What lies ahead for South Korea’s medical device market?

The government is investing over $622.1m to support next-generation medical devices.

South Korea’s medical device market is projected to expand at a compound annual growth rate of 5% until 2034, according to a GlobalData report.

The projection follows the government’s recent announcement of a national investment initiative exceeding $622.1m to support the development of next-generation medical devices.

The programme is expected to provide additional resources to companies developing high-value, technology-driven solutions.

Whilst the country is already strong in consumables and diagnostic equipment, the new investment could help domestic manufacturers move into more advanced device categories, said  Divya Soni, Medical Devices Analyst at GlobalData.

“By supporting R&D, clinical validation, and regulatory acceleration, the new initiative may position South Korea to compete in premium MedTech segments traditionally dominated by global players,” Soni added.

South Korea accounts for around 7% of the Asia-Pacific (APAC) medical device market in 2025.