South Korea Telemedicine Market 2023 Share, Size, Key Players, Revenue Analysis | Prudent Markets

The South Korea Telemedicine 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 Telemedicine market. This report explores all the key factors affecting the growth of the global South Korea Telemedicine market, including demand-supply scenario, pricing structure, profit margins, production, and value chain analysis.

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Report Description of the South Korea Telemedicine Market Analysis

Research Scope and Assumption

The report provides the market value for the base year 2020 and a yearly forecast up to 2028 in terms of revenue (USD billion)

The key industry dynamics, regulatory scenario, reimbursement scenario, major market trends, and drug markets are evaluated to understand their impacts on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis

We have used the combination of top-down and bottom-up approach for market sizing, analyzing key regional markets, dynamics, and trends for various solutions, services, and end uses

All market estimates and forecasts have been validated through primary interviews with the Key Industry Players (KIPs) and secondary analysis

Inflation has not been accounted for in order to estimate and forecast the market

Numbers may not add up due to rounding off

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Facilitate decision-making based on strong current and forecast data for South Korea Telemedicine Market Analysis

Develop strategies based on the latest regulatory framework

Strategically analyze micro-markets with respect to individual growth trends, future prospects, and their contribution to the market

Analyze competitive developments such as expansions, investments, mergers & acquisitions, new product developments, and research & developments in the South Korea Telemedicine Market Analysis

Analyze the opportunities in the market for stakeholders and draw a competitive landscape for market leaders

To strategically profile key players and comprehensively analyze their market shares and core competencies

We have technically sound team which do a deep dive research and also provide strategy based consulting analysis

South Korea Telemedicine Market Analysis Executive Summary

Telemedicine is a kind of health management practice in which medical staff and patients perform remote communication and care. For telemedicine for proper health management, medical devices used by patients, platforms in which data is stored and displayed, and medical feedback (service) provided by medical staff to patients must be organically harmonized. Telemedicine in Korea is generally of the "real-time" type, with most consisting of a videoconferencing link between doctor and patient. We saw or heard of examples where it is used to link patients at remote sites to regional centres, or to specialists at hospitals in Seoul. A project to provide telecare support to the housebound and mentally ill is underway.

Market Size and Key Findings

The South Korea Telemedicine Market Analysis size stood at around USD xx billion in 2020 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of xx% during the forecast period.

Market Dynamics

Market Growth Drivers Analysis

Korea faces the most rapid population aging among OECD countries, which will sharply increase healthcare spending. Indeed, the old-age dependency ratio (the ratio of the population aged 65 and over to the population aged 15-64) is currently the sixth lowest among the 37 OECD countries but is projected to be the highest by 2060. Policies, including telemedicine, are essential to enhance the efficiency of healthcare.

Market Restraints

However, it continues to face significant opposition from the Korea Medical Association (KMA), which represents some 130,000 physicians, and civic organizations. After the introduction of legislation in 2014 to allow telemedicine, the KMA threatened to strike. Moreover, its cooperation with pilot projects to assess the feasibility of telemedicine has been limited. In 2019, the ruling Democratic Party drafted a bill that called for providing telemedicine services to people on remote islands, prison inmates, deep-sea fishermen and soldiers deployed to hard-to-reach areas, but the bill was not submitted due to strong opposition.

Covid-19 Market Impact Analysis

Due to the coronavirus disease 2019 (COVID-19) outbreak, consultation and prescription via telemedicine were temporarily allowed in the Korean population. However, at this point, it is difficult to determine whether telemedicine fulfills its role as a health care strategy. Arguably, if we had enough previous experience with telemedicine or sufficient preparation for its application, telemedicine could be more smoothly and flexibly adopted in the medical field. As it is still not possible to predict when the COVID-19 pandemic will end, phone consultation and prescription are likely to continue for some time. Hence, it is expected that telemedicine will naturally settle in the medical field in the near future.

Competitive Landscape

Key Players

Some of the major industry players involved in telemedicine market include Koninklijke Philip N.V., In Touch Technologies Inc., Resideo Technologies Inc. and AMD Global Telemedicine Inc. among others. Companies undertake various strategies such as new product launch geographic expansions to strengthen their market share.

Products in Pipeline

Invites Healthcare has revealed plans to develop an ICT-based chronic disease management service to help those suffering with chronic illnesses to monitor their conditions. As part of this, Invites Healthcare will take over SKTs Coach-coach Diabetes application. It also intends to launch Smart MRO, a maintenance, repair and operation business to improve operational efficiency and control of medical supplies in hospitals.

Notable Recent Deals

In April 2020, SKT announced a partnership with Ariacare Korea (a provider of home and nursing care services for elderly people who have difficulty living alone due to health issues) and Happy Connect (a social enterprise looking to support those who are socially disadvantaged). The partners aim to provide SKTs AI Care to some of Ariacare Koreas customers, helping them to use devices such as NUGU SKTs AI speaker.

On March 14th, SKT announced the launch of its own digital healthcare arm, Invites Healthcare, in partnership with Newlake Alliance Management, a private equity firm. Korean Healthcare Company SCL Healthcare is also set to join the partnership. This signals a move by SKT to further drive innovation in its healthcare business and develop a more extensive range of partners within healthcare to expand its solutions.

Healthcare Policies and Regulatory Landscape

Policy changes and Reimbursement scenario

In April last year, a handful of senior citizens in Seoul were also provided with NUGU as part of a senior welfare programme, funded by SKT and the Seongdong Ward office. The programme aimed to combat the growing loneliness felt by this subsection of the countrys ageing population, and enable users to carry out simple tasks independently, such as controlling lights and thermostats which can be connected to the device. As part of each partnership, SKT monitors the data generated by the NUGU devices in order to enhance its personalised services and recognise abnormalities.

Through 5G connectivity and connected devices. It will be interesting to monitor the impact that these projects have on South Korean healthcare, and how solutions may develop, especially with the current temporary permission of telemedicine during the Covid-19 pandemic.
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South Korea Telemedicine Market Analysis Segmentation

By Type:

Based on type, the telemedicine market is segmented into telehospital and telehome. Telehome care segment held a lucrative market share and is expected to show significant growth during the analysis timeframe.

By Component:

Based on Component, the telemedicine market is segmented into Product and Service. In Product component it is segmented into Hardware - Medical Peripheral Devices, Monitors (HD, Full HD, 4K/8K). Software (Integrated and Standalone) and Other Product. In Service component it is segmented into, Teledermatology, Teleradiology, Telecardiology, Telepsychiatry, And Other Services.

Highlighted Segments of South Korea Telemedicine Market:

Industry Overview: The first section of the research study covers an overview of the global South Korea Telemedicine Market, market status and prospects, and product range. In addition, it provides highlights of the major segments of the global Market, i.e., region, type, and application segments.

Competitive Analysis: This report illuminates important mergers and acquisitions, business expansion, product or service differences, market concentration, the competitive status of the global South Korea Telemedicine Market, and market size by player.

Company Profiles and Key Data: This section covers companies profiling the major players in the global South Korea Telemedicine Market based on the aforementioned revenue, products, business, and other factors.

Market size by type and application: In addition to providing an in-depth analysis of the industry size by type and application, this section provides research on top end users or consumers and potential applications.

Market Dynamics: This report covers the drivers, trends, and opportunities of the global South Korea Telemedicine Market. This section also includes Porter's analysis of five forces.

Findings and Conclusions: It provides strong recommendations for new as well as established players for securing a position of strength in the global South Korea Telemedicine Market.

Prudent Markets provides attractive discounts that fit your needs. Customization of the reports as per your requirement is also offered. Get in touch with our sales team, who will guarantee you a report that suits your needs.

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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 Telemedicine 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 Telemedicine Market:

Chapter 1: Introduction, market driving force product Objective of Study and Research Scope the South Korea Telemedicine market
Chapter 2: Exclusive Summary - the basic information of the South Korea Telemedicine Market.
Chapter 3: Displaying the Market Dynamics- Drivers, Trends and Challenges & Opportunities of the South Korea Telemedicine
Chapter 4: Presenting the South Korea Telemedicine 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 Telemedicine 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

Why should you purchase this report?

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-An extra edge in the competitive market could be obtained from this elaborative research report
-The report offers all the competitive landscape, growth drivers, applications, market dynamics, and other necessary details as well.

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