a large deficit faced by the healthcare system. This problem is exacerbated by a rapidly ageing population.

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. Despite this, Korea is predominantly supplied by imports, largely from the USA, Japan and Germany. These fell sharply during the 1997/98 economic crisis, but have now recovered to their former level of around US$1 billion per year. Despite some financial difficulties within the healthcare insurance system, demand for these is rising and can be expected to continue. Korea remains one of Asia's most developed economies, with a universal healthcare system, and plans to develop a modern welfare state. Korean hospitals are generally well-equipped, and medical staff are highly trained.

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.

BACKGROUND DATA

GEOGRAPHY

POLITICAL OVERVIEW

ECONOMIC OVERVIEW

POPULATION

DEMOGRAPHIC INDICATORS

MORTALITY

MORBIDITY

CHARTS

HEALTHCARE SYSTEM

ORGANISATION & ADMINISTRATION

HEALTH EXPENDITURE

HOSPITAL SERVICES

AMBULATORY CARE

MEDICAL PERSONNEL

CHARTS

ACCESSING THE MEDICAL DEVICE MARKET

INTRODUCTION

REGULATORY ENVIRONMENT

TRADE FAIRS

KIMES

DISTRIBUTORS

DOMESTIC PRODUCTION

Number of Medical Instrument Manufacturers, 1996-2005

Domestic Medical Device Production, 2003-2005 (US$)

Electromedical production

Major Electromedical Manufacturers

Electromedical Production, 2000 & 2001

Boin Medica Co Ltd

Choongwae Medical

Daewoong Medical Corporation

GE Medical Systems

Gambro

Hanshin Medical

Listem (former Dong-A X-ray Co)

Medison

Prosonic/Siemens

Royal Medical

S M Medical Co

Sam Yang

Sometech

DIRECTORY

For more information visit http://www.researchandmarkets.com/reports/c48176

Source: Business Wire

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