South Korea Artificial Intelligence (AI) in Healthcare Market Report 2022 to 2030

South Korea Artificial Intelligence (AI) in Healthcare Market Analysis

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South Korea's Artificial Intelligence (AI) In Healthcare Market is projected to grow from $0.1 Bn in 2022 to $2.11 Bn by 2030, registering a CAGR of 46.22% during the forecast period of 2022-2030. The market will be driven by government support for the development of AI in healthcare, the country's advanced IT infrastructure and a high level of digital literacy among its citizens. The market is segmented by healthcare components & by healthcare applications. Some of the major players include Samsung Electronics, LG CNS & VUNO.

ID: IN10KRDH003 CATEGORY: Digital Health GEOGRAPHY: South Korea AUTHOR: Vidhi Upadhyay

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South Korea Artificial Intelligence (AI) In Healthcare Market Executive Summary

South Korea's Artificial Intelligence (AI) In Healthcare Market is projected to grow from $0.1 Bn in 2022 to $2.11 Bn by 2030, registering a CAGR of 46.22% during the forecast period of 2022-30. South Korea provides national health insurance to all citizens through the Korean Ministry of Health and Wellness National Health Insurance Corporation. Noncommunicable diseases make up the majority of the burden of disease in Korea, as they do in many other OECD countries. In Korea, the top five causes of death are cerebrovascular disease, Alzheimer's disease, ischaemic heart disease, and lung and liver cancer.

South Korea has made substantial investments in the development and application of artificial intelligence (AI) in healthcare. In South Korea, AI in healthcare refers to the use of AI-powered medical imaging technology. Another application of AI in South Korea's healthcare system is the creation of individualized treatment plans through the analysis of large amounts of patient information. AI is being used to create predictive models that can recognise individuals who are susceptible to specific conditions. South Korea has also been striving to create AI-powered robots that can help health professionals by delivering medicine, providing companionship to elderly patients, or assisting with tasks like cleaning and sterilisation. Moreover, the startups such as AIRS Medical are investing in AI-based diagnostic tests and robotics technologies to improve clinical outcomes for both patients and medical professionals.

South Korea Artificial Intelligence (AI) In Healthcare Market Report 2022 to 2030

Market Dynamics

Market Growth Drivers

In August 2021, South Korea released a global guide for the use of artificial intelligence in medical care. The guide was designed to act as a benchmark for the liable use of AI technologies, as well as to enhance clarity and high standards for technological applications in the healthcare sector. Several other attempts have been made by the government to support the development of AI in healthcare, such as the establishment of research centres and the allocation of funding for AI-related projects. The country's ageing population is increasing the demand for healthcare services and straining the healthcare system. AI has the potential to alleviate some of this strain by increasing productivity and decreasing the burden on healthcare workers. the South Korean government's firm commitment to promoting AI technology development also plays an important role in the market expansion. Moreover, the country's advanced IT infrastructure and high level of digital literacy among its citizens provide a solid foundation for the development and adoption of AI in healthcare.

Market Restraints

There are several impediments to the growth of AI in healthcare in South Korea. One major impediment is the lack of standardised data gathering and dissemination across healthcare institutions, which makes developing accurate AI algorithms and models difficult. Another barrier is the cost of implementing AI technology, which can be prohibitively expensive for smaller healthcare organisations. There are also concerns about data privacy and security, as well as ethical issues surrounding the use of AI in healthcare.

Competitive Landscape

Key Players

NEUROLOGICAL CORPORATION - Samsung Electronics
IBM Watson Health
Microsoft Healthcare
Philips Healthcare
LG CNS (KOR)
Hancom Healthcare (KOR)
VUNO (KOR)
Lunit (KOR)
AIRS Medical (KOR)

Notable Insights

November 2022, Lunit collaborates with CARPL.ai to expand AI-powered medical imaging across major international channels.

August 2022, AIRS Medical, a South Korean healthcare startup, has raised approximately $20 million in Series B funding. AIRS Medical, founded in October 2018 by graduates of Seoul National University, is a startup that uses digitalized, AI-based diagnostic tests and robotics technologies to provide a better clinical experience for both patients and healthcare providers.

March 2022, Seoul National University Bundang Hospital will take the lead in using medical AI in their hospital system by leveraging GE Healthcare's artificial intelligence (AI) capabilities. The two partners plan to assist and accelerate Korean start-ups in testing and developing clinical applications on the Edison Digital Health Platform.

August 2021, VUNO, a South Korean medical AI solutions development firm, has received approval as an Innovative Medical Device from the Ministry of Food and Drug Safety (MFDS) for its AI-based cardiac arrest prediction software, VUNO Med-DeepCARS.

1. Executive Summary
1.1 Digital Health Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Digital Health Policy in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

South Korea Artificial Intelligence (AI) in Healthcare Market Segmentation

The Artificial Intelligence (AI) in Healthcare Market is segmented as mentioned below:

By Healthcare Component (Revenue, USD Billion):

Software Solutions
Hardware
Services

By Healthcare Applications (Revenue, USD Billion):

Robot-Assisted Suregery
Virtual Assistants
Administrative Workflow Assistants
Connected Machines
Diagnosis
Clinical Trials
Fraud Detection
Cybersecurity
Dosage Error Reduction

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.