South Korea Smart Healthcare Market to Grow at a CAGR of 8.1% During 2024-2032, Aided by the Increasing Digitalisation of Healthcare Systems

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

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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Market Breakup by Product:

• Based on product, the market can be divided into RFID Kanban Systems, RFID Smart Cabinets, Electronic Health Records (EHR), Telemedicine, mHealth, and Smart Pills and Syringes, among others.

Key Findings of the Report:

• The South Korea smart healthcare market is driven by the digitalisation initiatives for the healthcare systems by the government along with an increasing focus on research and development.

• The rising technological innovations and introduction of new products are driving the market.

• The market is benefitting from the development of the information and communication technology (ICT), which is expected to boost the healthcare system services.

Key Offerings of the Report:

• The EMR report gives an overview of the South Korea smart healthcare market for the periods (2017-2023) and (2024-2032). 

• The report also offers historical (2017-2023) and forecast (2024-2032) market information for smart healthcare products in South Korea.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

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.

Key Highlights of the Report

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