KOTRA Diversifies K-Medical Exports at the World's Largest Medical Exhibition

Rapidly Growing European Medical Device Market
KOTRA Supports Diversification of K-Medical Export Markets

The stage for diversifying the export market for "K-Medical" continues in Germany, where the world's largest professional exhibitions are held.

The Korea Trade-Investment Promotion Agency (KOTRA) announced that starting from the 17th (local time), it will host the "K-Meditech Day (Comprehensive Medical Device Export Event)" in D?sseldorf, Germany, in conjunction with MEDICA, the world's largest medical device exhibition, which runs for four days. This follows KOTRA's operation of the Korea Pavilion at the end of last month at the "CPHI Worldwide" in Frankfurt, the world's largest pharmaceutical exhibition, marking a series of export support initiatives.

KOTRA announced that it will hold the "K-Meditech Day (Comprehensive Medical Device Export Event)" linked to MEDICA, the world's largest medical device exhibition held in D?sseldorf, Germany, for four days starting on the 17th (local time). One-on-one export consultations are being conducted between domestic companies participating in K-Meditech Day and local buyers. KOTRA

Forty-one Korean medical device companies are participating in "K-Meditech Day." As a special session within the MEDICA exhibition, this comprehensive marketing event consists of business-to-business (B2B) export consultations, technology pitching, and certification consulting.

MEDICA is the world's largest medical device exhibition, with more than 5,000 companies from about 70 countries participating. It covers the entire medical device value chain, including imaging diagnostics, laboratory equipment, diagnostic testing, rehabilitation, and medical IT. At "K-Meditech Day," Korean companies are showcasing advanced medical device technologies such as artificial intelligence (AI)-based innovative devices.

As of last year, the European medical device market was valued at 170 billion euros (approximately 255 trillion won), accounting for 26.4% of the global market, second only to the United States (46.4%). The European Union (EU) has entered a super-aged society, with the proportion of the population aged 65 and older exceeding 21%. As the modernization of healthcare services, including digital healthcare, accelerates, demand for medical devices is increasing. Over the past decade, the European medical device market has recorded an average annual growth rate of 5.4%.

KOTRA is making significant efforts to diversify K-Medical exports to Europe and other regions. This event consists of a B2B export partnering consultation, European medical device certification (CE-MDR) consulting, and Korea-Germany technology and product pitching sessions, providing opportunities for domestic companies to discuss cooperation with buyers from Europe and other countries.

In particular, the pitching session on the 19th (local time) is co-hosted with the Ministry of Economic Affairs, Industry, Climate Action and Energy of North Rhine-Westphalia, Germany. Six companies, including Noel, a specialist in AI-based blood and cancer diagnostics, will present their advanced technologies.

Kim Hyuncheol, Head of KOTRA's Europe Regional Headquarters, stated, "K-Meditech Day is the most suitable opportunity to showcase the innovative technologies of our digital healthcare and medical device industries to the global market," adding, "We will provide support so that our companies can achieve export diversification, focusing on the rapidly growing European medical device market."