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
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.
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.
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.
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.
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.
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.
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
Conventional
Wireless
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. |
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.