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.
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.