While in the past, the US, EU, and Japan dominated the global medical device market, things are changing as more new devices are being developed in Asia first, especially in China. Accordingly, Korea and China have recently announced new initiatives aimed at accelerating medical device innovation.
In Korea, the Ministry of Trade, Industry, and Energy established a national investment program worth more than 900 billion won (over $600 million) to support the development of next-generation medical devices. The initiative will prioritize high-growth areas, including AI-based diagnostics, medical robotics, and advanced implant systems, to help Korean manufacturers move into higher-value market segments traditionally dominated by global players. The government believes the program will strengthen R&D, streamline regulatory pathways, and improve commercialization. Similar to the auto/car business, Korea wants to be a leader in medical technology.
Similarly, 10-20 years ago, China used to mostly manufacture simple devices, but over the past 5-7 years, China has been making more sophisticated, innovative products competitive with world-class Western devices. China’s government recently rolled out a new policy to support medical device development, with a strong emphasis on digitalization and artificial intelligence. This policy encourages collaboration between medical device companies and AI firms to develop industry-specific models for diagnostics and treatment, and includes subsidies for computing costs and funding support for hospitals adopting AI-based technologies.
Written by: Ames Gross – President and Founder, Pacific Bridge Medical (PBM)
Mr. Gross founded PBM in 1988 and has helped hundreds of medical companies with regulatory and business development issues in Asia. He is recognized nationally and internationally as a leader in the Asian medical markets. Mr. Gross has a BA degree, Phi Beta Kappa, from the University of Pennsylvania and an MBA from Columbia University.