According to the report by Expert Market Research (EMR), the South Korea smart healthcare market size is projected to grow at a CAGR of 8.1% between 2024 and 2032. Aided by increased emphasis on research and development and government’s initiatives in digitalising the healthcare system, the market is expected to grow significantly by 2032.
Smart healthcare encapsulates a contemporary approach of integrating advanced technological tools, including AI, IoT, and big data, to enhance the quality, outcome, and cost-effectiveness of healthcare services. South Korea, being at the forefront of technological innovation, has seamlessly integrated this paradigm, positioning smart healthcare as a central component in its health infrastructure.
As per the South Korea smart healthcare market analysis, the increased reliance on electronic health records (EHRs) and digital patient management tools is propelling the market growth. These platforms not only improve the accuracy and speed of diagnosis but also facilitate real-time patient monitoring, reducing hospital stays and optimising healthcare delivery.
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Further amplifying the South Korea smart healthcare market growth is the burgeoning telemedicine sector. With the ever-expanding digital infrastructure in South Korea, telehealth platforms have gained substantial traction, enabling patients to consult healthcare professionals remotely. This not only reduces the burden on healthcare facilities but also ensures timely medical intervention, especially critical in a post-pandemic world.
Beyond patient management, South Korea’s drive to incorporate AI in diagnostic procedures and drug discovery is noteworthy. Advanced algorithms, trained on vast datasets, have begun to assist clinicians in diagnosing intricate conditions, from cancers to neurological disorders, with heightened accuracy and reduced turnaround times.
South Korea’s ageing population cannot be overlooked when evaluating the South Korea smart healthcare market expansion. With an increasing elderly demographic, there’s a pressing need for remote monitoring solutions and wearable medical devices. Smart wearables, equipped with sensors, are becoming indispensable, providing real-time data on vital statistics, ensuring timely medical interventions and reducing emergency hospital admissions.
However, the influx of smart medical devices also fosters the South Korea smart healthcare market demand. From smart inhalers for asthmatic patients to insulin pens for diabetics, these IoT-enabled devices offer accurate dosage, timely reminders, and data collection, significantly improving patient adherence to medication regimens.
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South Korea Smart Healthcare Market Segmentation
The market can be divided based on product.
Market Breakup by Product
- RFID Kanban Systems
- RFID Smart Cabinets
- Electronic Health Records (EHR)
- Telemedicine
- mHealth
- Smart Pills and Syringes
- Others
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the South Korea smart healthcare market. Some of the major players explored in the report by Expert Market Research are as follows:
- Lemon Healthcare Co., Ltd.
- Dr. Now Co., Ltd
- iCOOP Co., Ltd
- Apple Inc.
- Siemens Healthcare GmbH
- LG Electronics Co., Ltd.
- Others
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