South Korea Medical Devices Market Size, Share & Industry Analysis, By Type (Orthopedic Devices, Cardiovascular Devices, Diagnostic Imaging, In-vitro Diagnostic (IVD), Minimally Invasive Surgery Devices (MIS), Wound Management, Diabetes Care Devices, Ophthalmic Devices, Dental Devices, Nephrology Devices, General Surgery, and Others), By End-user (Hospitals & ASCs, Clinics, and Others), and Country Forecast, 2025-2032

The South Korea medical devices market size was valued at USD 7.11 billion in 2024. The market is projected to grow from USD 7.57 billion in 2025 to USD 12.58 billion by 2032, exhibiting a CAGR of 7.5% during the forecast period.

Medical devices are instruments used for diagnosing, monitoring, and treating medical conditions caused due to trauma & injuries, chronic diseases, disabilities, and bodily abnormalities & defects. Some of these devices incDlude implants, thermometers, blood glucose meters, ECGs, diagnostic imaging systems, drug administration devices, and more.

The South Korea market is growing significantly due to the increasing prevalence of key medical conditions such as cardiovascular diseases, dental disorders, cancer, diabetes, and others, which are driving the demand for diagnosis and treatment devices. In addition, prominent players are focusing on advancements of such devices and enhancing the diagnostic accuracy and treatment outcomes, which is also expected to increase the adoption of such devices.

Some of the key market players include Medtronic, Johnson & Johnson Services, Inc., GE Healthcare, and Koninklijke Philips N.V. These players are signing strategic agreements with hospitals to supply medical tools and introduce new products with advanced technologies. This is helping the companies to enhance their market share during the forecast period.

MARKET DYNAMICS

Market Drivers

Increasing Burden of Medical Conditions to Fuel the Market Growth

In South Korea, the prevalence of medical conditions such as trauma, cancer, diabetes, cardiovascular abnormalities, and others has been rising notably over the past few years. For instance, according to the data published by the Diabetes Metabolism & Journal in May 2022, the projected prevalence of diabetes mellitus among adults aged 19 years or above and aged 65 years was around 13.9% in 2021.

These conditions are growing due to sedentary lifestyles, increasing obesity levels, and other factors. Additionally, the growing number of aged individuals is significantly leading to a higher risk of these medical conditions, which need diagnosis and intervention frequently.

• For instance, according to the data from Jeju National University, in July 2024, the number of individuals aged 65 and over was 10.0 million.

Moreover, these factors are encouraging hospitals and other healthcare facilities to upgrade their equipment and adopt more advanced technologies, thereby propelling the penetration rate of medical devices in the country. Such a scenario is anticipated to drive the South Korea medical devices market growth during the forecast period.

Market Restraints

Stringent Regulations to Hinder the Market Growth

In South Korea, the Ministry of Food and Drug Safety (MFDS) has set standards for approval of medical devices. Although the intent is to ensure safety and efficacy before the product is marketed, the lengthy approval process is deterring innovation, particularly for international players to launch their product in South Korea.

Advanced technologies, such as minimally invasive surgical tools and AI-based diagnostics, require additional processes and mandates. This is challenging for small and mid-sized players to comply with these standards, as it is time-consuming and expensive. Such factors are delaying the new product entry in the country. Moreover, an error or defect leading to safety issues is recalled by MFDS, which is expected to impact the reputation and innovation ability of the key players. This is expected to limit the market expansion in the forthcoming years.

Market Opportunities

Emergence of Digital Health and Remote Monitoring Solutions to Offer Significant Growth Opportunity

In recent years, the well-established infrastructure of South Korea has been significantly contributing to the widespread adoption of advanced medical technologies such as remote patient monitoring solutions, telemedicine solutions, and AI-based diagnostics. After the COVID-19 pandemic, South Korea’s healthcare facilities started adopting digitalized tools and implementing remote monitoring technologies to streamline clinical workflow, enhance operational efficiency, and minimize personal appointments.

In response, the key players in South Korea are also developing novel products and expanding the supply to healthcare facilities. Additionally, this is drawing the government’s focus towards digitalized solutions and encouraging to increase in support for research and development of this technology.

• For instance, in December 2024, South Korea's Ministry of Health and Welfare announced invested USD 1.7 million to launch a network of remote ICUs in the country.

Moreover, this is offering significant opportunities for international and domestic players to collaborate for the exchange of technologies and strengthen their presence in the country. For instance, in February 2024, KORE and Medical Guardian entered into a collaboration on the first-ever medical alert device utilizing eSIM technology. Also, insurers are beginning to appreciate the cost benefits of remote healthcare, further increasing their coverage for digital health solutions.

Market Challenges

Reimbursement Challenges and Competition to Limit the Market Expansion

Although South Korea is a prime destination for several international players to expand their business of medical devices, the reimbursement issues are limiting the adoption of their products, which is expected to pose a major challenge to expansion in the country’s market. For instance, according to the data published by the International Trade Administration in December 2023, reimbursement pricing governed by the National Health Insurance Service (NHIS) is currently a major issue faced by the medical device industry in South Korea.

Moreover, the established domestic players such as Osstem Implant, Samsung Medison, and others are competing with international players, challenging them to expand their footprint in South Korea. These companies are benefitting from a strong distribution network, a trusted image, and government support. As a result, several healthcare settings in South Korea are relying on domestic companies for medical devices. Moreover, the government is also supporting South Korea’s companies’ expansion plans globally, which is ultimately strengthening their image locally, posing a challenge to international players.

• For instance, according to the data published by the International Trade Administration in December 2023, the South Korea government supports domestic medical device companies to expand globally by increasing exports.

South Korea Medical Devices Market Trends

Growing Focus on Minimally Invasive and Robotic Surgeries

Currently, there has been a notable shift toward minimally invasive procedures in South Korea, including robotic-assisted surgery, laparoscopic surgery, and others. This is driving the demand for endoscopic tools as patients and surgeons are highly adopting these technologies due to lower risks, shorter recovery period, and precision. Tertiary hospitals in the country are heavily investing in robotic surgery systems, thereby increasing their penetration rate in South Korea.

• For instance, in May 2025, Seoul National University Hospital added Medtronic's Hugo robotic-assisted surgery system, which the Ministry of Food and Drug Safety recently approved.
• Similarly, as of June 2025, the Division of Colon and Rectal Surgery at Asan Medical Center surpassed 3,000 robotic surgeries for colorectal cancer in South Korea.

Additionally, the surgeons are also receiving specialized training in these technologies, further propelling adoption. Such a scenario is influencing key players to develop new robots and endoscopic devices to expand their presence in the market. Moreover, the insurance companies are also focusing on adding these surgical techniques to their reimbursement policies, benefiting the product demand of key players.

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Segmentation Analysis

By Type

In-vitro Diagnostics (IVD) Segment to Dominate the Market Due to Increasing Strategic Agreements Among Key Players

Based on type, the market is segmented into orthopedic devices, cardiovascular devices, diagnostic imaging, in-vitro diagnostic (IVD), minimally invasive surgery devices (MIS), wound management, diabetes care devices, ophthalmic devices, dental devices, nephrology devices, general surgery, and others.

The in-vitro diagnostic (IVD) dominated the market in 2024. This share is attributed to the engagment of key players in  development of advancing the in-vitro diagnostics products in South Korea. These advancements are expected to improve the effectiveness of in-vitro diagnostics products, thereby boosting their adoption in the forthcoming years.

• For instance, in July 2025, Attoplex Inc., a startup specializing in in-vitro diagnostic devices in South Korea, signed a Memorandum of Understanding (MoU) with the researchers of Korea Advanced Institute of Science and Technology (KAIST) to jointly develop AI-based diagnostic reagents for high-risk pathogens.

The dental devices segment accounted for a considerable South Korea medical devices market share in 2024. The growth is attributed to the significant advancements in the dental sector of the country, which is increasing dental tourism in the country. Moreover, the higher volume of dental implantation procedures in the country is influencing key companies to develop more advanced products, increasing the availability of dental devices.

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By End-user

Hospitals & ASCs to Dominate Due to Increasing Adoption of Advanced Tools by Hospitals

Based on end-user, the market is segmented into hospitals & ASCs, clinics, and others.

The hospitals & ASCs segment held a dominating share in 2024. The growth is attributed to increasing focus on hospitals in implementing advanced surgical techniques, thereby driving the adoption of advanced tools in these settings. Moreover, the strategic agreements between key players and hospitals to provide training on advanced medical devices are also expected to increase the penetration of advanced medical devices in these settings.

• For instance, in February 2025, meerecompany Inc. signed a contract to supply its Revo-sim, a VR-based training simulator, to Seoul National University Bundang Hospital to provide medical professionals with hands-on experience using advanced medical devices.

The clinics segment held the second-largest share of the South Korea market in 2024. There is increasing adoption of endoscopic devices and diagnostic imaging systems in clinics, due to increasing patient visits for specialized care. This is anticipated to fuel the segment’s growth during the forecast period.

COMPETITIVE LANDSCAPE

Key Market Players

Medtronic, Johnson & Johnson Services, Inc., GE Healthcare, and Koninklijke Philips N.V.  Accounted for a Major Share Due to Increasing Investments

The South Korea medical devices market is fragmented, with prominent companies such as Medtronic, Johnson & Johnson Services, Inc., GE Healthcare, and Koninklijke Philips N.V.  holding a substantial share in 2024. The share is attributed to a strong focus on these players on expanding into South Korea with increasing production capacities and investments in research and development of devices. Moreover, a strong focus of these players to secure approvals for their devices in South Korea is also expected to enhance their market share in the coming years.

Other prominent companies, such as Abbott, Siemens Healthineers AG, and BD, are focusing on new launches to increase penetration of their products in the country. Moreover, they are emphasizing on signing strategic agreements with hospitals and other healthcare settings in the country, which is also expected to help them increase product presence and enhance their market share.

LIST OF KEY SOUTH KOREA MEDICAL DEVICES COMPANIES PROFILED

• Medtronic (Ireland)
• Johnson & Johnson Services, Inc. (U.S.)
• Hoffmann-La Roche Ltd (Switzerland)
• Boston Scientific Corporation (U.S.)
• Fresenius Medical Care AG (Germany)
• GE Healthcare (U.S.)
• Koninklijke Philips N.V. (The Netherlands)
• Siemens Healthineers AG (Germany)
• Stryker (U.S.)
• Abbott (U.S.)
• BD (U.S.)
• Cardinal Health (U.S.)

KEY INDUSTRY DEVELOPMENTS

• May 2025 – Intuitive Surgical signed a memorandum of understanding with the government of Seoul, capital city of South Korea, to expand the operation of its robotic surgery training centre.
• December 2024 – Medtronic opened the Robotic Surgery Research and Training Center in the Osong Advanced Medical Complex in Chungcheongbuk-do, South Korea.
• September 2024 – OMRON Corporation launched OMRON Complete, a home-use medical device in South Korea to measure blood pressure and an electrocardiogram (ECG) simultaneously.
• July 2024 – KORE launched mCareWatch 241, the latest innovation in personal emergency alarms to monitor patients in their homes or healthcare facilities virtually..
• August 2022 – VUNO Inc. medical AI company, received the Ministry of Food and Drug Safety’s clearance for Hativ Pro. This personal ECG device measures a user’s heart rate and sends data through a connected mobile phone app.

REPORT COVERAGE

The South Korea market report for medical devices provides a detailed analysis of segments and the competitive landscape. It covers company profiles of key players, market share analysis, and key factors such as drivers, restraints, opportunities, and trends in the market. Moreover, the company offers insights into new product launches, key industry developments, technological advancements, etc.

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Report Scope & Segmentation