Market Study on Rubber Medical Devices in Japan and South Korea (December 2023)

118 pages. The main objective of this study is to examine the market for rubber medical devices with respect to gloves, condoms, and Foley catheters in Japan and South Korea and to identify opportunities for Malaysian rubber medical devices companies to export to these markets. The market for rubber medical devices (RMD) in Japan and South Korea emerges as an attractive sector which was valued at USD 1.9 billion and USD 0.8 billion respectively in 2022. The market is expected to continue its strong growth with CAGR of 10% and 7% respectively in the next 5 years (2023-2027), driven by increasing aging population mix and high adherence to medical safety guidelines post Covid-19 pandemic. Medical gloves account for over 75% of Japan and South Korea total RMD markets. However, there are distinctive trends in the two countries. In Japan, medical gloves stand out as the fastest-growing segment and is poised to achieve a growth rate of 12% until 2027. Meanwhile, condoms is South Korea’s most rapid growing RMD with average annual growth of 10% in the next 5 years. This is attributable to its more recent high acceptance and adoption and heightened awareness of sexually transmitted diseases (STDs). South Korea's growing aging population is also fueling demand for foley catheters, a trend that is projected to continue steadily.