Why this is important to Wisconsin businesses: The industry is one of Wisconsin’s strengths.
South Korea’s medical device market is growing rapidly—in large part a reflection of the country’s aging population.
According to the UN World Population Prospects 2024, residents who are 65 or older now represent more than 20% of South Korea’s population, giving it the designation of a “super-aged society.”
Devices to diagnose and treat a wide range of illnesses are increasingly in demand, as are advanced technologies such as wearable devices and care robots. In recent years, remote patient monitoring solutions, telemedicine solutions, and artificial intelligence-based diagnostics have also been integrated into South Korea’s health care systems.
According to Fortune Business Insights, South Korea’s medical devices market was valued at $7.1 billion in 2024, and is projected to grow from $7.6 billion in 2025 to $12.6 billion by 2032. The equipment commonly used includes implants, thermometers, blood glucose meters, electrocardiographs, diagnostic imaging systems, and drug administration devices. In-vitro diagnostics dominated the market in 2024, Fortune Business Insights said.
Imports accounted for $4.6 billion of South Korea’s medical devices market in 2024, and nearly half—$2.1 billion—came from the U.S., according to the U.S. Department of Commerce’s International Trade Administration. Germany, Japan, and China followed the U.S. as import partners.
As medical and scientific devices are Wisconsin’s third-largest import category, the state’s companies may find increasing interest for their products in South Korea.
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