Press Release
Press Release
According to a new report by EMR titled, ‘The South Korea Smart Healthcare Market Report and Forecast 2024-2032’, the market is estimated to grow at a CAGR of 8.1% between 2024 and 2032. The market is expected to benefit from favourable government initiatives aimed at digitalising South Korea's healthcare system.
The South Korea smart healthcare market growth is primarily driven by digitalisation initiatives for the healthcare sector by the government, along with an increasing focus on research and development. South Korea's health sector is evolving due to digitalization of medical records, a rapidly ageing population, and government policies supporting the digital health industry. The country's elderly population, currently at 16%, is projected to exceed 25% by 2025. To manage rising medical costs and maintain high-quality healthcare services, the South Korean government has actively promoted investments in digital healthcare.
Table: Population ageing, health and health spending in the Republic of Korea
2020 Population | 2020 Share of the population 65 years and above | 2019 Total health expenditure per capita (USD) | 2019 Total health expenditure as a share of GDP | 2017 Life expectancy (years at birth) | 2016 Healthy life expectancy (years at birth) |
51.3 million | 15.80% | 3,384 | 8.00% | 82.7 | 73.0 |
The growth of smart healthcare in South Korea is fueled by an ageing population and the impact of the COVID-19 pandemic. AI-based technologies integrated with assisted living and modern healthcare options like e-health and mHealth are expanding the market. Rising disposable income and cloud technology adoption in healthcare services are key drivers. The focus on quality geriatric healthcare is critical due to the country's ageing population. Additionally, the pandemic has boosted the popularity of health monitoring technologies like RPM.
Advancements in information and communication technology (ICT) are transforming healthcare services in hospitals, integrating robots, AI, and Fourth Industrial Revolution technologies. This integration aims to enhance illness detection and treatment accuracy while reducing national medical expenditures by connecting medical facilities. South Korea, among other nations, is introducing supportive measures to boost the smart healthcare market.
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The major players in the South Korea smart healthcare market are Lemon Healthcare Co., Ltd., Dr. Now Co., Ltd, iCOOP Co., Ltd, Apple Inc., Siemens Healthcare GmbH, and LG Electronics Co., Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2017-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Product |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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