South Korea Telemedicine Market Size & Outlook, 2023-2030
South Korea telemedicine market, 2018-2030 (US$M)
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South Korea telemedicine market highlights
- The South Korea telemedicine market generated a revenue of USD 1,837.6 million in 2023 and is expected to reach USD 6,568.3 million by 2030.
- The South Korea market is expected to grow at a CAGR of 20% from 2024 to 2030.
- In terms of segment, product was the largest revenue generating component in 2023.
- Services is the most lucrative component segment registering the fastest growth during the forecast period.
Telemedicine market data book summary
| Market revenue in 2023 | USD 1,837.6 million |
| Market revenue in 2030 | USD 6,568.3 million |
| Growth rate | 20% (CAGR from 2023 to 2030) |
| Largest segment | Product |
| Fastest growing segment | Services |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Product, Services |
| Key market players worldwide | Twilio Inc Class A, Teladoc Health Inc, Zoom Video Communications Inc |
Other key industry trends
- In terms of revenue, South Korea accounted for 1.6% of the global telemedicine market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China telemedicine market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 15,114.5 million by 2030.
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Telemedicine Market Scope
Telemedicine Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
South Korea telemedicine market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to telemedicine market will help companies and investors design strategic landscapes.
Product was the largest segment with a revenue share of 52.06% in 2023. Horizon Databook has segmented the South Korea telemedicine market based on product, services covering the revenue growth of each sub-segment from 2018 to 2030.
South Korea has long established a solid ICT infrastructure for telemedicine. However, the implementation of patient-doctor telemedicine has been impeded by stakeholder’s resistance, since the first pilot project in 1998.
Despite the threat of the pandemic, there was a vehement resistance from stakeholders. There are many conditions in the country that favor face-to-face consultations, which negatively impacts the telemedicine market.
In April 2021, the Federation of Korean Industries (FKI) stated that South Korea needs to consider revising associated regulations to adopt local practice of telemedicine-medical diagnosis.
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Target buyers of South Korea telemedicine market databook
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Our clientele includes a mix of telemedicine market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.
Horizon Databook provides a detailed overview of country-level data and insights on the South Korea telemedicine market , including forecasts for subscribers. This country databook contains high-level insights into South Korea telemedicine market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea telemedicine market size, by component, 2018-2030 (US$M)
South Korea Telemedicine Market Outlook Share, 2023 & 2030 (US$M)
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