Case 19: Overview of Medical Park Buyer Discovery
Medical Park is a Korean company that manufactures medical devices and hospital equipment. To enter the Bangladesh healthcare market, it commissioned KOTRA Dhaka to identify potential local buyers. Bangladesh continues to face a substantial shortage of medical infrastructure relative to its population of 170 million, prompting both the public and private sectors to invest aggressively in healthcare expansion. The country's medical device import market is worth roughly USD 1.2 billion and has been growing by more than 18% annually, while Korean-made devices generally enjoy a high level of trust.
Bangladesh Medical Device Market Analysis
Bangladesh's medical device market is expanding rapidly, driven by the government's universal health coverage agenda, the growth of private hospital chains, and rising medical tourism. More than 95% of medical devices are imported because the local manufacturing base remains limited. China, India, Korea, and Germany are among the main suppliers, and Korean products are often viewed as offering strong quality relative to price.
| Segment | Import Value | Growth Rate | Key Supplier Countries | Korean Share |
|---|---|---|---|---|
| Diagnostic Equipment | $350M | +20% | China, Germany, Japan | Approx. 8% |
| Surgical Equipment | $280M | +15% | Germany, United States, India | Approx. 5% |
| Imaging Equipment (CT/MRI) | $200M | +22% | Germany, Japan, Korea | Approx. 12% |
| Hospital Equipment and Furniture | $150M | +18% | China, India, Korea | Approx. 10% |
| Consumables and Disposables | $220M | +12% | China, India, Malaysia | Approx. 3% |