The Korean medical devices market size was EUR 8.5 billion in 2022. This segment also grew at a CAGR of 13.9% in 2022 over the previous year and is expected to grow positively in the future. Currently, the focus is on diagnostics, especially in vitro diagnostics, and the dental sector. However, digitalisation and telemedicine - whether in the form of smart infusion pumps or medical robots for surgery and rehabilitation - are playing a major role. The Korean market is very mature and in many ways self-sufficient. However, cooperation between Czech and Korean manufacturers with the aim of joint solutions for third country markets seems promising.

Representatives of the Association of Manufacturers and Suppliers of Medical Devices as well as Linet and Royax arrived in Seoul in mid-December to discuss the possibilities of cooperation in the reconstruction of war-torn Ukraine. An economic diplomacy project funded by the Ministry of Foreign Affairs facilitated negotiations between Czech entities and Korean partners from both the private sphere and the state administration. The Czech Republic's activities, as one of the largest supporters of this country affected by Russian aggression, are aimed at the health sector not only at the simple supply of equipment, but especially at comprehensive solutions, including training of users. This function is fulfilled, for example, by the Czech training facility in Lviv, western Ukraine. Currently, the Czech Republic's medical focus in Ukraine is mainly on primary care, mother and child care, rehabilitation of the wounded and mental health care. Czech training activities place a strong emphasis on educating medical staff on the correct prescription of antibiotics to prevent overuse. Czech companies and associations were also accompanied on this trip by Marek Svoboda, Director of the Economic Diplomacy Department of the Ministry of Foreign Affairs. The main idea of all the meetings was that Ukraine must now not only defend itself, but also recover and its citizens must receive the best possible care despite the ongoing conflict. Specific Czech projects, on which both countries can cooperate, will serve this purpose.

Further important information on this sector of the Korean market can be obtained from the links below:
1. Korea Medical Devices Industry Association: https://www.kmdia.or.kr/EN/
2. Korea Health Industry Development Institute: https://www.khidi.or.kr/eps
3.  Korea Medical Device Information Portal (in Korean only): https://udiportal.mfds.go.kr/

Meeting with representatives of the Korea International Cooperation Agency

If interested, Czech companies can contact the commercial section of the Czech Embassy in Seoul at: commerce_seoul@mzv.cz.

Jakub Kopecký, head of the commercial section in the Embassy of the Czech Republic in Seoul