NEW YORK, Oct. 19, 2016 /PRNewswire/ -- Includes 3 FREE quarterly updates
South Korea will be one of the slower growing markets within BMI's Asia Pacific region, although it will still outperform other mature markets such as Japan, New Zealand and Australia. Medical device imports will come under further pressure from locally produced products in certain sectors. Although the domestic manufacturing industry remains fragmented, the number of producers has more than doubled in recent years and domestic output will continue to see steady growth as South Korea seeks to further reduce its reliance on imported products, whilst boosting its share of the global market.
Latest Updates And Key Forecasts
- We forecast that the market will register a 2014-2019 CAGR of 6.2% in local currency terms and 5.2% in US dollar terms, taking the value to KRW7.7trn (USD7.0bn). South Korea will remain the third largest medical device market in the Asia Pacific (APAC) region behind Japan and China.
- We expect imports will see mid single-digit growth in US dollar terms in 2016. Import growth will be higher in local currency terms as the Korea won continues to experience depreciatory pressure against the US dollar in the near term. Imports grew by 5.8% y-o-y in US dollar terms in Q216 and by 5.9% in the 12 months to June 2016, taking the running annual total to USD3.2bn.
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