Local medical equipment market tops 6 billion wonKorea’s medical equipment and related products output surpassed 6 trillion won ($5.18 billion) for the first time ever in 2018 due to strong demand for dental and cosmetic treatment products, the Ministry of Food and Drug Safety said Monday.
The ministry said 6.511 trillion won worth of medical equipment was produced in Korea last year, up 11.8 percent from 5.823 trillion won in 2017. The on-year growth rate is much higher than the 2.7 percent growth in the country’s gross domestic product (GDP) for the year.
Dental implant products saw the sharpest growth, reaching 1.731 trillion won, followed by ultrasound diagnostic products at 524.7 billion won and dermal fillers used for cosmetic treatments at 227.1 billion won.
Dental products were in high demand due to Korea’s aging population and coverage expansion of public health insurance, the ministry said.
By Ko Jun-tae