Abstract
Includes 3 quarterly updated outlook reports!
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. Imports of medical devices have grown strongly in recent
years, rising by 99.5% over five years to reach over US$2.4 billion in 2008.
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 is expected to cost around US$5 billion. Construction began in
2009 and is expected to finish in 2012.
Highly detailed report content
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.
Compelling reasons to buy this Espicom market report
Espicom is a leading provider of market and company information for business.
In addition to this analysis, Espicom provides detailed management reports on
over 65 established and emerging medical markets around the world.
- Includes - FREE - three quarterly updated outlook reports on the South
Korean medical device market
- Unique and original market forecasts
- Insightful interpretation of market trends and developments
- Over 28 years continuous medical device and equipment market experience
- A team of full-time researchers and analysts
- Unbeatable access to primary sources
- Independent and impartial
- Formats to suit every distribution need and budget
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