Healthcare

Healthcare in South Korea is a swiftly-growing field, owing to rapidly shifting demographics and lifestyle trends. South Korea is currently the fastest-aging developed country in the world, quickly catching up with the proportion of older people in Japan's population. A quarter of South Korean's are expected to be over 65 by 2025.

Meanwhile, Koreans’ sedentary lifestyle, alcohol and tobacco use are driving increases in non-communicable diseases such as diabetes and hypertension. To combat these trends and establish the country as a leader in the biomedical field, the South Korean government has announced strong support for clinical trials, biopharmaceuticals and AI in medtech and life sciences – all of which bring big opportunities for western firms.

Further good news is the way entry into South Korea’s healthcare and life sciences markets is simplified by the concentration of healthcare and research. The “Big Five” hospitals – Samsung Medical Center, Asan Medical Center (pictured above), Seoul National University Hospital, Severance Hospital and Seoul St Mary’s Hospital – are all in the capital and dominate research and quality of care. And new entrants should look at the Big Five as clinical evaluation sites as well as customers.

The highly concentrated market, a strong domestic healthcare scene and healthy appetite for foreign technologies favor companies with competitive products.