South Korea Smart Healthcare Market Share, Size, Trends, Growth, Insights, Analysis, Forecast: By Product: RFID Kanban Systems, RFID Smart Cabinets, Electronic Health Records (EHR), Telemedicine, mHealth, Smart Pills and Syringes, Others; Market Dynamics; Competitive Landscape; Key Trends and Developments in the Market; 2023-2028

South Korea Smart Healthcare Market Outlook

The South Korea smart healthcare industry is expected to grow at a CAGR of 8.1% between 2023 and 2028. The government’s initiatives in digitalising the healthcare system of South Korea along with an increased emphasis on research and development are majorly driving the smart healthcare market of South Korea.

Key Trends in South Korea Smart Healthcare Market

From Keeping Analogue Medical Records to Going Digital, Leading to the Emergence of Smart Hospitals  in South Korea

A concept known as the "digital hospital" first appeared in Korea in the early 2000s intending to promote a thorough transition from analogue hospital workflows, in which films, charts, records, slips, pens and papers were frequently used for all aspects of recording patients' medical histories, to a digital workflow involving eliminating films, charts, slips, and paper methods by establishing computerised entry and picture archiving. The term "smart hospitals" has been rhetorically compared to the SMART (Specific, Measurable, Action-oriented, Realistic, and Time-bound) groundwork structure.

Current Government’s Plans Regarding Boosting the Health Policies of South Korea

The development of a unique and interdependent ecosystem for pharmaceutical and medical technologies and a mega fund to support it are significant concerns of the government. Moreover, the government is also putting emphasis on bolstering the use of healthcare information through digital modes, smart health management at community healthcare centres and clinics, the upturn of telemedicine, modification of the health insurance premium system, growth of government infrastructure for infectious diseases, and essential medical care are just a few of the tasks the new government has set for itself in the area of health policy.

Opportunities and Challenges in South Korea Smart Healthcare Market

Research and Innovation in the Healthcare Market of South Korea

A new SmartTag Health Screening System is being developed by the Singapore-based healthcare technology company Cadi Scientific in collaboration with Choongwae Information Technology, a pioneer in healthcare IT in Korea. The Samsung Medical Center, Korea's top healthcare facility for health promotion, performs health screenings and has installed the SmartTag Health Screening System. The RFID system from Cadi Scientific comprises different kinds of SmartNodes and a SmartTag. While the SmartNode is installed on the walls or the back of tablet computers used by clinic personnel, the SmartTag is placed in the patient's pocket.

This specific smart system offers a range of information, assisting patients in finding prompt answers to their questions. It will facilitate better communication and cut down on patient wait times. Both the patient and the doctor may see information on the LCD panel, which raises everyone's levels of satisfaction. The success of the RFID project at the Samsung Medical Center has improved the RFID solutions in South Korea, thereby augmenting the smart healthcare market growth in the country.

High Internet Facility and the Emergence of ICT, and AI in the Smart Healthcare System of South Korea

Modern information and communication technology (ICT) breakthroughs are being used to improve healthcare services in "smart hospitals." Hospitals have incorporated robots, artificial intelligence, and other Fourth Industrial Revolution-related technology, boosting hopes for advancements in the accuracy of illness detection and treatment. There is a growing need to minimise national medical expenditures by connecting with other associated medical facilities such as pharmacies, clinics, and rehabilitation centres, integrating cutting-edge information and communication technology (ICT) and delivering "patient-centred care" facilities in which patients have access to diverse health information and may pick their own treatment techniques. For these reasons, major nations, including South Korea, are promoting numerous support measures to encourage industrial growth connected to smart hospitals, and the South Korea market for smart healthcare is growing. 

The Rise in the Ageing Population and the Crisis Brought on by the COVID-19 Pandemic Bolster the Growth of Smart Healthcare in South Korea.

with Due to the expanding integration of AI-based technologies with assisted living and the emergence of ultra-modern healthcare options like e-health and mHealth, the applications of these technologies are growing in South Korea leading to the expansion of the healthcare market over the past few years. Some of the key factors that are anticipated to contribute to the market's growth include rising disposable income and expanding cloud technology used in healthcare services. South Korea has a large proportion of an ageing population, which makes providing quality geriatric healthcare one of the prime concerns in the country. Additionally, the COVID-19 pandemic has made health and RPM (remote patient monitoring) more popular in the country. Such technical assistance enables practitioners to keep a track of patients' health without coming into direct physical contact, avoiding the spread of the coronavirus or any other communicable diseases.

The RECARE 2022  Exhibition Provided Growth Opportunities for Smart Healthcare Firms to Expand Their Business in Korea and Overseas

The "2022 Rehabilitation & Care Korea," also known as the RECARE 2022 expo, was held in Ilsan, South Korea and brought together and displayed the most recent national and international rehabilitation technology, welfare goods, and services. The RECARE 2022 programme aimed at improving commercial prospects for Korean firms while enhancing the competitiveness of the medical system's rehabilitation and welfare sector. Rehabilitation medical and training devices that use smart technology were on display at the expo. These devices included orthopaedic medical devices, pharmaceutical devices, wearable robots, wearable robots with software, and gadgets that showcased smart technologies, convergence technologies, and functional robot technologies, among others.

Market Analysis

Based on product, the South Korea smart healthcare market is segmented into RFID Kanban systems, RFID smart cabinet systems, electronic health records (EHR), telemedicine, mHealth, and smart pills and syringes, among others.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the South Korea smart healthcare market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans. 

• Lemon Healthcare Co., Ltd.

• Dr. Now Co., Ltd

• iCOOP Co., Ltd

• Apple Inc.

• Siemens Healthcare GmbH

• LG Electronics Co., Ltd.

• Others

Market Share by Type

Recent research investigated the application of IoT and machine learning to diagnose COVID-19 patients. The machine learning and IoT-based suggested model may be used as a system for supporting clinical decisions in the coming future. Additionally, it is anticipated that it will help lessen the excessive burden on medical professionals and address the COVID-19-related issue of patient overcrowding. Personal health records (PHRs), a type of mobile health record system, are designed to enable self-monitoring and management by gathering data such as weight, activity level, and blood sugar levels from mobile phones as well as information on treatments and examinations from various medical facilities. 

Smart pills, smart syringes, electronic healthcare products, etc. are a few of the most common types of smart healthcare products. The rise in chronic diseases, including diabetes, heart disease, and cancer, among others, is a major factor in the smart healthcare market's expansion. Integrating the two-bin kanban replenishment system with RFID technology improves hospital procedures and minimises waste such as expired items, surplus inventory, and personnel movements. Because of rising smartphone usage and digitalization, mHealth adoption has lately expanded dramatically. The need for smart healthcare systems is projected to increase due to the increasing use of mHealth, government efforts to digitise healthcare, and the growth of chronic diseases among populations.

Competitive Landscape

Lemon Healthcare Co., Ltd.- Lemon Healthcare is a mobile healthcare company. The developers of medical software intend to link patients with healthcare facilities and build a smart healthcare network. Users may quickly access a patient's whole procedure from smartphone to hospital visit with the help of the company's M-Care, a patient-centered two-way service platform. Its headquarters are in Seoul, South Korea, and it was established in 2017. Lemon Healthcare's investors include Hanwha Asset Management, Shinhan Investment Corp., Shinhan Capital, Mirae Asset Financial Group, Korea Development Bank, and six other companies.

Siemens Healthcare GmbH - The medical technology firm Siemens Healthcare GmbH is a division of Siemens AG, that creates, develops, manufactures, and sells clinical and workflow systems and solutions and diagnostic imaging equipment, among others. The company's key products include mobile C-arms, hybrid operating rooms, angiography systems, computed tomography systems, ultrasound systems, and magnetic resonance imaging systems, among others. Additionally, it provides business and digital services. Health care providers served by Siemens Healthcare GmbH include clinics, doctors, hospitals and hospital systems, laboratories, public health organisations, universities, state-run and commercial health insurance, pharmaceutical firms, and clinical research institutions. The corporation has operations in Europe, the USA, the Middle East, Africa, and Asia. The headquarters are situated in Erlangen, Germany.

Key Highlights of the Report

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.