Inpatient Care - South Korea | Statista Market Forecast

In South Korea, the projected revenue in the Inpatient Care market for 2024 is estimated to reach US$39.45bn.
This is expected to exhibit an annual growth rate (CAGR 2024-2029) of 5.46%, leading to a market volume of US$51.45bn by 2029.
When compared globally, it is worth noting that United States is anticipated to generate the highest revenue in the Inpatient Care market, with an estimated value of US$731.40bn in 2024.
South Korea's inpatient care market is experiencing a surge in demand for high-tech medical facilities and personalized patient experiences.

Definition:
Inpatient Care refers to medical and surgical services provided to patients who are admitted for overnight stays at hospitals. This market covers a wide range of services, such as diagnostics, medical treatments, and surgical treatments. It also includes facilities, nursing care, and other services that are necessary for the patient's recovery and well-being during their hospital stay. However, inpatient long-term care (LTC) for people with LTC needs is not included. Hospital inpatient care is a crucial component of the healthcare industry and is essential for providing high-quality and comprehensive medical care to patients.

Structure:
Inpatient Care covers Neoplasm Treatments, Treatments of Cardiovascular Diseases, Treatments of Musculoskeletal Diseases, Gastroenterology, Midwifery, and Other Inpatient Care. Other Inpatient Care provides information on additional areas that are not covered by the previously mentioned markets.

Additional information:
Inpatient Care comprises revenues, average revenue per capita, number of hospitals, average revenue per hospital, number of hospital beds, and average revenue per hospital bed. Market values represent revenues paid to hospitals by the respective healthcare payers (including VAT, if applicable). Reported market revenues include spending by consumers (B2C), enterprises (B2B), and governments (B2G). Revenues are allocated to the country where the money is spent.

Inpatient nursing care
Medical goods for inpatient treatments
Inpatient surgical treatments

Day care
Long-term care
Outpatient care
Home-based care

The Inpatient Care market in South Korea has experienced significant growth in recent years.

Customer preferences: Customers in South Korea have shown a preference for high-quality medical care and advanced technology. They also value personalized care and a comfortable hospital environment. As a result, hospitals in South Korea have invested heavily in state-of-the-art medical equipment and facilities, as well as in training their staff to provide top-notch care.

Trends in the market: One trend in the Inpatient Care market in South Korea is the increasing demand for specialized medical care. Patients are seeking out hospitals that specialize in specific areas, such as cancer treatment or cardiovascular care. This has led to the development of specialized hospitals and clinics that cater to these needs.Another trend is the rise of medical tourism. South Korea has become a popular destination for medical tourists, particularly from China and other Asian countries. These tourists are attracted by the high quality of care, advanced technology, and relatively low cost of medical procedures in South Korea.

Local special circumstances: South Korea has a rapidly aging population, which is driving demand for healthcare services. In addition, the government has implemented policies to encourage the development of the healthcare industry, including tax incentives for hospitals and clinics. These factors have contributed to the growth of the Inpatient Care market in South Korea.

Underlying macroeconomic factors: South Korea has a strong economy and a well-educated population, which has helped to support the growth of the healthcare industry. In addition, the government has made significant investments in healthcare infrastructure and research and development. These factors have helped to create a favorable environment for the Inpatient Care market in South Korea.

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on revenue received by hospitals from public or private sources, allocated to the country where the money is spent, including VAT if applicable.

Modeling approach / Market size:

Market sizes are determined by a bottom-up approach, based on a specific rationale for each market market. Next, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, public health spend, and GDP. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

The healthcare landscape in the United States is a complicated one. There are federal health insurance plans for low-income individuals namely Medicaid and CHIP (Children’s health insurance program) and Medicare for seniors and the disabled. Aside from these, people must buy private health insurance or be left uninsured because the U.S. is the only high-income country without universal healthcare coverage. Hospitals in the U.S., therefore, receive payment from multiple payers. Most revenue generated by U.S. hospitals comes from private insurance, self, or other payments. The complexity of this multi-payer system is instrumental to the U.S. having the highest administrative health costs per capita among wealthy nations.