South Korea Healthcare Equipment and Services Tenders

South Korea's healthcare equipment and services market is a juggernaut, reaching a staggering $6.2 billion in 2018. This powerhouse is driven by an aging population, rising disposable incomes, and tech-savvy consumers. Foreign players hold over 50% of the market, with the US leading the pack. But don't underestimate local champions – they're rapidly innovating in AI-powered medical devices.

The South Korean government plays a major role, spending generously on healthcare equipment and services. In 2021, imports surged by 20%, thanks to government procurement. This opens doors for international companies, but navigating the system can be tricky.

Hospitals and clinics are hungry for advanced diagnostic equipment, medical robots, and AI-powered solutions. Telehealth and remote patient monitoring are also hot trends. Don't forget the aging population – rehabilitation equipment and home care services are booming.

The Ministry of Food and Drug Safety (MFDS) is the gatekeeper, approving all medical devices and ensuring quality. The Ministry of Health and Welfare (MOHW) sets the overall healthcare agenda, while the National Health Insurance Service (NHIS) controls the purse strings.

Local giants like Samsung and LG are making waves, but global players like Siemens and Philips are still dominant. US companies are steadily increasing their presence, especially in high-tech areas.

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