Espicom's in-depth medical device market reports are ideal for executives wanting to understand the key drivers in medical markets and have access to a wealth of statistical data. Each report opens with an outlook section that provides analysis of the market, 5-year market forecasts, national data projections, market outlook and key developments such as regulation, health facilities and government policy. The report also provides extensive background information, population trends, health status, health expenditure, organisation & administration, hospital services, medical personnel, healthcare development, market access information, trade data and essential industry contacts. Included with the report are 3 free quarterly updated outlook reports, enabling you to keep up to date with market developments for a year. 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.