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Danish start-up scouting for market opportunities in East Asia


Scouting for market opportunities in China, Japan and South Korea

MedTrace wanted to explore the market opportunities for their technology in China, Japan and South Korea, including get a better understanding of potential roadblocks. Many different consultancies can provide a market analysis of this type. However, MedTrace had some very specific reasons for approaching and working with ICDK Shanghai. Martin Stenfeldt, CEO in MedTrace, explains: “We got in touch with ICDK in Shanghai, because we believed that ICDK is able to open doors on a more neutral basis, since they are part of the Danish Ministry of Foreign Affairs. In addition, ICDK had offices in Shanghai, Seoul and Japan to cover the full range of the countries we were interested in. Overall and in terms of quality, we felt that ICDK Shanghai was best qualified to assess the market opportunities”.

Life science consultant opened doors to local experts

ICDK Shanghai introduced MedTrace to four hospitals including experts specializing in nuclear medicine and cardiology as well as some regulatory affairs. “ICDK is operating locally, which means that they have all the local contacts. They also have a dedicated focus on life science and a consultant with strong life science network as well as life science background”, says Martin Stenfeldt. MedTrace further acknowledged the importance of the ICDK Shanghai’s life science consultant:“The Chinese consultant was a great asset and did a perfect job. Not only did she have a thorough understanding of Danish business culture, she also explained to us how Chinese are thinking and how they work”.

This is what we did for MedTrace

  • Arranged a market study trip to China, Japan and South Korea in April 2016.
  • Set up and facilitated meetings
  • Produced a market analysis before and after the trip
  • The collaboration between ICDK and MedTrace included a total of 315 working hours, executed over 4 months.

Facts about MedTrace

  • MedTrace is a Danish startup company with a cutting-edge technology platform for generating radioactive water for myocardial perfusion imaging. The company was founded in 2015 and currently has 6 employees.
  • MedTrace collaborates with Scandinavian university hospitals and global industry partners within nuclear medicine.
  • For further information, visit MedTrace’s homepage on

Published: February 2018