Market Trends of South Korea Patient Monitoring Industry
This section covers the major market trends shaping the South Korea Patient Monitoring Market according to our research experts:
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.
