Report Description of the South Korea Telemedicine Market Analysis
Research Scope and Assumption
- The report provides the market value for the base year 2020 and a yearly forecast up to 2028 in terms of revenue (USD billion)
- The key industry dynamics, regulatory scenario, reimbursement scenario, major market trends, and drug markets are evaluated to understand their impacts on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis
- We have used the combination of top-down and bottom-up approach for market sizing, analyzing key regional markets, dynamics, and trends for various solutions, services, and end uses
- All market estimates and forecasts have been validated through primary interviews with the Key Industry Players (KIPs) and secondary analysis
- Inflation has not been accounted for in order to estimate and forecast the market
- Numbers may not add up due to rounding off
Reason to buy the report:
- Facilitate decision-making based on strong current and forecast data for South Korea Telemedicine Market Analysis
- Develop strategies based on the latest regulatory framework
- Strategically analyze micro-markets with respect to individual growth trends, future prospects, and their contribution to the market
- Analyze competitive developments such as expansions, investments, mergers & acquisitions, new product developments, and research & developments in the South Korea Telemedicine Market Analysis
- Analyze the opportunities in the market for stakeholders and draw a competitive landscape for market leaders
- To strategically profile key players and comprehensively analyze their market shares and core competencies
- We have technically sound team which do a deep dive research and also provide strategy based consulting analysis
South Korea Telemedicine Market Analysis Executive Summary
Telemedicine is a kind of health management practice in which medical staff and patients perform remote communication and care. For telemedicine for proper health management, medical devices used by patients, platforms in which data is stored and displayed, and medical feedback (service) provided by medical staff to patients must be organically harmonized. Telemedicine in Korea is generally of the “real-time” type, with most consisting of a videoconferencing link between doctor and patient. We saw or heard of examples where it is used to link patients at remote sites to regional centres, or to specialists at hospitals in Seoul. A project to provide telecare support to the housebound and mentally ill is underway.
Market Size and Key Findings
The South Korea Telemedicine Market Analysis size stood at around USD xx billion in 2020 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of xx% during the forecast period.
Market Growth Drivers Analysis
Korea faces the most rapid population aging among OECD countries, which will sharply increase healthcare spending. Indeed, the old-age dependency ratio (the ratio of the population aged 65 and over to the population aged 15-64) is currently the sixth lowest among the 37 OECD countries but is projected to be the highest by 2060. Policies, including telemedicine, are essential to enhance the efficiency of healthcare.
However, it continues to face significant opposition from the Korea Medical Association (KMA), which represents some 130,000 physicians, and civic organizations. After the introduction of legislation in 2014 to allow telemedicine, the KMA threatened to strike. Moreover, its cooperation with pilot projects to assess the feasibility of telemedicine has been limited. In 2019, the ruling Democratic Party drafted a bill that called for providing telemedicine services to people on remote islands, prison inmates, deep-sea fishermen and soldiers deployed to hard-to-reach areas, but the bill was not submitted due to strong opposition.
Covid-19 Market Impact Analysis
Due to the coronavirus disease 2019 (COVID-19) outbreak, consultation and prescription via telemedicine were temporarily allowed in the Korean population. However, at this point, it is difficult to determine whether telemedicine fulfills its role as a health care strategy. Arguably, if we had enough previous experience with telemedicine or sufficient preparation for its application, telemedicine could be more smoothly and flexibly adopted in the medical field. As it is still not possible to predict when the COVID-19 pandemic will end, phone consultation and prescription are likely to continue for some time. Hence, it is expected that telemedicine will naturally settle in the medical field in the near future.
Some of the major industry players involved in telemedicine market include Koninklijke Philip N.V., In Touch Technologies Inc., Resideo Technologies Inc. and AMD Global Telemedicine Inc. among others. Companies undertake various strategies such as new product launch geographic expansions to strengthen their market share.
Products in Pipeline
- Invites Healthcare has revealed plans to develop an ICT-based chronic disease management service to help those suffering with chronic illnesses to monitor their conditions. As part of this, Invites Healthcare will take over SKT’s Coach-coach Diabetes application. It also intends to launch Smart MRO, a maintenance, repair and operation business to improve operational efficiency and control of medical supplies in hospitals.
Notable Recent Deals
- In April 2020, SKT announced a partnership with Ariacare Korea (a provider of home and nursing care services for elderly people who have difficulty living alone due to health issues) and Happy Connect (a social enterprise looking to support those who are socially disadvantaged). The partners aim to provide SKT’s AI Care to some of Ariacare Korea’s customers, helping them to use devices such as NUGU – SKT’s AI speaker.
- On March 14th, SKT announced the launch of its own digital healthcare arm, Invites Healthcare, in partnership with Newlake Alliance Management, a private equity firm. Korean Healthcare Company SCL Healthcare is also set to join the partnership. This signals a move by SKT to further drive innovation in its healthcare business and develop a more extensive range of partners within healthcare to expand its solutions.
Healthcare Policies and Regulatory Landscape
Policy changes and Reimbursement scenario
In April last year, a handful of senior citizens in Seoul were also provided with NUGU as part of a senior welfare programme, funded by SKT and the Seongdong Ward office. The programme aimed to combat the growing loneliness felt by this subsection of the country’s ageing population, and enable users to carry out simple tasks independently, such as controlling lights and thermostats which can be connected to the device. As part of each partnership, SKT monitors the data generated by the NUGU devices in order to enhance its personalised services and recognise abnormalities.
Through 5G connectivity and connected devices. It will be interesting to monitor the impact that these projects have on South Korean healthcare, and how solutions may develop, especially with the current temporary permission of telemedicine during the Covid-19 pandemic.