Corentec enters Japanese artificial joint market

Corentec Co., a South Korean company that develops artificial joints and spinal implants, is making a full-fledged entry into the Japanese market.

The company announced on Tuesday that it has obtained product approval from the Japanese Ministry of Health, Labor and Welfare for its artificial joint "BENCOX."

According to the company, BENCOX is its flagship artificial joint product. It is being sold in various countries, including the domestic market and the United States, and Corentec has maintained the top market share in the domestic artificial joint market for seven consecutive years.

Japan is one of the countries with the highest elderly population worldwide. According to the Ministry of Internal Affairs and Communications, the elderly population aged 65 and above reached 36.27 million last year, accounting for 29.1% of the total population.

Given the large aging population, the market size for artificial joints is also significant. The company explained that Japan is a huge market, accounting for approximately 50% of the total artificial joint market in the Asia-Pacific region.

Based on the competitiveness and technological capabilities of its artificial joint products, which have achieved the top market share domestically, Corentec has successfully entered the conservative Japanese artificial joint market after years of effort.

Corentec has already established a branch office and built a network with orthopedic surgeons in Japan in preparation for entering the Japanese market. The company plans to quickly enter the Japanese artificial joint market by utilizing these resources.

"With this entry into the Japanese market, we also plan to expand into advanced countries such as those in Western Europe," a Corentec source said.

Write to Yoo-Rim Kim at youforest@hankyung.com