South Korean medical technology firms expand global market presence

South Korean medical technology companies are expanding their global footprint across several specialized sectors, including medical AI, aesthetics, and general medical devices.

In Vietnam, the growing ‘silver economy’ driven by rapid aging is creating significant opportunities. The Vietnamese medical device market, valued at $1.67 billion in 2023, is projected to reach $2.1 billion by 2026. South Korean products currently hold the top position in the Vietnamese import market, accounting for approximately 16.3% of total imports.

In the medical AI sector, Korean firms are pursuing specialized models to compete globally. Companies like Galux are collaborating with major pharmaceutical partners such as AstraZeneca, while Vuno has secured exclusive distribution contracts for its ECG devices in Middle Eastern markets including Egypt and Saudi Arabia. Lunit is also focusing on fostering the medical AI ecosystem through developer hackathons.

The medical aesthetics market is seeing rapid growth through high-end technology. Classys expects to reach 50,000 cumulative global device sales this year, while Wontech reported a 127% year-on-year revenue surge in the US market during the second quarter, driven by its Lavieen laser technology.