Cube Bio Co., Ltd., a company specializing in in vitro diagnostics and developing urine-based cancer screening products, recently announced it has achieved the milestone of receiving an advance payment of KRW 20 billion for product supply and has signed an exclusive supply and KRW 20 billion investment agreement with EFIL Group for the Latin American market.

This agreement includes exclusive supply rights for the Latin American market, a KRW 20 billion investment, and the supply of products to international organizations such as United Nations (UN) agencies and the North Atlantic Treaty Organization (NATO).

The Latin American medical device market is establishing itself as a major global market following North America, Europe, and Asia-Pacific, continuing its rapid growth. According to global market research firm Market Data Forecast, the Latin American medical device market is estimated to be approximately USD 45.3 billion (about KRW 63 trillion) by 2024, with an expected annual growth rate of 5.79% from 2024 to 2032.

EFIL Group, which has branches in the United States, Hong Kong, Singapore, Brazil, Malaysia, and China, has solidified its position in the international market by stably supplying raw materials to major companies in Latin America and Asia, as well as international organizations such as the UN and NATO. This contract was concluded as part of EFIL Group's strategy to diversify its business and expand its global portfolio.

A representative from Cube Bio stated, “This exclusive contract for Latin America will serve as a stepping stone to accelerate our company's ongoing global market expansion,” adding, “Through this contract, we aim to create new demand in the Latin American market and further solidify our position in the global market, advancing as a global medical device company.”

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