Middle East: New land of opportunity for Korean medical devices

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The story "Middle East: New land of opportunity for Korean medical devices" was covered 12 hours ago by Korea Economic Daily, a news publisher based in South Korea.

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Middle East: New land of opportunity for Korean medical devices - Korea Economic Daily

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QUALITY AND PRICESAccording to the Korea Customs Service, four Middle Eastern countries – Saudi Arabia, UAE, Qatar and Kuwait – imported $79.2 million worth of medical devices from South Korea in 2024, up 88% from 2021.“Thanks to their high quality and affordable prices, the demand for Korean medical devices is growing in the Middle East with the high income and strong purchasing power,” said a medical device industry official.

With the Middle East relying on imports for more than 90% of medica devices, Korean companies are outshining Chinese peers, whose appeal has faded amid escalating trade rows between the US and China.Last month, Remed Co., Lameditech Co., Vuno Inc., Mediwhale Co.and Neurophet Inc.exhibited their products at Arab Health, a healthcare conference held in Dubai.

South Korea is making inroads into the Middle East's medical device market dominated by the US and Europe, aiming to leverage the region’s strong purchasing power and big investments in building digital hospital infrastructure.