With an economic growth rate of 2.8% compared to 2018, Korea achieved the 12th largest GDP in the world, and recorded remarkable growth in the medical device industry centered on advanced technology.
The Korean medical device market had a size of 6,733 million in 2019, up 14.5% from 2018, and has maintained an average annual growth rate of about 10.4% since 2015. It ranks 10th in the global medical device market.
Fitch Solutions (2019) predicted that the global market for medical devices will grow 5.8% annually starting 2020 to reach a size of $486.8 billion in 2022. In this context, it is to be noted that Korea is growing at an annual average rate of 6.5%. Compared to 2018, medical devices have become a new economic growth engine for Korea, with 10.3% growth in 2019.