South Korea’s medical device market is projected to grow at a compound annual growth rate of 5% until 2034, according to a new report from GlobalData.
Government investment accelerates high-value innovation
The projection follows the government’s recent pledge to invest more than $622.1 million into developing next-generation medical devices. The initiative is designed to support companies working on high-value, technology-driven solutions, expanding beyond the country’s existing strengths in consumables and diagnostic equipment.
Push to compete in premium MedTech categories
Divya Soni, Medical Devices Analyst at GlobalData, said the programme could help domestic manufacturers enter advanced device categories traditionally dominated by global players. “By supporting R&D, clinical validation, and regulatory acceleration, the new initiative may position South Korea to compete in premium MedTech segments,” Soni noted.
Regional market position
South Korea is expected to account for around 7% of the Asia-Pacific medical device market in 2025, reflecting its growing presence in the region.
Featured image credits: Freepik
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