South Korea Patient Monitoring Market

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South Korea Patient Monitoring Market by Product (Cardiac Monitoring Devices, Blood Glucose Monitoring Systems, Hemodynamic/Pressure Monitoring Devices, Multi-parameter Monitoring Devices, Respiratory Monitoring Devices, Temperature Monitoring Devices, Fetal & Neonatal Monitoring Devices, Neuromonitoring Devices, Weight Monitoring Devices, and Other Devices), by Type (Conventional and Wireless), and by End User (Home Healthcare, Hospitals & Clinics, and Others) - Opportunity Analysis and Industry Forecast, 2024–2030

Industry: Healthcare | Publish Date: 17-Feb-2024 | No of Pages: 148 | No. of Tables: 110 | No. of Figures: 75 | Format: PDF | Report Code : N/A

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Market Definition

The South Korea Patient Monitoring Market size was valued at USD 764.67 million in 2023, and is predicted to reach USD 1243 million by 2030, with a CAGR of 6.9% from 2024 to 2030. Patient monitoring is a crucial component of modern healthcare, involving the ongoing or periodic evaluation of a patient's vital signs, physiological measurements, and general health status throughout their medical care. This process utilizes a variety of medical devices and technologies to gather, record, and analyze data such as blood pressure, heart rate, oxygen saturation, respiratory rate, temperature, and other essential indicators.

The patient monitoring market encompasses the healthcare industry segment responsible for developing, manufacturing, and supplying equipment and systems for the continuous or intermittent monitoring and recording of a patient's vital signs and health parameters. This segment plays a pivotal role in a wide array of healthcare settings, including hospitals and intensive care units, outpatient clinics, and home healthcare. This ensures that patients receive the appropriate level of care tailored to their specific medical needs.

Rising Chronic Diseases Creates Demand for the Patient Monitoring Industry

The escalating prevalence of chronic diseases, encompassing cardiovascular disorders, diabetes, and respiratory ailments, is further propelling the growth of the patient monitoring market in South Korea. Patient monitoring devices play a crucial role in managing chronic conditions by providing real-time data on vital signs and medication adherence, enabling timely interventions and preventive measures. This growing burden of chronic diseases necessitates advanced healthcare solutions, fostering increased investment in patient monitoring technologies. 

 

Government Initiatives Driving the Growth of Patient Monitoring Industry

In South Korea, government initiatives are playing a crucial role in propelling the adoption of patient monitoring technologies. Through a strategic combination of policies, infrastructure development, and financial support, the government actively encourages healthcare providers to integrate advanced monitoring systems. This support takes the form of incentives and subsidies, promoting the implementation of digital health solutions across the healthcare sector. Additionally, the government's focus on developing a robust telehealth infrastructure further accelerates the use of patient monitoring, particularly in remote or challenging geographical settings. 

 

Connectivity Issues in Patient Monitoring Devices Restrain the Market Growth

One of the significant restraining factors in the patient monitoring market in Africa is the connectivity issues which pose a risk to real-time data transmission and communication between devices, impacting the timeliness and accuracy of patient information. Addressing these challenges is crucial for unlocking the full potential of patient monitoring technologies and ensuring their widespread adoption in the healthcare sector.

Introduction of AI and Machine Learning in Patient Monitoring Systems Creates Ample Growth Opportunities

In South Korea, Artificial Intelligence (AI) and Machine Learning (ML) are transforming the landscape of patient monitoring by enabling advanced analysis of extensive datasets. In this context, AI algorithms leverage historical patient data to identify subtle patterns and anomalies in vital signs and medical history. This capability allows for early detection of potential health issues before symptoms manifest, facilitating timely interventions.

Moreover, the integration of AI and ML empowers personalized medicine by tailoring treatment plans to individual patient characteristics and responses. These technologies play a crucial role in risk stratification, enabling healthcare providers to prioritize interventions for patients at higher risk of developing specific medical conditions or complications.

 

Competitive Landscape

Various market players operating in the South Korea patient monitoring market include Medtronic Plc, Koninklijke Philips N.V., GE Healthcare, Siemens Healthineers, Nihon Kohden Corporation, Abbott Laboratories, Masimo Corporation, Hill-Rom Holdings, Inc., Biotronik SE & Co. KG, Honeywell International, Inc., and others.

South Korea Patient Monitoring Key Market Segments

By Product

  • Cardiac Monitoring Devices

    • Mobile Cardiac Telemetry Monitors

    • Electrocardiogram (ECG) Devices

    • Implantable Loop Recorders

    • Event Monitors

    • Smart/Wearable ECG Monitors

  • Blood Glucose Monitoring Systems

    • Self-Monitoring Blood Glucose Systems

    • Continuous Glucose Monitoring Systems

  • Hemodynamic/Pressure Monitoring Devices

    • Hemodynamic Monitors

    • Blood Pressure Monitors

    • Disposables 

  • Multi-Parameter Monitoring Devices

    • Low-Acuity Monitoring Device

    • Mid-Acuity Monitoring Devices

    • High-Acuity Monitoring Devices

  • Respiratory Monitoring Devices

    • Pulse Oximeters

    • Spirometers

    • Capnographs

    • Peak Flow Meters

  • Temperature Monitoring Device

    • Handheld Temperature Monitoring Devices

    • Table-Top Temperature Monitoring Devices

    • Wearable Continuous Monitoring Devices

    • Invasive Temperature Monitoring Devices

    • Smart Temperature Monitoring Devices

  • Fetal & Neonatal Monitoring Devices

    • Neonatal Monitoring Devices

    • Fetal Monitoring Devices

  • Neuromonitoring Devices

    • Electroencephalograph (EEG) Machines

    • Electromyography Machines

    • Cerebral Oximeter

    • Intracranial Pressure (ICP) Monitors

    • Magnetoencephalography (MEG) Machines

    • Transcranial Doppler (TCD) Machines

  • Weight Monitoring Devices

    • Digital

    • Analog

  • Others Devices

By Type

  • Conventional

  • Wireless

By End User

  • Home Healthcare

  • Hospitals & Clinics

  • Others

REPORT SCOPE AND SEGMENTATION:

Parameters

Details

Market Size in 2023

USD 764.67 Million

Revenue Forecast in 2030

USD 1243 Million

Revenue Growth Rate

CAGR of 6.9% from 2024 to 2030

Analysis Period

2023–2030

Base Year Considered

2023

Forecast Period

2024–2030

Market Size Estimation

Million (USD)

Growth Factors

Impact of Rising Chronic Diseases creates demand for the Patient Monitoring Industry

Government Initiatives Driving the Growth of Patient Monitoring Industry

Companies Profiled

10

Market Share

Available for 10 companies

Customization Scope

Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs.

KEY PLAYERS

  • Medtronic Plc

  • Koninklijke Philips N.V.

  • GE Healthcare

  • Siemens Healthineers

  • Nihon Kohden Corporation

  • Abbott Laboratories

  • Masimo Corporation

  • Hill-Rom Holdings, Inc.

  • Biotronik SE & Co. KG

  • Honeywell International, Inc.

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Frequently Asked Questions

According to Next Move Strategy Consulting, the market size of South Korea patient monitoring will be USD 1243 million in 2030

According to Next Move Strategy Consulting, the market size of South Korea patient monitoring is USD 764.67 million in 2023

AI is used to analyze large datasets from patient monitoring devices, helping healthcare providers detect trends and anomalies and predict patient outcomes effectively.

Wearable patient monitoring devices offer real-time data, improved patient comfort, and the ability to track health metrics continuously, which can aid in early disease detection and management.

The top companies operating in the patient monitoring market include Medtronic Plc, Koninklijke Philips N.V., GE Healthcare, Siemens Healthineers, and Abbott Laboratories.

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