South Korea Medical Devices
Korea’s medical device market is expected to rebound in 2026 as hospitals resume procurement, and delayed investments are realized. For U.S. companies, Korea remains a high-value market where U.S. suppliers—already the largest foreign source of advanced technologies—are well placed to capture recovering demand.
Korea’s medical device market slowed in 2023–2024 due to domestic disruptions. In 2023, the decline reflected the conclusion of the pandemic-driven demand surge. In 2024, the decrease was largely influenced by a nationwide trainee doctors’ strike, which disrupted routine care, delayed surgeries, and reduced hospital procurement of medical devices.
The strike, which began in February 2024 and lasted until September 2025, was triggered by opposition to a government plan to sharply increase medical school admissions. The medical community argued that this would worsen training conditions and compromise the quality of care, prompting collective action.
Following the end of the strike in September 2025, market sentiment began to improve. Hospitals are resuming deferred equipment replacement and infrastructure upgrades, and importers report that purchasing plans are being reviewed again. The government’s agreement to address trainee doctors’ concerns has also restored confidence among healthcare institutions.
Recovery, however, is expected to be gradual. Many hospitals continue to face financial pressure from reduced patient volumes during the strike and broader economic challenges. As a result, procurement departments are requesting extended payment terms and staggered delivery schedules to manage cash flow constraints.
Despite these challenges, the Korean medical device market is expected to return to moderate growth in 2026, once hospital operations fully normalize and public health investment resumes. Growth will likely be driven by replacement demand for delayed purchases and government initiatives supporting digital health and AI-assisted technologies. These factors make the market attractive for U.S. exporters.
If you need more detailed insights, contact the U.S. Commercial Service Korea: Jinjoo Lee, Senior Healthcare commercial Specialist, Jinjoo.Lee@trade.gov. If you’re looking to make your first export sale or expand to additional markets, connect with your local U.S. Commercial Service office in the United States to schedule an appointment for a consultation.