KOTRA-Backed K-Medical Devices Take Flight... Heading to Capture the Global Biohealth Market

Challenge the Global Market with KOTRA
Linked to the 38th International Medical Device & Hospital Equipment Exhibition
GMEP 2022 Event Held on 10-11
200 Medical Device Companies Participating

[Asia Economy Reporter Sunmi Park] KOTRA, celebrating its 60th anniversary this year, is leveraging the increased global interest in medical devices due to the worldwide spread of COVID-19 to support the export of K-medical devices. They plan to target the rapidly growing global biohealth market by hosting an international medical device exhibition with participation from 200 domestic companies and 400 overseas buyers.

◆In March, 300 K-medical device companies take on the global challenge= The 38th International Medical Device and Hospital Equipment Exhibition (KIMES 2022) will be held from March 10 to 13 at the COEX Exhibition Center. Covering an area of 45,000 sqm, 2,400 booths related to 18 categories including examination and diagnostic devices, clinical and testing devices, and radiology-related equipment will be set up.

During this period, on March 10 and 11, KOTRA will host the GMEP 2022 (Global Medical Equipment Plaza 2022) event in conjunction with KIMES 2022 as part of its 60th anniversary celebrations. Currently, 415 overseas buyers from Southeast Asia (66), Europe (58), and the Middle East (50), among others, have completed registration to participate. On the domestic side, 200 medical device companies specializing in dental equipment, digital healthcare, medical devices, and medical supplies will participate.

The event is mainly composed of a medical device export consultation meeting, a global medical device conference, and a contract signing ceremony. During the two-day export consultation meeting held simultaneously online and offline, KOTRA will support video consultations according to the schedule using the ‘KOTRA buyKOREA’ video consultation management system. If demand arises, additional consultations will be facilitated after the event at KOTRA headquarters’ first-floor video consultation room.

At the global medical device conference, Medtronic, a leading global medical device company, will present on ‘The Future of the Medical Device Industry and Win-Win Cooperation in the Era of Digital Transformation.’ Following this, five domestic companies with new medical device technologies will give presentations.

Hipoti&C will present on attention concentration diagnosis and depression treatment using virtual reality (VR) technology, and SKC&C will discuss an AI-based precision oncology platform covering the entire cancer lifecycle. Weisen will present an AI-based brain hemorrhage imaging interpretation solution, MediBloc will introduce a medical information management platform utilizing blockchain technology, and Choicetechnology will present a wearable wireless continuous temperature monitoring solution.

◆Capture the biohealth market growing at an average annual rate of 3%= The biohealth industry is one of the three new industries designated by the Korean government (system semiconductors, future cars, biohealth). The government has designated the biohealth industry as one of the three promising items and 12 next-generation export strategic items, planning to focus on growth and export support as a high value-added new export engine. The global biohealth market was approximately $1.6926 trillion in 2020 and is expected to grow at an average annual rate of 3% until 2030, prompting plans for concentrated nurturing through government support.

In fact, Korea’s biohealth exports have been increasing for 11 consecutive years, gaining recognition in the international market. In 2020, exports surpassed $10 billion for the first time, entering the top 10 export items by scale. Last year, exports exceeded $9 billion in the first half alone, and combined with the second half, are expected to comfortably surpass the total $13.89 billion in 2020.

Especially in the medical device sector, global interest in health management has increased due to the spread of COVID-19, and growth potential is very high due to IT technology convergence. Currently, Korea’s medical device industry holds competitiveness in in vitro diagnostic devices, ICT-converged hybrid products, dental medical devices, and beauty devices.

In vitro diagnostic devices are among the top 10 medical device export items and already have global competitiveness. Korea’s recognition in in vitro diagnostics has continued to rise through the COVID-19 pandemic. Digital healthcare is showing an increasing number of companies centered on ICT-converged medical devices. Due to domestic regulations such as restrictions on telemedicine limiting the domestic market, many companies are seeking to enter overseas markets. The number of domestic companies has increased by more than 7% annually over the past three years, currently estimated at about 500 companies. Dental medical devices and beauty devices, led by dental implants, possess leading technologies, and exports of beauty devices are expanding in earnest, supported by K-Beauty.

A KOTRA official said, "National interest in the medical device sector is increasing due to the prolonged COVID-19 pandemic, and securing export momentum for the domestic medical device industry is necessary. In line with KOTRA’s 60th anniversary, we plan to promote the overseas expansion of domestic medical devices by holding GMEP in conjunction with KIMES 2022, the largest medical device exhibition in Korea."