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Healthcare Information Technology Market in South Korea
Frost & Sullivan, Aug 2010, Pages: 87
This Market Engineering research service has been developed to address the dynamics of healthcare information technology in South Korea. The market is divided into two sub segments including Administrative and Clinical Healthcare IT. This research service presents the key findings of South Korean Healthcare Information Technology market. It provides insight and forecast of market size. This research service also discusses market trends, market drivers, market restraints, technology trends and South Korean government initiatives. The study completes with a section on IT ranking, covering six main parameters.
This research service titled Healthcare Information Technology Market in South Korea examines the drivers and restraints for growth, technologies, government initiatives, as well as demand and geographical trends. In addition, it offers an in-depth analysis of the competitive situation, key strategic recommendations, and future outlook for the market. In this research, Frost & Sullivan's expert analysts thoroughly examine the following markets: administrative and clinical healthcare IT.
Market Overview
South Korean Rapidly Emerges a Medical Hotspot as its Hospitals Adopt Healthcare IT
Along with Japan and the Netherlands, South Korea is one of the few countries that prohibit the operation of profit-oriented hospitals. However, this trend is beginning to change with the first foreign, for-profit hospital being built in Songdo. The prevalence of chronic diseases due to rapid changes in lifestyle and an increase in the aging population has necessitated efficient and modern systems that offer patients easy and quick access to healthcare services. Hospitals are keen to adopt IT to reduce their operational expenditure, improve the quality of services, and remain competitive. Healthcare IT also aids in seamless medical bill reimbursement. “A major contributing factor to the high growth rate of the healthcare IT market in South Korea is the government encouragement through disbursement of subsidies and creation of several policies, guidelines, and regulations,” says the analyst of this research. “South Korea has been witnessing significant developments in e-health during the recent past and it has one of the most advanced IT infrastructures in Asia.”
South Korea is shifting from telemedicine to ubiquitous healthcare (u-health), thereby enabling self-care by patients and real-time monitoring by physicians. The country’s new status as a medical tourism destination has spawned super specialty hospitals that have teams of specialists, various facilities, and sophisticated equipment. These hospitals aim at providing high-quality services and thus, are likely to invest in healthcare IT - primarily for insurance reimbursement and electronic health record (EHR) applications.
“South Korea also plans to make significant improvements in the area of green technologies,” notes the analyst. “This will pave the way for increased eco-friendly management of hospitals and raise the number of ‘intelligent’ products used in hospitals.” Green products that are able to reduce energy consumption by a rate of 30.0 percent are gaining acceptance among hospitals that seek better energy management and smart systems that monitor energy usage.
Market Sectors
Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
- Administrative healthcare IT
- Clinical healthcare IT
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