South Korea Digital Healthcare Market Analysis

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  • Type: Service area
  • Published : June 2021
  • Region: Asia
  • Country: South Korea
  • Report ID : 4853

  • Format: PPT, PDF

South Korea Digital Healthcare Market: Segmented by Key Areas in Digital Health (Healthcare Information Technologies (HIT), Healthcare Big Data, Blockchain in Healthcare, Telemedicine, Consumer Health Electronics) and by Components (Hardware, Software, Services)- Industry Size, Share, Trends and Growth Forecast (2019 – 2028)

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Report Overview

The South Korea digital healthcare market was estimated around USD 6.2 billion in 2020 and is projected to reach xx billion by 2028, exhibiting a CAGR of xx% during the forecast period.

Korea is facing quickly growing medical expenses (6.8% versus an OECD average of 2.1%) due to an increase in the rate of chronic illness and a rapidly ageing population. To combat rising costs the government has implemented various measures aimed at expanding its digital health industry.

The digital healthcare market in Korea can be divided into five main areas. Significant developments have been made in health IT and healthcare big data sectors with the intention of enhancing medical data exchange, improving nationwide healthcare delivery, and establishing an initial precision medicine foundation. Blockchain based healthcare technologies and consumer health electronics have become focus areas of new policy initiatives for main drivers of smart healthcare technology.

Market Drivers

South Korea is facing an increase in the rate of chronic illness and a rapidly ageing population – over 40% of whom are expected to be over 65 by 2060 which is the major driver for this market. To deal with the issue of rising medical expense due to rise in geriatric population government has tried to expand the digital healthcare industry by implementing various measures which include increasing investment in new technology development and improving regulations around digital healthcare products and services.

The use of digital solutions to remotely ensures patients’ health is driving the digital healthcare market’s growth, especially after COVID-19 outbreak.

Another factor propelling growth of market is that South Korea is a digital pioneer, with some of the fastest internet speeds in the world, and by 2030, the government plans to make the country the third most digitally competitive in the world.

1. South Korea Digital Healthcare Market Overview………………………………
A. Market Size
2. Market Growth Drivers………………………………………………………………….
A. Rapidly Growing Medical Expenses
B. Growing Need for Remote Patient Monitoring
C. Rapid Growth in Digital Technology
3. Digital Healthcare Types of Services………………………………………………………
A. Telehealth
B. mHealth
C. Apps (Medical apps, fitness apps)
D. Health Analytics
E. Digital health systems
4. Digital Healthcare Market Segmentation…………………………………
A. Key Areas in Digital Health
I. Healthcare Information Technologies (HIT)
II. Healthcare Big Data
III. Blockchain in Healthcare
IV. Telemedicine
V. Consumer Health Electronics
B. Components
I. Hardware
II. Software
III. Services

5. Digital Healthcare Major Products Market Share………………………………
A. Market Analysis, Insights and Forecast – By Revenue
6. Competitive Landscape…………………………………………………………………
A. Major Players
B. Products in Pipeline
7. Key Company Profiles………………………………………………………………….
A. Samsung Electronics Company overview, Product & Services, Strategies & Financials
B. LG Electronics Company overview, Product & Services, Strategies & Financials
C. KT Corporation Company overview, Product & Services, Strategies & Financials
8. Healthcare Policies and Regulatory Landscape………………………………
A. Policy changes and Reimbursement scenario
9. Factors Driving Future Growth………………………………………………
A. New Trends and Development of Digital Healthcare Market
B. Future Opportunities
10. Conclusion

Market Segmentation

By Key Areas in Digital Health:

On the basis of key areas in digital healthcare, market is segmented into – healthcare information technologies (medical imaging systems and HIE solutions), big data (precision medicine platforms & AI-based medical devices and solutions), blockchain-based medical record database and disease prediction services, telemedicine enabling technologies and services, consumer health electronics (wearable diagnostic, monitoring and disease prevention devices.)

The Health Insurance Review and Assessment Service (HIRA) indicated that adoption rates of EMR systems in Korea were 93.6% in hospitals and 91.6% in clinics in 2017. This wide EMR coverage is associated with Korea’s near-universal digitisation of patient data, digital storage of clinical images, electronic hospital administration databases and the expanding use of remote sensor technology.

Korea has been late to recognise the importance of data but, the current administration is making strong efforts to exploit big data and related applications such as precision medicine and AI solutions.

By Components:

According to components digital healthcare market can be segmented as – hardware, software, and services. Services includes various activities, such as training & integration, installation, and up-gradation. The rise in demand for software platforms, such as Electronic Health Records (EHRs), and the growing trend of software up-gradation are driving the segment. Moreover, the rise in the number of investments in digital infrastructure, is driving the adoption of digital health services for implementing successful digital platforms.

Increase in demand for reducing the medical costs and growing need for accurate & timely information finding are among the key factors responsible for the growth of software segment.

 

Top Players

Key players in digital healthcare include the leading local hospitals such as Seoul National University Hospital and Asan Medical Centre, large Korean conglomerates like Samsung Electronics and LG Electronics, telecommunications providers, such as SK Telecom and KT, systems integrators, such as LG CNS and SK CNC, as well as start-up and scale-ups, such as H3 Systems, Lunit, and Insung Information.

Research Methodology

Insights10 will provide you reports within 10 key parameters which are:

  1. Market overview
  2. Market growth drivers & restraints
  3. Epidemiology or disease type
  4. Market segmentation
  5. Market share
  6. Competitive landscape
  7. Key company profiles
  8. Healthcare policies & regulatory framework
  9. Reimbursement scenario
  10. Factors driving future growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision making for business stakeholders. Our focused approach to develop reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

Our analysis methodology involves three critical stages:

Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers and researchers across countries through which we engage with local experts to gather key data points and assumptions around each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain the high level of accuracy and consistency. The market data is analysed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, market share as well as segment-level analysis of the specific market. Our report includes precise, to the point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.

Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:

  • Statistical Databases
  • Company Websites/Annual Reports
  • Trade Publications
  • Online Databases
  • Published Research Reports
  • Whitepapers
  • Press Releases of Key Market Players

Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameter and micro indicators. The macro parameters includes changes in government policies, demand and supply of the market, government intervention programs and major market share. The micro indicators GDP growth, market size, market volume etc. We also understand nuances specific to each country like US, Canada, India, Germany, etc. and have worked across 60+ countries and hence no only understand global trends, but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. start with large overall market and segment different areas and bottom-up approach i.e. start with population and epidemiology and roll up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach mainly used for new product forecasting and bottom-up approach is used for demand estimation of any product for different countries summed up to form total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as North America, Europe, Asia-Pacific, and Africa for the period of 2020 to 2028. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape and policy and regulatory scenario and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases and the company level averages etc.

We make sure to finalize the numbers in alignment to the market research. Firstly, our internal experts ensure thorough validation and checking to ensure the accurate and precise analysis and then validation is also done using multiple data analysis model.  Two level validation is done and entails finalization of report scope and to way of representation pattern.

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analysed and synthesized. A second series of interviews are done if necessary to check and validate. The future opportunities are analysed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results are then, interpreted by considering following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue / volume
  • Analyzing current needs and determining penetration to estimate market

Insights: Our reports deliver actionable insights backed with supporting facts and figures to assist you in achieving exemplary growth. Our in-depth analyses are interspersed with relevant insights and statistics to offer an executive-level view of a given market. The description helps in correlating many minor factors affecting the market and its impact to the different segments within the market.
Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumptions.
The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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