South Korea Artificial Intelligence (AI) in Healthcare Market Analysis

South Korea Artificial Intelligence (AI) in Healthcare Market Analysis


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South Korea's Artificial Intelligence (AI) In Healthcare Market is projected to grow from $0.1 Bn in 2022 to $2.11 Bn by 2030, registering a CAGR of 46.22% during the forecast period of 2022-2030. The market will be driven by government support for the development of AI in healthcare, the country's advanced IT infrastructure and a high level of digital literacy among its citizens. The market is segmented by healthcare components & by healthcare applications. Some of the major players include Samsung Electronics, LG CNS & VUNO.

ID: IN10KRDH003 CATEGORY: Digital Health GEOGRAPHY: South Korea AUTHOR: Vidhi Upadhyay

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South Korea Artificial Intelligence (AI) In Healthcare Market Executive Summary

South Korea's Artificial Intelligence (AI) In Healthcare Market is projected to grow from $0.1 Bn in 2022 to $2.11 Bn by 2030, registering a CAGR of 46.22% during the forecast period of 2022-30. South Korea provides national health insurance to all citizens through the Korean Ministry of Health and Wellness National Health Insurance Corporation. Noncommunicable diseases make up the majority of the burden of disease in Korea, as they do in many other OECD countries. In Korea, the top five causes of death are cerebrovascular disease, Alzheimer's disease, ischaemic heart disease, and lung and liver cancer.

South Korea has made substantial investments in the development and application of artificial intelligence (AI) in healthcare. In South Korea, AI in healthcare refers to the use of AI-powered medical imaging technology. Another application of AI in South Korea's healthcare system is the creation of individualized treatment plans through the analysis of large amounts of patient information. AI is being used to create predictive models that can recognise individuals who are susceptible to specific conditions. South Korea has also been striving to create AI-powered robots that can help health professionals by delivering medicine, providing companionship to elderly patients, or assisting with tasks like cleaning and sterilisation. Moreover, the startups such as AIRS Medical are investing in AI-based diagnostic tests and robotics technologies to improve clinical outcomes for both patients and medical professionals.

South Korea Artificial Intelligence (AI) In Healthcare Market

Market Dynamics

Market Growth Drivers

In August 2021, South Korea released a global guide for the use of artificial intelligence in medical care. The guide was designed to act as a benchmark for the liable use of AI technologies, as well as to enhance clarity and high standards for technological applications in the healthcare sector. Several other attempts have been made by the government to support the development of AI in healthcare, such as the establishment of research centres and the allocation of funding for AI-related projects. The country's ageing population is increasing the demand for healthcare services and straining the healthcare system. AI has the potential to alleviate some of this strain by increasing productivity and decreasing the burden on healthcare workers.  the South Korean government's firm commitment to promoting AI technology development also plays an important role in the market expansion. Moreover, the country's advanced IT infrastructure and high level of digital literacy among its citizens provide a solid foundation for the development and adoption of AI in healthcare.

Market Restraints

There are several impediments to the growth of AI in healthcare in South Korea. One major impediment is the lack of standardised data gathering and dissemination across healthcare institutions, which makes developing accurate AI algorithms and models difficult. Another barrier is the cost of implementing AI technology, which can be prohibitively expensive for smaller healthcare organisations. There are also concerns about data privacy and security, as well as ethical issues surrounding the use of AI in healthcare.

Competitive Landscape

Key Players

  • NEUROLOGICAL CORPORATION - Samsung Electronics
  • IBM Watson Health
  • Microsoft Healthcare
  • Philips Healthcare
  • LG CNS (KOR)
  • Hancom Healthcare (KOR)
  • VUNO (KOR)
  • Lunit (KOR)
  • AIRS Medical (KOR)

Notable Insights

November 2022, Lunit collaborates with CARPL.ai to expand AI-powered medical imaging across major international channels.

August 2022, AIRS Medical, a South Korean healthcare startup, has raised approximately $20 million in Series B funding. AIRS Medical, founded in October 2018 by graduates of Seoul National University, is a startup that uses digitalized, AI-based diagnostic tests and robotics technologies to provide a better clinical experience for both patients and healthcare providers.

March 2022, Seoul National University Bundang Hospital will take the lead in using medical AI in their hospital system by leveraging GE Healthcare's artificial intelligence (AI) capabilities. The two partners plan to assist and accelerate Korean start-ups in testing and developing clinical applications on the Edison Digital Health Platform.

August 2021, VUNO, a South Korean medical AI solutions development firm, has received approval as an Innovative Medical Device from the Ministry of Food and Drug Safety (MFDS) for its AI-based cardiac arrest prediction software, VUNO Med-DeepCARS.

1. Executive Summary
1.1 Digital Health Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Digital Health Policy 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 Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Artifical Intelligence (AI) in Healthcare Market Segmentation

The Artificial Intelligence (AI) in Healthcare Market is segmented as mentioned below:

By Healthcare Component (Revenue, USD Billion):

  • Software Solutions
  • Hardware
  • Services

By Healthcare Applications (Revenue, USD Billion):

  • Robot-Assisted Suregery
  • Virtual Assistants
  • Administrative Workflow Assistants
  • Connected Machines
  • Diagnosis
  • Clinical Trials
  • Fraud Detection
  • Cybersecurity
  • Dosage Error Reduction

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

 

Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers, and researchers across countries through which we engage with local experts to gather key data points and assumptions about each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

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Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

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We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.

 

 

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
  • ​Analyzing current needs and determining penetration to estimate the market

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Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current, and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumption.

The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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Last updated on: 09 June 2023
Updated by: Vidhi Upadhyay

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