Korea’s domestic medical device industry is steadily growing, and like China, it is beginning to compete with Western device companies. Korea’s Ministry of Food and Drug Safety (MFDS) announced that the country’s medical device market was worth more than $5 billion last year. Medical device exports totaled almost $3 billion last year, which is nearly an 8% increase from the year before. Korea’s medical device export growth rate has averaged more than 10% over the past five years.
Especially profitable Korean medtech export areas include dental implants, ultrasonic imaging systems, and dermal fillers. Dermal filler production increased by more than 70% as the public increasingly seeks beauty care procedures.