South Korea Patient Monitoring Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The South Korea Patient Monitoring Market is segmented by Type of Device (Hemodynamic Monitoring Devices, Neuromonitoring Devices, Cardiac Monitoring Devices, Multi-parameter Monitors, Respiratory Monitoring Devices, Remote Patient Monitoring Devices, and Other Types of Devices), Application (Cardiology, Neurology, Respiratory, Fetal and Neonatal, Weight Management and Fitness Monitoring, and Other Applications), End User (Home Healthcare, Hospitals and Clinics and Other End Users). The report offers the value (in USD million) for the above segments.

Market Snapshot

Market Snapshot1
Study Period: 2019-2027
Base Year: 2021
CAGR: 4.3 %

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Market Overview

The South Korea Patient Monitoring Market is expected to witness a CAGR of 6.4% during the forecast period.

The COVID-19 pandemic has significantly impacted market growth. The demand for wearable devices and patient monitoring devices has increased during the pandemic period as they allow contactless communication and tracking of medical conditions by clinicians. The spread and early diagnosis of COVID-19 can be determined through the remote monitoring of vital signs such as skin and body temperature, respiratory rate, pulse rate, heart rate, and blood oxygen level, which are related to COVID-19. This is anticipated to have a positive effect on the growth of the studied market.

Certain factors that are propelling the market growth are the rising burden of chronic diseases due to lifestyle changes and the growing preference for home and patient monitoring.

The increasing prevalence of chronic diseases such as cardiovascular, cancer, diabetes, and neurodegenerative diseases among the population is expected to increase the demand for patient monitoring systems, thereby propelling the market growth. For instance, a study ‘Health-economic burden of dementia in South Korea’ published in October 2021, stated that the prevalence of dementia among the elderly aged 65 years or older based on clinical diagnosis increased from 5.9% to 7.3%, with approximately 588,000 elderly dementia patients in Korea. The burden of dementia in Korea is expected to considerably increase alongside the elderly population in the future, which may lead to increased demand for patient monitoring devices such as blood pressure devices, and temperature monitoring devices, which in turn is anticipated to boost the market growth in the country. Also, according to GLOBOCAN, in 2020, there were around 230,317 new cancer cases in South Korea, with 28,713 new cases of stomach cancer, 28,651 prostate cancers, and 25,814 breast cancer. This is expected to increase the demand and adoption of regular monitoring devices among the population, thereby boosting market growth.

In addition, the rising geriatric population is also contributing to the growth of the studied market. For instance, according to the 2022 statistics published by the United Nations Population Fund, in South Korea, a large proportion of the living population is aged 15-64 and accounts for 71% in 2022. In addition, as per the same source, 17% of the population is aged 65 years and above in 2022. Thus, the rising geriatric populations are more prone to develop chronic diseases which require proper monitoring and diagnosis which is expected to increase the adoption of monitoring devices to regularly monitor their condition and status, thereby propelling the growth of the studied market.

Furthermore, the rising company activities in developing advanced patient monitoring devices are also contributing to the market growth. For instance, in April 2021, Dongwoon Anatech developed a saliva-based glucose monitoring device, D-SaLife. The device uses microcurrent control technology in determining the glucose level present in a person’s saliva sample.

However, the high cost of technology is expected to hinder market growth over the forecast period.

Scope of the report

As per the scope of this report, patient monitoring devices are monitoring devices that continuously monitor the patient’s vital parameters, like blood pressure and heart rates, by using a medical monitor and collecting medical (and other) data from individuals. The South Korea Patient Monitoring Market is segmented by Type of Device (Hemodynamic Monitoring Devices, Neuromonitoring Devices, Cardiac Monitoring Devices, Multi-parameter Monitors, Respiratory Monitoring Devices, Remote Patient Monitoring Devices, and Other Types of Devices), Application (Cardiology, Neurology, Respiratory, Fetal and Neonatal, Weight Management and Fitness Monitoring, and Other Applications), End User (Home Healthcare, Hospitals and Clinics and Other End Users). The report offers the value (in USD million) for the above segments.

By Type of Device
Hemodynamic Monitoring Devices
Neuromonitoring Devices
Cardiac Monitoring Devices
Multi-parameter Monitors
Respiratory Monitoring Devices
Remote Patient Monitoring Devices
Other Types of Devices
By Application
Cardiology
Neurology
Respiratory
Fetal and Neonatal
Weight Management and Fitness Monitoring
Other Applications
By End Users
Home Healthcare
Hospitals and Clinics
Other End Users

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Key Market Trends

Remote Patient Monitoring Devices Segment Expects to Register a High CAGR in the South Korea Patient Monitoring Market Over the Forecast Period

Remote patient monitoring (RPM) devices allow providers to monitor, report and analyze their patient’s acute or chronic conditions from outside the hospital or clinic setting. They enable the practitioner to have a real-time understanding of the patient's disease state and take preventative clinical actions. The remote patient monitoring segment is expected to witness significant growth over the forecast period owing to the factors such as the rising prevalence of chronic diseases such as cardiovascular diseases, diabetes, hypertension, respiratory diseases, neurological diseases, and others, rising adoption of these devices, and growing geriatric population.

The rising burden of chronic diseases among the population and the rising geriatric population is the key factor driving the demand for remote patient monitoring devices. For instance, the high blood sugar caused by diabetes can damage the nerves that control the heart and blood vessels, leading to a variety of cardiovascular diseases like coronary artery disease and stroke, which can narrow the arteries. For instance, according to the 2022 statistics published by the International Diabetes Federation Diabetes Atlas 10th edition of 2021, in South Korea, 3,5111.8 thousand people are living with diabetes, in 2021. In addition, as per the same source, this number is projected to reach 3,934.2 thousand in 2030. Thus, the expected increase in the diabetes population is expected to increase the demand for remote patient monitoring devices as well as increase the adoption of these wearable devices due to their easy usage.

Furthermore, the implementation of RPM can improve the management of chronic diseases by measuring critical risk indicators, such as glucose, blood pressure, etc. RPM has various benefits for end-users and hospitals, such as low cost of healthcare, reduction in extended hospitalization, and fewer doctor appointments, among others. This can also help to reduce the cost associated with the treatment of chronic diseases.

Moreover, the rising company activities and product launches in the country are also expected to propel market growth over the forecast period. For instance, in November 2021, Sky Labs, a South Korean healthcare startup launched a wearable ring-type heart rhythm monitoring device, CART-I (Cardio Tracker) that is designed to detect atrial fibrillation (AF) and prevent heart-related problems, in the United Kingdom. Also, in June 2020, Samsung launched a Health Monitoring Application which includes blood pressure-monitoring capabilities and ECG tracking, in South Korea.

Thus, owing to the aforementioned factors, the remote patient monitoring segment is expected to grow in Germany over the forecast period.

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Competitive Landscape

The South Korea patient monitoring market is fragmented with the presence of a large number of players. The companies are implementing certain strategic initiatives, such as mergers, new product launches, acquisitions, and partnerships that help in strengthening their market positions. Some of the market players in the market are General Electric Company (GE Healthcare), Nihon Kohden Corporation, Koninklijke Philips N.V., Dragerwerk AG & Co. KGaA, Abbott Laboratories, Medtronic Plc, Edwards Lifesciences Corporation, OMRON Corporation, and others.

Major Players

  1. Nihon Kohden Corporation

  2. Abbott Laboratories

  3. Dragerwerk AG & Co. KGaA

  4. Koninklijke Philips N.V.

  5. General Electric Company (GE Healthcare)

South Korea Patient Monitoring Market - cl.png

Recent Development

  • In August 2022, the South Korean Ministry of Food and Drug Safety granted clearance to VUNO, a medical artificial intelligence company, for its ECG device, Hativ Pro, a portable medical device that measures a user's heart rate and sends this data through a connected mobile phone app.
  • In August 2022, researchers at the Korea Advanced Institute of Science and Technology (KAIST) developed an electronic tattoo ink made of liquid metal and carbon nanotubes that functions as a bioelectrode. The tattoo is hooked up to an electrocardiogram (ECG) device or another biosensor, that can send a readout of a patient's heart rate and other vital signs such as glucose and lactate to a monitor.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Rising Burden of Chronic Diseases due to Lifestyle Changes

      2. 4.2.2 Growing Preference for Home and Remote Monitoring

    3. 4.3 Market Restraints

      1. 4.3.1 High Cost of Technology

    4. 4.4 Porter's Five Force Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION (Market Size by Value - USD million)

    1. 5.1 By Type of Device

      1. 5.1.1 Hemodynamic Monitoring Devices

      2. 5.1.2 Neuromonitoring Devices

      3. 5.1.3 Cardiac Monitoring Devices

      4. 5.1.4 Multi-parameter Monitors

      5. 5.1.5 Respiratory Monitoring Devices

      6. 5.1.6 Remote Patient Monitoring Devices

      7. 5.1.7 Other Types of Devices

    2. 5.2 By Application

      1. 5.2.1 Cardiology

      2. 5.2.2 Neurology

      3. 5.2.3 Respiratory

      4. 5.2.4 Fetal and Neonatal

      5. 5.2.5 Weight Management and Fitness Monitoring

      6. 5.2.6 Other Applications

    3. 5.3 By End Users

      1. 5.3.1 Home Healthcare

      2. 5.3.2 Hospitals and Clinics

      3. 5.3.3 Other End Users

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 General Electric Company (GE Healthcare)

      2. 6.1.2 Nihon Kohden Corporation

      3. 6.1.3 Koninklijke Philips N.V.

      4. 6.1.4 Dragerwerk AG & Co. KGaA

      5. 6.1.5 Abbott Laboratories

      6. 6.1.6 Medtronic Plc

      7. 6.1.7 Edwards Lifesciences Corporation

      8. 6.1.8 OMRON Corporation

      9. 6.1.9 Dexcom, Inc

      10. 6.1.10 SCHILLER

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies, and Recent Developments
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Frequently Asked Questions

The South Korea Patient Monitoring Market market is studied from 2019 - 2027.

The South Korea Patient Monitoring Market is growing at a CAGR of 4.3% over the next 5 years.

Nihon Kohden Corporation, Abbott Laboratories, Dragerwerk AG & Co. KGaA, Koninklijke Philips N.V., General Electric Company (GE Healthcare) are the major companies operating in South Korea Patient Monitoring Market.

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