South Korea Telemedicine Market Analysis


  • Type: Service area
  • Published : February 2022
  • Region: Asia
  • Country: South Korea
  • Report ID : 5089

  • Format: PPT, PDF

South Korea Telemedicine Market Analysis: Segmented by Type, Component – Growth, Market Size, Future Prospects & Competitive Analysis, 2020 – 2028

SKU: 5089 Categories: ,

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 Dynamics

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.

Market Restraints

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.

Competitive Landscape

Key Players

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.

1. Report Description of the South Korea Telemedicine Market Analysis
1.1 Research Scope and Assumption
1.2 Objective of the study
1.3 Research Methodology
1.4 Reason to buy the report
2. South Korea Telemedicine Market Analysis Executive Summary
2.1 South Korea Telemedicine Market Analysis – Industry Snapshot & key buying criteria, 2020-2028
2.2 Market Size, Growth Prospects and Key findings
3. Market Dynamics of South Korea Telemedicine Market Analysis
3.1 Market Growth Drivers Analysis
3.1.1 Rapid population aging among OECD countries
3.1.2 Sharply increase in healthcare spending
3.2 Market Restraints Analysis
3.2.1 Significant opposition to the introduction of telemedicine in Korea
3.3 Covid-19 Market Impact Analysis
4. South Korea Telemedicine Market Segmentation
4.1 By Type:
4.1.1 Telehospital
4.1.2 Telehomes
4.1.3 Mhealth (Mobile Health)
4.2 By Component:
4.2.1 Product
4.2.2 Services
5. South Korea Telemedicine Market Share
5.1 Market Analysis, Insights and Forecast – By Revenue
6. Competitive Landscape
6.1 Major Top Market Players
6.2 Products in Pipeline
6.3 R&D Initiatives Telemedicine Market
6.4 Notable recent deals in Telemedicine Market
6.4.1 Joint Ventures
6.4.2 Partnerships
6.4.3 Mergers & Acquisitions
6.4.4 Strategic divestments
7. Key Company Profiles
7.1 Koninklijke Philips N.V. Company overview
Product & Services, Strategies & Financials
7.2 In Touch Technologies Inc. Company overview
Product & Services, Strategies & Financials
7.3 Cerner Corporation Company overview
Product & Services, Strategies & Financials
7.4 AMD Global Telemedicine Inc. Company overview
Product & Services, Strategies & Financials
7.5 Aerotel Medical System Company overview
Product & Services, Strategies & Financials
7.6 McKesson Corporation Company overview
Product & Services, Strategies & Financials
7.7 Cisco Company overview
Product & Services, Strategies & Financials
8. Healthcare Policies and Regulatory Landscape
8.1 Policy changes and Reimbursement scenario
8.2 Government Initiatives / Intervention programs
9. Factors Driving Future Growth
9.1 New Trends and Development of Telemedicine market
9.2 Future Opportunities
10. Strategic Recommendations

South Korea Telemedicine Market Analysis Segmentation

By Type:

Based on type, the telemedicine market is segmented into telehospital and telehome. Telehome care segment held a lucrative market share and is expected to show significant growth during the analysis timeframe.

By Component:

Based on Component, the telemedicine market is segmented into Product and Service. In Product component it is segmented into Hardware – Medical Peripheral Devices, Monitors (HD, Full HD, 4K/8K). Software (Integrated and Standalone) and Other Product. In Service component it is segmented into, Teledermatology, Teleradiology, Telecardiology, Telepsychiatry, And Other Services.

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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