South Korea Medical Device Market is set to reach USD 5.0 billion by 2025

Posted on 2018-04-30 by Goldstein Research in Healthcare // 0 Comments

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New York, USA, 2018-Apr-30 — /EPR Network/ — According to Goldstein Research, South Korea medical device market is expected to reach USD 5.0 billion by the end of 2025, growing at a CAGR of 6.1% over the forecast period, 2017-2025. High-quality, western-style medical and scientific infrastructure for clinical research at Korea’s leading hospitals with state-of-the-art facilities which are highly professional and efficient in conducting and supporting trials is propelling the growth of South Korea medical device market. South Korea medical device market segmentation has been done on the basis of product type, area of use, and end-user. In-vitro diagnostics (IVD) equipment dominated the South Korean medical device market and accounted for the market share of 35% in 2017 owing to large number of ageing residents with multiple chronic health issues. South Korea Medical device market is driven by elderly population in Korea accounted for approximately 13% of the total population in 2015 and many local doctors are educated in the U.S. and Europe and are accustomed to using advanced medical devices from overseas. In 2017, total imports of medical devices were estimated at USD 3.0 billion, with U.S. imports totaling over USD 1.4 billion in South Korea.

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Market Segmentation

On the basis of our in-depth analysis, South Korea Medical Device Market can be segmented as follows:

By Product Type

Dental equipment and supplies

Electro-medical equipment
In-Vitro diagnostics
Irradiation apparatuses
Surgical and medical instruments
Surgical appliances and supplies

By Area Of Use

Inpatient Care
Outpatient Care
Special Areas
Patient Self-Monitoring
Relative Medical Indication

By End User

Hospitals
Clinics
Diagnostic Labs
Homecare Settings

“South Korea Medical Device Market Outlook 2024” contains detailed overview of the South Korea Medical device market. On the basis of our in-depth analysis, market can be segmented in terms of market segmentation by product type, area of use and end-users.

Further, for the in-depth analysis, South Korea Medical Device Market Report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis. This industry research report also includes competitive outlook of some of the major players profiling of companies such as Johnson & Johnson, Philips HealthCare, Medtronic Inc., GE HealthCare, Siemens AG, Novartis AG, Stryker Corp., 3M Company, Abbott Laboratories, Toshiba Corp., Becton, Dickinson and Co., Baxter International Inc., Cardinal Health Inc., Boston Scientific Corp., Allergan Inc., Zimmer Biomet, Danaher Corp., Dentsply Sirona, Essilor International S.A., Covidien plc., etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments. Overall, the report represents the South Korea Medical device market trends along with market forecast that will help industry consultants, technology providers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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