South Korea Digital Healthcare Market Evolution Segmentation and Insight of Trends 2023 to 2028 with Top Countries Data

The South Korea Digital Healthcare Market 2023 Report makes available the current and forthcoming technical and financial details of the industry. It is one of the most comprehensive and important additions to the Prudent Markets archive of market research studies. It offers detailed research and analysis of key aspects of the global South Korea Digital Healthcare market. This report explores all the key factors affecting the growth of the global South Korea Digital Healthcare market, including demand-supply scenario, pricing structure, profit margins, production, and value chain analysis.

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Report Overview

The South Korea digital healthcare market was estimated around USD 6.2 billion in 2020 and is projected to reach xx billion by 2028, exhibiting a CAGR of xx% during the forecast period.

Korea is facing quickly growing medical expenses (6.8% versus an OECD average of 2.1%) due to an increase in the rate of chronic illness and a rapidly ageing population. To combat rising costs the government has implemented various measures aimed at expanding its digital health industry.

The digital healthcare market in Korea can be divided into five main areas. Significant developments have been made in health IT and healthcare big data sectors with the intention of enhancing medical data exchange, improving nationwide healthcare delivery, and establishing an initial precision medicine foundation. Blockchain based healthcare technologies and consumer health electronics have become focus areas of new policy initiatives for main drivers of smart healthcare technology.

Market Drivers

South Korea is facing an increase in the rate of chronic illness and a rapidly ageing population over 40% of whom are expected to be over 65 by 2060 which is the major driver for this market. To deal with the issue of rising medical expense due to rise in geriatric population government has tried to expand the digital healthcare industry by implementing various measures which include increasing investment in new technology development and improving regulations around digital healthcare products and services.

The use of digital solutions to remotely ensures patients health is driving the digital healthcare markets growth, especially after COVID-19 outbreak.

Another factor propelling growth of market is that South Korea is a digital pioneer, with some of the fastest internet speeds in the world, and by 2030, the government plans to make the country the third most digitally competitive in the world.

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Market Segmentation

By Key Areas in Digital Health:

On the basis of key areas in digital healthcare, market is segmented into - healthcare information technologies (medical imaging systems and HIE solutions), big data (precision medicine platforms & AI-based medical devices and solutions), blockchain-based medical record database and disease prediction services, telemedicine enabling technologies and services, consumer health electronics (wearable diagnostic, monitoring and disease prevention devices.)

The Health Insurance Review and Assessment Service (HIRA) indicated that adoption rates of EMR systems in Korea were 93.6% in hospitals and 91.6% in clinics in 2017. This wide EMR coverage is associated with Korea's near-universal digitisation of patient data, digital storage of clinical images, electronic hospital administration databases and the expanding use of remote sensor technology.

Korea has been late to recognise the importance of data but, the current administration is making strong efforts to exploit big data and related applications such as precision medicine and AI solutions.

By Components:

According to components digital healthcare market can be segmented as - hardware, software, and services. Services includes various activities, such as training & integration, installation, and up-gradation. The rise in demand for software platforms, such as Electronic Health Records (EHRs), and the growing trend of software up-gradation are driving the segment. Moreover, the rise in the number of investments in digital infrastructure, is driving the adoption of digital health services for implementing successful digital platforms.

Increase in demand for reducing the medical costs and growing need for accurate & timely information finding are among the key factors responsible for the growth of software segment.

Top Players

Key players in digital healthcare include the leading local hospitals such as Seoul National University Hospital and Asan Medical Centre, large Korean conglomerates like Samsung Electronics and LG Electronics, telecommunications providers, such as SK Telecom and KT, systems integrators, such as LG CNS and SK CNC, as well as start-up and scale-ups, such as H3 Systems, Lunit, and Insung Information.

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The report covers the competitive analysis of the market. As the demand is driven by a buyer's paying capacity and the rate of item development, the report shows the important regions that will direct growth. This section exclusively shares insight into the budget reports of big-league members of the market helping key players and new entrants understand the potential of investments in the Global South Korea Digital Healthcare Market. It can be better employed by both traditional and new players in the industry for complete know-how of the market.

Strategic Points Covered in Table of Content of Global South Korea Digital Healthcare Market:

Chapter 1: Introduction, market driving force product Objective of Study and Research Scope the South Korea Digital Healthcare market
Chapter 2: Exclusive Summary - the basic information of the South Korea Digital Healthcare Market.
Chapter 3: Displaying the Market Dynamics- Drivers, Trends and Challenges & Opportunities of the South Korea Digital Healthcare
Chapter 4: Presenting the South Korea Digital Healthcare Market Factor Analysis, Porters Five Forces, Supply/Value Chain, PESTEL analysis, Market Entropy, Patent/Trademark Analysis.
Chapter 5: Displaying the by Type, End User and Region/Country
Chapter 6: Evaluating the leading manufacturers of the South Korea Digital Healthcare market which consists of its Competitive Landscape, Peer Group Analysis, BCG Matrix & Company Profile
Chapter 7: To evaluate the market by segments, by countries and by Manufacturers/Company with revenue share and sales by key countries in these various regions
Chapter 8 & 9: Displaying the Appendix, Methodology and Data Source

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In conclusion, the South Korea Digital Healthcare Market report is a genuine source for accessing the research data which is projected to exponentially grow your business. The report provides information such as economic scenarios, benefits, limits, trends, market growth rates, and figures. SWOT analysis and PESTLE analysis is also incorporated in the report.

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