Case 15: VPHI Potential Buyer Discovery
VPHI (Vietnam-Philippines Health Innovation), a manufacturer and exporter of medical devices including diagnostic equipment and patient monitoring systems, asked KOTRA Dhaka to identify potential buyers as part of its Bangladesh market entry effort. Bangladesh's medical device market is expanding at roughly 18% annually, driven by public healthcare infrastructure investment and the growth of private hospitals, while demand for Korean-made medical equipment continues to rise.
Bangladesh Medical Device Market
| Item | Figure | Note |
|---|---|---|
| Market size | $950M (2025) | Up 18% year on year |
| Import dependence | 95% | Very limited local production |
| Public hospitals | 654 | Procured through government budgets |
| Private hospitals | 5,000+ | 60% concentrated in greater Dhaka |
| Main supplier countries | China, India, United States | China 40%, India 20% |
| Korean share | 5.8% | 8% in diagnostic equipment |
| DGDA approval | Mandatory | Required before import licensing |
Research Methodology
Results and Follow-up Actions
Case 15 shows how buyer discovery in the medical device sector must reflect the industry's regulatory and service requirements, particularly DGDA approval and after-sales support capacity. The project narrowed 45 candidates to 16 validated buyers and advanced the process to seven meetings and four product demonstrations. Given the market's rapid growth and heavy dependence on imports, Bangladesh remains a promising destination for Korean medical device suppliers seeking practical entry channels.