Hospitals - South Korea

South Korea

In South Korea, the revenue in the Hospitals market is projected to reach US$77.09bn in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 5.43%, resulting in a market volume of US$100.40bn by 2029.
When compared globally, United States will generate the highest revenue in the Hospitals market, with US$1,501.00bn in 2024.
In terms of per person revenues, in South Korea is expected to generate US$1.49k per person in 2024.
South Korea's hospitals are renowned for their advanced technology and high standards of care, making them a top choice for medical tourists.

Key regions: United States, China, Germany, Japan, Europe

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Analyst Opinion

The Hospitals market in South Korea has been experiencing significant growth in recent years.

Customer preferences: South Koreans have a strong preference for high-quality healthcare services and cutting-edge medical technology. They are willing to pay a premium for medical treatments that are effective and provide quick results. Additionally, there is a growing demand for specialized medical services, such as cosmetic surgery, as South Korea has become a popular destination for medical tourism.

Trends in the market: One of the major trends in the Hospitals market in South Korea is the increasing adoption of digital healthcare technologies. This includes telemedicine, electronic medical records, and wearable devices that allow patients to monitor their health remotely. Another trend is the rise of medical tourism, with an increasing number of patients from other countries coming to South Korea for medical treatments. Finally, there is a growing focus on preventive healthcare, with hospitals offering health check-ups and wellness programs to help patients maintain good health.

Local special circumstances: South Korea has a highly developed healthcare system, with a large number of hospitals and medical facilities located throughout the country. The government has been investing heavily in healthcare infrastructure, with a focus on improving access to medical services in rural areas. Additionally, South Korea has a highly educated population, which has contributed to the demand for high-quality healthcare services.

Underlying macroeconomic factors: The South Korean economy has been growing steadily in recent years, which has led to an increase in disposable income and healthcare spending. Additionally, South Korea has an aging population, which has contributed to the demand for healthcare services. Finally, the government has implemented policies to encourage the growth of the healthcare sector, including tax incentives for medical research and development.

Methodology

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 forecasting 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.