South Korea Electronic Health Records Market Analysis Report 2022 to 2030

South Korea Electronic Health Records Market Analysis

$ 3999

South Korea's Electronic Health Record (EHR) market size was valued at $413 Mn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 5% from 2022 to 2030 and will reach $611 Mn in 2030. South Korean EHR market growth can be attributed to the growing need for better patient care and safety. The market is segmented by product, application, and end user. The key market players are Allscripts, Cerner, Epic Systems, and others.

ID: IN10KRDH008 CATEGORY: Digital Health GEOGRAPHY: South Korea AUTHOR: Chandani Patel

Buy Now

South Korea Electronic Health Record (EHR) Market Executive Summary

South Korea's Electronic Health Record (EHR) market size was valued at $413 Mn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 5% from 2022 to 2030 and will reach $611 Mn in 2030. South Korea's healthcare expenditure as a percentage of GDP has been steadily increasing in recent years. According to data from the World Bank, n 2021, South Koreans spent approximately $3.9 Bn per capita on health. It has made significant investments in digital healthcare and the adoption of electronic health records (EHRs) in recent years. The government has implemented a national digital health system, known as the "e-Health" initiative, which aims to improve the efficiency and quality of healthcare services by connecting healthcare providers and patients through digital technologies. This includes the widespread adoption of EHRs, which are used by hospitals and clinics throughout the country to store and share patient information electronically.

South Korea's EHR system is widely adopted and the country has one of the most advanced EHR systems in the world. The EHR system is centralized and connected to other digital healthcare systems, such as telemedicine and remote monitoring, allowing for the seamless sharing of patient information among healthcare providers. The government has also implemented policies to encourage the use of digital healthcare technologies, such as telemedicine and remote monitoring, to improve access to healthcare services for people living in rural areas or for those with mobility issues. Overall, South Korea's digital healthcare system is considered a model for other countries looking to implement similar systems. Hence, the demand for EHR in South Korea is increasing in the coming years.

south korea electronic health records market analysis

Market Dynamics

Market Growth Drivers

In South Korea, the market for electronic health records, or EHRs, is anticipated to expand in the years to come due to the growing need for better patient care and safety. EHRs can assist healthcare providers in meeting this need by enabling greater care coordination and real-time access to patient information. Moreover, due to the increasing digitalization of society, product approvals, product launches, expansion initiatives, acquisitions, collaborations, etc., are anticipated to have a substantial impact on the need for electronic health records.

EHRs can also give healthcare professionals useful information that they can use to analyze patient care and make it better. For example, they can help them spot patterns in patient health and spot opportunities for disease management and prevention.

Market Restraints

For certain healthcare providers, the cost of implementing and maintaining EHRs might be a barrier. The potential advantages of EHRs may also be limited by the lack of uniformity in EHRs, which can make it challenging for healthcare professionals to share and interchange data with other professionals. Furthermore, there are worries regarding the security and privacy of the sensitive patient data that may be contained in EHRs. Some healthcare professionals can be reluctant to accept EHRs because they are resistive to change.

Competitive Landscape

Key Players

Cerner Corporation (Oracle)
GE Healthcare
Allscripts Healthcare
McKesson Corporation
Epic Systems Corporation
NextGen Healthcare, Inc.
eClinicalWorks
Athenahealth
Meditech
GE Healthcare
Siemens Healthineers

Healthcare Policies and Regulatory Landscape

Policy changes and Reimbursement scenario

In South Korea, the regulation of electronic health records (EHRs) is the responsibility of the Ministry of Health and Welfare (MOHW). The MOHW has established guidelines for the use and implementation of EHR systems in the country, with a focus on ensuring the security and confidentiality of patient information.

The Electronic Health Record Act is the primary legislation governing EHRs in South Korea. The act outlines the responsibilities of healthcare providers and patients in the use of EHRs and sets standards for the protection of personal health information (PHI) stored in EHR systems. It also requires healthcare providers to obtain patient consent before sharing their PHI with other healthcare providers.

The Personal Information Protection Commission (PIPC) is responsible for enforcing the act and ensuring that EHR systems comply with the regulations. The PIPC has the authority to investigate complaints and impose penalties on healthcare providers that fail to comply with the regulations.

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

Electronic Health Records Market Segmentation

By Product (Revenue, USD Billion):

Web-based and cloud-based software is more affordable since it saves on additional costs like license fees, regular upgrades, and device upkeep. Additionally, it reduces the need for IT workers because SaaS providers help with software installation, configuration, testing, operation, and upgrades. The cost-effectiveness of cloud-based EHR systems in small healthcare organizations will therefore fuel developments as well as the expansion of the category. MHealth services

Web/Cloud-based EHR software
On-premise EHR software

By Application Type (Revenue, USD Billion):

Large amounts of patient health data may be stored and processed by EHRs, which aids doctors in automating both financial and operational operations with rapid and simple access. Therefore, integrated EHR and practice management software navigates all tasks, making it easier for front-line healthcare providers to do their jobs, and will therefore drive the segment's revenue during the anticipated time period.

E-prescription
Practice management
Referral management
Patient management
Population health management

By End User (Revenue, USD Billion):

By 2027, the category of ambulatory surgical centres is expected to rise at a 7.1% annual rate. The acceptance of EHR in these facilities will be fueled by ambulatory surgical centres' growing preference for digital technologies to efficiently manage workflow. These are outpatient facilities offering planned surgeries and same-day surgical services.

Hospitals
Specialty centers
Clinics
Ambulatory surgical centers
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.