Report Update: May 1, 2024

Republic of Korea - Medical, Surgical Or Veterinary Furniture - Market Analysis, Forecast, Size, Trends And Insights

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Medical Furniture Price in South Korea - 2022

Medical Furniture Price in South Korea (CIF) - 2022

In 2022, the average medical furniture import price amounted to $14 per unit, leveling off at the previous year. Overall, the import price, however, saw a slight reduction. The pace of growth appeared the most rapid in 2013 when the average import price increased by 28% against the previous year. As a result, import price attained the peak level of $21 per unit. From 2014 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($116 per unit), while the price for Vietnam ($3.6 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+7.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Medical Furniture Price in South Korea (FOB) - 2022

The average medical furniture export price stood at $24 per unit in 2022, with an increase of 6.2% against the previous year. Over the last decade, it increased at an average annual rate of +2.3%. The growth pace was the most rapid in 2015 when the average export price increased by 12%. Over the period under review, the average export prices attained the maximum in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Kazakhstan ($53 per unit), while the average price for exports to Mexico ($7.4 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Mexico (+10.5%), while the prices for the other major destinations experienced more modest paces of growth.

Medical Furniture Imports in South Korea

In 2022, the amount of medical, surgical or veterinary furniture imported into South Korea expanded modestly to 1.7M units, picking up by 3.6% compared with 2021 figures. Overall, imports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when imports increased by 11% against the previous year. As a result, imports attained the peak of 1.9M units. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, medical furniture imports reached $24M in 2022. Over the period under review, imports, however, recorded a pronounced reduction. The growth pace was the most rapid in 2020 with an increase of 6.8%. As a result, imports reached the peak of $29M. From 2021 to 2022, the growth of imports remained at a lower figure.

Import of Medical Furniture in South Korea (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
China	10.7	11.0	9.2	9.1	-5.3%
United States	7.5	9.1	5.3	6.7	-3.7%
Germany	4.5	2.3	3.2	1.9	-25.0%
Japan	1.4	1.8	1.3	1.5	2.3%
Vietnam	0.4	0.7	0.9	1.2	44.2%
France	0.1	1.2	0.9	0.9	108.0%
Taiwan (Chinese)	0.5	0.5	0.5	0.7	11.9%
Others	2.2	2.6	1.8	2.1	-1.5%
Total	27.3	29.1	23.1	24.1	-4.1%

Top Suppliers of Medical Furniture to South Korea in 2022:

China (1187.9K units)
Vietnam (324.2K units)
United States (57.5K units)
France (25.9K units)
Japan (23.6K units)
Taiwan (Chinese) (21.4K units)
Germany (17.8K units)

Medical Furniture Exports in South Korea

Medical furniture exports from South Korea declined remarkably to 255K units in 2022, with a decrease of -46.8% compared with 2021 figures. Overall, exports showed a precipitous decline. The most prominent rate of growth was recorded in 2021 with an increase of 19% against the previous year. The exports peaked at 503K units in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, medical furniture exports shrank sharply to $6.2M in 2022. In general, exports saw a drastic downturn. The pace of growth appeared the most rapid in 2021 with an increase of 32% against the previous year. As a result, the exports reached the peak of $11M, and then contracted dramatically in the following year.

Export of Medical Furniture in South Korea (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Japan	1,205	1,108	1,488	1,075	-3.7%
Vietnam	2,131	2,047	1,934	895	-25.1%
Philippines	548	390	388	492	-3.5%
United States	1,150	1,554	448	462	-26.2%
Kazakhstan	388	290	619	393	0.4%
Bangladesh	35.5	N/A	1,643	353	115.0%
Singapore	35.9	87.8	144	281	98.6%
Thailand	270	222	112	181	-12.5%
Australia	11.9	47.2	138	148	131.7%
Mongolia	38.6	46.0	79.4	132	50.7%
Cambodia	6.1	9.0	193	121	170.7%
Pakistan	70.6	29.1	35.7	113	17.0%
Mexico	122	86.4	44.3	39.1	-31.6%
Others	4,352	2,344	3,625	1,466	-30.4%
Total	10,366	8,260	10,890	6,152	-16.0%

Top Export Markets for Medical Furniture from South Korea in 2022:

Japan (67.5K units)
Vietnam (40.0K units)
Philippines (37.3K units)
United States (12.4K units)
Mongolia (10.2K units)
Cambodia (9.7K units)
Bangladesh (9.1K units)
Singapore (7.9K units)
Thailand (7.5K units)
Kazakhstan (7.5K units)
Mexico (5.3K units)
Pakistan (4.2K units)
Australia (3.9K units)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the medical furniture market in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 32503050 - Medical, surgical or veterinary furniture, and parts thereof (excluding tables and seats specialised for X-ray purposes)

Country coverage:

South Korea

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Republic of Korea
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023