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South Korean Hospital Information Systems Markets
Frost & Sullivan, April 2006
This Frost & Sullivan research service titled South Korean Hospital Information Systems Markets. It provides an overview of South Korean healthcare market and lists the major drivers, restraints, and challenges influencing vendors in the South Korean HIS markets. Further, it presents revenue forecasts pertaining to the HIS markets and offers strategic recommendations to help capitalize on market growth. In this research service, Frost & Sullivan's expert analysts thoroughly examine the following markets/applications/technologies: hospital information system (HIS) and its segments, administrative HIS and clinical HIS
Market Sectors
Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
By application:
- Hospital information system (HIS)
- Administrative HIS
- Clinical HIS
Technologies
The following technology is covered in this research:
Hospital Information Systems (HIS): These are defined as all software and systems applications used in the administrative/business settings as well as clinical environments, which include integrated delivery networks, acute hospitals, secondary hospitals, primary care centers, freestanding medical centers, diagnostic centers, and group practices.
Market Overview
Government Initiatives Driving Healthcare Information Technology
In keeping with its status as one of the fastest growing economies in the world, South Korea spends an estimated $49 billion on healthcare each year. This figure is expected to further grow at an annual rate of 13.0 percent, largely benefiting hospital information systems (HIS) markets in South Korea. Key drivers responsible for the growth of the HIS markets include the nationwide medical insurance program and extensive government support through regulations and legislations.
South Korean health care system is predominantly driven by the private sector. Private hospitals and clinics account for 92.6 percent of all medical facilities in terms of the number of facilities and 87.4 percent in terms of the number of beds. The government is looking to mobilize direct foreign investment in the healthcare industry, and as new opportunities (such as privatization of facilities) occur, it hopes to attract a further $15 billion toward the reinforcement of the country’s healthcare facilities by 2010. Further, the South Korean Government is also actively encouraging the uptake of advanced technologies and facilities in the healthcare delivery structure, notes the analyst of this research service. For instance, the subsidies given to digital radiology departments for examination is much higher when compared to those offered to conventional imaging services and as a result, around 60.0 percent of the large teaching hospitals have turned completely filmless.
Regulations - Providing the Growth Impetus
In keeping with the South Korean Government’s initiatives to modernize its healthcare delivery, the Ministry of Health and Welfare (MOHW) is fast exploring ways of using information technology to improve medical insurance services and ensure operational efficiency. In March 2002, the South Korean Government revised the Medical Act, enabling the use of electronic order communications, electronic medical records (EMR) by doctors. This law took effect in March 2003 and since then its new provisions have been promoting as well as accelerating the implementation of novel medical information systems such as the total hospital information systems and EMR for the coming years in South Korean hospitals.
Most of the South Korean hospitals with more than 100 beds are in the process of installing HIS, as a result the South Korean HIS market holds a huge market potential, says the analyst. New regulations necessitating the conversion of paper records to the electronic form are likely to catalyze market growth and this, undoubtedly, is expected to lead to increased demand for medical IT equipment and systems in South Korea.
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