South Korea Connected Healthcare Market Report 2022 to 2030

South Korea Connected Healthcare Market Analysis

$ 3999

The South Korean connected healthcare market is projected to grow from $969.62 Mn in 2022 to $7622.15 Mn by 2030, registering a CAGR of 29.4% during the forecast period of 2022 - 2030. The main factors driving the growth would be the growing geriatric population, high-tech culture, government support and the COVID-19 pandemic. The market is segmented by type, function and by application. Some of the major players include Samsung, SK Telecom, Hanwha Group, Oracle, Philips Healthcare and GE Healthcare.

ID: IN10KRHS004 CATEGORY: Healthcare Services GEOGRAPHY: South Korea AUTHOR: Neha Davda

Buy Now

South Korea Connected Healthcare Market Executive Summary

The South Korean connected healthcare market is projected to grow from $969.62 Mn in 2022 to $7622.15 Mn by 2030, registering a CAGR of 29.4% during the forecast period of 2022 - 2030. In 2019, South Korea's national health spending as a percentage of GDP was 8.16% or $2,624.53 per person. Despite regular increases throughout the years, healthcare spending remains below the OECD average.

South Korea's healthcare system is highly advanced. The development of a connected healthcare market is just one of the enormous investments the government has made in healthcare technology and infrastructure. The term "connected healthcare" describes the application of technology and connectivity to raise the quality and effectiveness of medical services. The connected healthcare market in South Korea consists of a wide range of goods and services, including telemedicine, electronic health records (EHRs), and mobile health (mHealth) software. In South Korea, mHealth apps are becoming more and more common, especially among younger generations.

South Korea Connected Healthcare Market

Market Dynamics

Market Growth Drivers

The South Korea-connected healthcare market is expected to be driven by factors such as:

Growing geriatric population- There are an increasing number of elderly persons in South Korea who need healthcare services due to the country's ageing population. Especially for people who reside in rural or distant places, connected healthcare technologies can help to increase access to healthcare services for this demographic
High-tech culture- South Korea is renowned for its inventive use of technology and high-tech culture. This has contributed to the establishment of a supportive environment for connected healthcare technologies and their adoption
Government support- The establishment of a national EHR system and the adoption of telemedicine services are some of the substantial investments the South Korean government has made in healthcare infrastructure and technology. The assistance of the government has made it easier for the connected healthcare market to expand
COVID-19 pandemic- The COVID-19 pandemic has brought attention to the value of connected healthcare technology like telemedicine. Because of the pandemic, the adoption of these technologies has intensified as people try to avoid going in person to medical facilities

Market Restraints

The following factors are expected to limit the growth of the connected healthcare market in South Korea:

Data privacy concerns- Data security and privacy are issues with any technology that gathers and keeps personal health data. The use of connected healthcare technology may be constrained in South Korea due to instances of data breaches in the healthcare industry
Regulatory barriers- In South Korea, there are legal restrictions on the use of connected healthcare technologies, particularly telemedicine. There is confusion over matters like licence and reimbursement because telemedicine regulations are complicated
Limited reimbursement- In South Korea, there is currently a limited amount of compensation for telemedicine services. Offering these services might be challenging for healthcare professionals because of this, especially in the absence of defined laws

Competitive Landscape

Key Players

Samsung (KOR)- Samsung is a multinational technology corporation with a significant presence in the connected healthcare sector. It provides connected healthcare solutions such as wearable gadgets and telemedicine platforms
SK Telecom (KOR)- SK Telecom is a telecommunications firm that provides a variety of connected healthcare products, such as telemedicine platforms and health monitoring systems
Hanwha Group (KOR)- Hanwha Group is a South Korean company with a substantial presence in the market for connected healthcare. It provides a variety of connected healthcare solutions, such as health monitoring and telemedicine platforms
Oracle- Oracle Health provides the most secure and dependable healthcare solutions, connecting clinical, operational, and financial data to improve care and advance health and well-being decision-making
Philips Healthcare- Philips Healthcare is a worldwide firm that provides a variety of healthcare solutions which also includes connected healthcare solutions
GE Healthcare- GE Healthcare is a multinational healthcare firm that offers a wide range of digital health solutions, including diagnostic devices and monitoring devices, as well as healthcare analytics technologies

1. Executive Summary
1.1 Service Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Healthcare Services Market 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 Services
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Connected Healthcare Market Segmentation

By Type (Revenue, USD Billion):

Based on the Type the market is segmented into mHealth services, mHealth Devices, and E- Prescription

MHealth services
mHealth Devices
E- Prescription

By FunctionType (Revenue, USD Billion):

Remote patient monitoring
Clinical monitoring
Telemedicine
Others (Assisted Living)

By Application Type (Revenue, USD Billion):

Diagnosis and Treatment
Monitoring Application
Wellness and Prevention
Healthcare management
Others

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.