South Korea Connected Healthcare Market Analysis

South Korea Connected Healthcare Market Analysis

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The South Korean connected healthcare market is projected to grow from $969.62 Mn in 2022 to $7622.15 Mn by 2030, registering a CAGR of 29.4% during the forecast period of 2022 - 2030. The main factors driving the growth would be the growing geriatric population, high-tech culture, government support and the COVID-19 pandemic. The market is segmented by type, function and by application. Some of the major players include Samsung, SK Telecom, Hanwha Group, Oracle, Philips Healthcare and GE Healthcare.

ID: IN10KRHS004 CATEGORY: Healthcare Services GEOGRAPHY: South Korea AUTHOR: Neha Davda

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South Korea Connected Healthcare Market Executive Summary

The South Korean connected healthcare market is projected to grow from $969.62 Mn in 2022 to $7622.15 Mn by 2030, registering a CAGR of 29.4% during the forecast period of 2022 - 2030. In 2019, South Korea's national health spending as a percentage of GDP was 8.16% or $2,624.53 per person. Despite regular increases throughout the years, healthcare spending remains below the OECD average.

South Korea's healthcare system is highly advanced. The development of a connected healthcare market is just one of the enormous investments the government has made in healthcare technology and infrastructure. The term "connected healthcare" describes the application of technology and connectivity to raise the quality and effectiveness of medical services. The connected healthcare market in South Korea consists of a wide range of goods and services, including telemedicine, electronic health records (EHRs), and mobile health (mHealth) software. In South Korea, mHealth apps are becoming more and more common, especially among younger generations.

South Korea Connected Healthcare Market

Market Dynamics

Market Growth Drivers

The South Korea-connected healthcare market is expected to be driven by factors such as:

  1. Growing geriatric population- There are an increasing number of elderly persons in South Korea who need healthcare services due to the country's ageing population. Especially for people who reside in rural or distant places, connected healthcare technologies can help to increase access to healthcare services for this demographic
  2. High-tech culture- South Korea is renowned for its inventive use of technology and high-tech culture. This has contributed to the establishment of a supportive environment for connected healthcare technologies and their adoption
  3. Government support- The establishment of a national EHR system and the adoption of telemedicine services are some of the substantial investments the South Korean government has made in healthcare infrastructure and technology. The assistance of the government has made it easier for the connected healthcare market to expand
  4. COVID-19 pandemic- The COVID-19 pandemic has brought attention to the value of connected healthcare technology like telemedicine. Because of the pandemic, the adoption of these technologies has intensified as people try to avoid going in person to medical facilities

Market Restraints

The following factors are expected to limit the growth of the connected healthcare market in South Korea:

  1. Data privacy concerns- Data security and privacy are issues with any technology that gathers and keeps personal health data. The use of connected healthcare technology may be constrained in South Korea due to instances of data breaches in the healthcare industry
  2. Regulatory barriers- In South Korea, there are legal restrictions on the use of connected healthcare technologies, particularly telemedicine. There is confusion over matters like licence and reimbursement because telemedicine regulations are complicated
  3. Limited reimbursement- In South Korea, there is currently a limited amount of compensation for telemedicine services. Offering these services might be challenging for healthcare professionals because of this, especially in the absence of defined laws

Competitive Landscape

Key Players

  • Samsung (KOR)- Samsung is a multinational technology corporation with a significant presence in the connected healthcare sector. It provides connected healthcare solutions such as wearable gadgets and telemedicine platforms
  • SK Telecom (KOR)- SK Telecom is a telecommunications firm that provides a variety of connected healthcare products, such as telemedicine platforms and health monitoring systems
  • Hanwha Group (KOR)- Hanwha Group is a South Korean company with a substantial presence in the market for connected healthcare. It provides a variety of connected healthcare solutions, such as health monitoring and telemedicine platforms
  • Oracle- Oracle Health provides the most secure and dependable healthcare solutions, connecting clinical, operational, and financial data to improve care and advance health and well-being decision-making
  • Philips Healthcare- Philips Healthcare is a worldwide firm that provides a variety of healthcare solutions which also includes connected healthcare solutions
  • GE Healthcare- GE Healthcare is a multinational healthcare firm that offers a wide range of digital health solutions, including diagnostic devices and monitoring devices, as well as healthcare analytics technologies


1. Executive Summary
1.1 Service Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Healthcare Services Market 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 Overview Product Applications and Services Recent Developments Partnerships Ecosystem Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Services
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Connected Healthcare Market Segmentation

By Type (Revenue, USD Billion):

Based on the Type the market is segmented into mHealth services, mHealth Devices, and E- Prescription

  • MHealth services
  • mHealth Devices
  • E- Prescription

By FunctionType (Revenue, USD Billion):

  • Remote patient monitoring
  • Clinical monitoring
  • Telemedicine
  • Others (Assisted Living)

By Application Type (Revenue, USD Billion):

  • Diagnosis and Treatment
  • Monitoring Application
  • Wellness and Prevention
  • Healthcare management
  • Others

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”.


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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.

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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.

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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: 17 March 2023
Updated by: Riya Doshi

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