The import of suture materials, sterile surgical, and dental goods to South Korea experienced fluctuations from 2013 to 2023. The most significant declines were seen in 2014 (-10.94%) and 2022 (-6.04%), while notable growth occurred in 2017 (12.47%) and 2021 (8.47%). In 2023, the import value stood at $85.188 million, showing a modest increase of 3.18% year-on-year. Over the last five years, the compound annual growth rate (CAGR) was 3.32%. Looking ahead, the forecasted CAGR for 2024-2028 is 2.08%, with an overall growth rate of 10.82% by 2028.
Future trends to watch for:
- Technological advancements in medical and surgical products
- Government policies and regulations impacting the healthcare sector
- Changes in global trade agreements and tariffs
- Fluctuations in currency exchange rates impacting import costs
