South Korea Patient Monitoring Market Size

South Korea Patient Monitoring Market Analysis

The South Korea Patient Monitoring Market size is estimated at USD 1.07 billion in 2024, and is expected to reach USD 1.49 billion by 2029, growing at a CAGR of 6.87% during the forecast period (2024-2029).

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.