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With the advancement of medical digitalisation, the rapid increase in the elderly population, and the government's policies to grow the digital health industry, South Korea is witnessing substantial growth in its digital health sector. Approximately 16% of South Korea's population is aged 65 or older, and this figure is expected to surpass 25% by 2025. To address the rising medical costs and consistently provide world-class healthcare services, the South Korean government has long encouraged investments in the digital healthcare industry. According to the Korea Health Industry Development Institute’s (KHIDI) report in December 2020, the digital health sector in Korea is estimated to be worth $5.3 billion, marking a significant increase of 40% compared to 2015.
South Korea's healthcare landscape is highly receptive to the adoption of health IT. All tertiary hospitals already have embraced these technologies, utilising EMR systems to digitise patient data and store clinical images digitally, which are further analysed by AI. Moreover, the government plans to establish 18 smart hospitals by 2025, offering substantial opportunities to health IT solution providers. The country also has plans to develop the AI-based medical solutions market. The AI-based healthcare market was estimated to be at $257 million in 2020 and is projected to reach $2.1 billion by 2025. Although remote telemedicine is currently prohibited in South Korea, the government recognises its potential. A survey revealed that 54% of South Koreans are willing to try remote telemedicine, and even with a 20% participation rate of South Korea’s population, a $1.9 billion market could be expected. Source: Healthcare IT News
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