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【出版时间及名称】：2010年4月韩国医疗设备行业研究报告
【作者】：Korea Investment
【文件格式】：pdf
【页数】：37
【目录或简介】：
Most stable growth potential
Korea faces one of the world's fastest aging populations and is expected
to become an “aged society” in 2018. Korea’s healthcare spending should
increase fast given the soaring number of the elderly suffering from chronic
diseases and rising healthcare demand thanks to rising income levels. The
Korea Food & Drug Administration (KDA) predicts domestic medical
devices production will double from W2.53trn in 2008 to W5.02trn in 2012.
Bigger spending on healthcare is leading to greater longevity, which in turn
leads to a rise in healthcare demand that is sometimes compared to the
Sisyphus syndrome. We strongly believe Korea’s medical devices market
will enjoy stable growth going forward.
Policy support as one of the new growth drivers for Korea
The Korean government plans to nurture the medical devices business as
one of the new growth drivers for the country. The Ministry of Knowledge
Economy is providing policy support for the industry, which is growing fast
fueled by an aging population and mounting penetration of at-home
medical devices and online medical services. The government aims to
push Korea as one of the top-five countries in medical devices by 2012. As
part of the effort, the government will invest W250bn over next five years
to develop IT convergence medical devices. Separately, the government
will invest W592.4bn through 2013 for up-to-date medical devices
specialized for the elderly, next-generation dental implants and
DNA/nucleic acid treatments.
Market entry by conglomerates
Korea’s large conglomerates such as Samsung, SK and LG are joining the
government’s effort to nurture medical devices as they speed up their
market entry. The advance is spurred by likely robust growth of the global
healthcare market. Korea’s medical device makers used to run small-scale
operations but they will strengthen their competitiveness through
convergence and brand differentiation.
U-healthcare, diagnostics and dental segments deserve attention
Korea’s U-healthcare business is set to take off in the run-up to the
passage of amended medical bills at the National Assembly. Demand is
surging for diagnostic devices and reagents on the growing popularity of
patient-tailored medical services and pandemics. The dental devices
segment looks attractive considering the ample growth potential of the
Chinese market.
Top picks: Osstem Implant (048260), Infopia (036220)
Osstem Implant (048260)
- Although the dental implants market is entering maturity at home, Osstem
is set to tackle the challenge with stronger exports. Overseas subsidiaries
should spur an earnings turnaround in 2010.
- A strong footing in China bodes well for longer-term growth.
Infopia (036220)
- Sales should fast expand thanks to FDA approval for the blood glucose
monitoring system HbA1c for multi-patient hospital use and the cholesterol
testing device LipidPro.
- Infopia should take part in the government’s pilot project “Smartcare” and
benefit from the rising U-healthcare market.
Contents
I. Medical devices in the limelight...............................1
1. Most stable growth potential
2. Policy support for a new growth driver
3. Market entry by conglomerates
II. Key businesses that deserve investment.........6
1. U-healthcare
2. Diagnostic devices and reagents
3. Dental implants
VI. Company................................................................................ 16
1. Osstem Implant (048260)
2. Infopia (036220)
3. Biospace (041830)
4. Vatech (043150)
5. Viewworks (100120)
6. Lutronic (085370)
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