|
South Korea's medical device market has grown impressively in recent years, and
in the five years leading to 2006, import growth has averaged around 13% per
annum in US dollar terms, this despite the gradual appreciation of the won
against the American currency.
The market has more than rebounded from the slump of the Asian financial crisis.
Although it has not quite reached the 10% growth rates of post 1997-98, it has
grown both in absolute and in per capita terms, buoyed mainly by rising imports,
which constitute around 60% of the market.
Korea remains one of Asia's most developed economies, with a universal
healthcare system, and plans to develop a modern welfare state. Korean hospitals
are generally well-equipped, and medical staff are highly trained. The market
has always been receptive to imported products, especially from the USA. Despite
some financial difficulties within the healthcare insurance system, demand for
these is rising and can be expected to continue. Overall, economic stability and
growth of Korea's economy can be expected to underline the strength of the
healthcare market.
The Korean regulatory system is opaque, with prospective suppliers facing many
unanticipated hurdles. Procedures are often unclear and unevenly applied. As in
many other Asian countries, the maintenance of good personal contacts with
regulators will be essential for the smooth approval of a new product.
For more information visit:
http://www.researchandmarkets.com/reportinfo.asp?report_id=45453
|
