South Korea Home Healthcare Market Analysis Report 2022 to 2030

South Korea Home Healthcare Market Analysis

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South Korea's home healthcare market was valued at $5.29 Bn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 8.93% from 2022 to 2030 and will reach $10.50 Bn in 2030. One of the main reasons propelling the growth of this market is the introduction of newer technologies and the increased prevalence of chronic ailments. The market is segmented by equipment outlook and by services. Some key players in this market are BAYDA Home Healthcare, Samsung Medical Centre, Seoul National University Hospital, Asan Medical Center, and the National Health Insurance Service (NHIS).

ID: IN10KRHS010 CATEGORY: Healthcare Services GEOGRAPHY: South Korea AUTHOR: Nandini Shah

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South Korea Home Healthcare Market Executive Summary

In South Korea, the Ministry of Health and Welfare is the main regulatory body for home healthcare. The Ministry sets policies and regulations for home healthcare services, and it also oversees the implementation of these policies and regulations. The Ministry also provides funding and support for home healthcare services, and it works with other government agencies and private organizations to ensure that home healthcare services are provided to those who need them. Additionally, the National Health Insurance Service (NHIS) also plays a role in overseeing and regulating home healthcare services in South Korea, by ensuring the reimbursement and the quality of the service provided.

south korea home healthcare market analysis

Market Dynamics

Market Growth Drivers

The prevalence of chronic conditions like hypertension, diabetes, arthritis, cancer, and cardiovascular illnesses is on the rise, which is helping the market expand. At least one chronic illness is present in 50% of all patients receiving home healthcare, and this percentage is predicted to rise with time. Long-lasting chronic sickness is a condition that can be managed but not healed. Chronic disease management and treatment has grown to be a top priority. As the population in South Korea ages, the demand for home healthcare services is expected to increase. This is because older adults are more likely to have chronic health conditions that require ongoing care and support. As healthcare costs continue to rise in South Korea, more patients are looking for ways to reduce their healthcare expenses. Home healthcare can be more cost-effective than hospital-based care, which is driving demand for these services. Due to the COVID-19 pandemic, people are more willing to receive care at home to avoid the risk of infection.

Market Restraints

The lack of skilled nursing personnel with a compassionate attitude is anticipated to slow the rate of expansion of the South Korea home healthcare market. There is a shortage of healthcare professionals, particularly nurses, in South Korea, which can make it difficult for home healthcare providers to meet the needs of patients. Home healthcare services can be expensive, and many patients are unable to afford them. This can be a barrier to accessing home healthcare services, particularly for those who are low-income or have limited insurance coverage. South Korea has an aging population, which is leading to an increase in the number of patients requiring home healthcare services. This puts pressure on the home healthcare system to adapt to the needs of older patients.

Competitive Landscape

Key Players

National Health Insurance Service (NHIS)
BAYDA Home Healthcare
Samsung Medical Center
Seoul National University Hospital
Asan Medical Center

Notable Deals

In 2020, Samsung BioLogics announced a partnership with the National Health Insurance Service (NHIS) to develop a telemedicine platform for home healthcare services. The partnership aims to use technology to improve access to healthcare for patients in remote and rural areas.

In 2019, SoftBank invested in a South Korean home healthcare startup called MediBid. The startup offers a platform that connects patients with home healthcare providers, and the investment is expected to help the company expand its services.

In 2018, Samsung C&T Corporation, a subsidiary of Samsung Group, announced that it would invest $1.1 billion in a joint venture with a home healthcare provider, Medwell. The joint venture aims to develop and market home healthcare services and products.

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

Home Healthcare Market Segmentation

By Device Type (Revenue, USD Billion):

Based on the Device Type the market is segmented into Testing, Screening, Monitoring Devices, Therapeutic Home Healthcare Devices, and Mobility Assist.

Testing, Screening, and Monitoring Device
Blood Glucose Monitors
Blood Glucose Monitors
Blood Pressure Monitors
Heart Rate Monitors
Temperature Monitors
Sleep Apnea Monitors
Coagulation Monitors
Ovulation and Pregnancy Test Kits
Pulse Oximeters
Home Hemoglobin A1C Test Kit

Therapeutic Home Healthcare Devices
Oxygen Delivery Systems
Nebulizers
Ventilators
Sleep Apnea Therapeutic Devices
Wound Care Products
IV Equipment
Dialysis Equipment
Insulin Delivery Devices
Inhalers
?Other Therapeutic Products (ostomy devices, automated external defibrillators (AEDs)

Mobility Assist
Walkers and Rollators
Wheelchairs
Canes
Crutches
?Mobility Scooters

By Service Type (Revenue, USD Billion):

Skilled Nursing Services
Rehabilitation Therapy Services
Hospice and Palliative Care Services
Unskilled Care Services
Respiratory Therapy Services
Infusion Therapy Services
Pregnancy Care Services?

By Indication Type (Revenue, USD Billion):

Cardiovascular Disorders & Hypertension
Diabetes
Respiratory Diseases
Pregnancy
Mobility Disorders
Hearing Disorders
Cancer
Wound Care
?Other Indications (sleep disorders, kidney disorders, neurovascular diseases, and HIV)

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.