Korea: increased insurance coverage, ageing population, and demand for smart healthcare generates opportunities for European companies | EU Gateway | Business Avenues

Korea: increased insurance coverage, ageing population, and demand for smart healthcare generates opportunities for European companies

Korea’s healthcare market is the fourth largest in the Asia Pacific. Its size is expected to grow to €4.5 billion by 2025.

Furthermore, the medical devices market has grown steadily in Korea, where the industry trend is currently focusing on smart medical devices for the mass market, targeting an expanding base of health-conscious consumers.

Drivers of market growth include increased insurance coverage, ageing population and growth in the medical devices industry in emerging countries that import from Korean manufacturers.

European companies with cutting-edge technologies for age-related conditions or offering Magnetic Resonance Imaging (MRI) and Computed Tomography (CT) equipment can find opportunities in Korea. 62% of demand in the Korean medical industry continues to depend on imports, especially expensive MRI and CT equipment.

EU Gateway | Business Avenues organises an EU-funded business mission in the Healthcare & Medical Technologies sector to Korea from 16-20 March 2020. Applications are open until 15 November 2019.

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