South Korea Artificial Intelligence (AI) in Healthcare Market Value - By Offering (Software, Hardware, and Services), By Technology (Context-aware Computing, Machine Learning, NLP, Computer Vision), By Application (Patient Data & Risk Analysis, Medical Imaging & Diagnostics, Precision Medicine, Drug Discovery, Lifestyle Management & Monitoring, Virtual Assistant, Wearable’s, In-patient Care & Hospital Management, Research, Emergency Room & Surgery, Mental Health, Healthcare Assistance Robots, Cyber security), By End User (Hospitals & healthcare providers, Healthcare Payers, Pharmaceuticals & Biotechnology Companies, Patients), and By Industry Analysis, Size, Share & Forecast, 2023 – 2032

MVI Statistics and Viewpoints:

• South Korea Artificial Intelligence (AI) in Healthcare market size exceeded USD 0.1 Billion in 2022. 
• The market is expected to showcase a CAGR of over 37.2% from 2023 to 2032. 
• By the end of the forecast period, the market is anticipated to reach a valuation of around USD 2.36 Billion.

Manufacturers are focusing on developing AI systems that prioritize patient privacy, security, and compliance with data protection laws. Maintaining public trust requires ensuring that AI technologies follow ethical guidelines and regulatory standards. With the integration of AI technologies, the South Korean AI in Healthcare market is undergoing a transformative shift. Manufacturers are committed to utilizing artificial intelligence's potential to improve medical diagnostics, personalized treatment, drug discovery, remote patient monitoring, predictive analytics, and healthcare administration. 

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Market Overview:

The South Korean artificial intelligence (AI) in healthcare market is expanding rapidly as technological advancements collide with the changing needs of the healthcare sector. Through data-driven insights and automation, AI is transforming healthcare by improving diagnostics, treatment, and patient care. AI technologies such as machine learning, natural language processing, and predictive analytics are reshaping the way healthcare is delivered in South Korea. South Korea has made substantial investments in artificial intelligence (AI) research and deployment in medical care. AI in healthcare in South Korea refers to the use of AI-powered medical imaging technology. Another application of AI in South Korea's healthcare system is the development of individualized treatment plans based on large amounts of patient data analysis. AI is being used to develop predictive models that can identify individuals who are predisposed to certain diseases. South Korea has also been working to develop AI-powered robots that can assist medical professionals by delivering medication, providing companionship to elderly patients, and assisting with tasks such as cleaning and sterilization. Furthermore, startups like AIRS Medical are investing in AI-based diagnostic tests and robotics technologies in order to improve clinical outcomes.

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Drivers:

• Government Initiatives and Support: Through policies, funding, and regulatory support, the South Korean government has actively promoted digital healthcare transformation, including AI integration. Collaboration between technology companies and healthcare institutions is encouraged through initiatives such as the "Smart Healthcare R&D" programed.
   
• Advanced Diagnostics and Imaging: AI is transforming medical diagnostics by allowing for more accurate and efficient analysis of medical images like X-rays, MRI scans, and CT scans. AI algorithms' ability to detect subtle abnormalities and patterns that human eyes may miss is driving their integration into diagnostic workflows.
   
• Remote Patient Monitoring: The rise of telemedicine and remote healthcare has fueled demand for AI-powered wearable devices and applications. These tools allow for continuous monitoring of patients' vital signs and health metrics, allowing for the early detection of health issues and prompt interventions.

Restraints:

• Lack of Standardization: The lack of standardized AI protocols and benchmarks in healthcare can make it difficult to compare and validate AI models across different healthcare settings. This lack of standardization can stymie collaboration and limit the spread of AI solutions.

By Technology Synopsys:                      

The South Korea market is classified by technology into machine learning, NLP, context-aware computing, and computer vision. Among these segments, the machine learning segment is expected to grow at the highest pace in the South Korea market during the forecast period. The machine learning segment in the South Korean artificial intelligence (AI) in healthcare market involves the application of algorithms that allow systems to learn from data and improve their performance over time. Medical image analysis, disease prediction, patient risk assessment, and drug discovery are all examples of how machine learning is used. Machine learning models can detect patterns, correlations, and anomalies in medical data, resulting in more precise diagnoses and treatment recommendations.

By Offering Synopsys:

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The South Korea market is classified by offering into hardware, software, and services. Among these segments, the software segment is expected to grow at the highest pace in the South Korea market during the projected timeframe. This is due to the fact that software is at the heart of AI implementation, powering applications like medical image analysis, predictive analytics, clinical decision support, and patient data management. Healthcare providers can use AI software solutions to improve diagnostics, treatment planning, and patient care by harnessing the power of AI algorithms.

Key Development:

• In August 2022, South Korean healthcare startup AIRS Medical has received approximately $20 million in Series B funding. AIRS Medical, founded in October 2018 by Seoul National University graduates, is an initial operations that uses digitalized, AI-based diagnostic tests and robotics technologies to improve clinical outcomes for both patients and healthcare providers.

Key Companies:

• IBM Watson Health
• Philips Healthcare
• NEUROLOGICAL CORPORATION - Samsung Electronics
• Microsoft Healthcare
• LG CNS (KOR)
• Hancom Healthcare (KOR)
• VUNO (KOR)
• Lunit (KOR)
• AIRS Medical (KOR)
• Others

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In-depth analysis of South Korea Artificial Intelligence (AI) in Healthcare Market along with industry coverage and forecasting for the following segments:

Market Size, By Offering

• Hardware
• Software
• Services

Market Size, By Technology

• Machine Learning
• NLP
• Context-aware Computing
• Computer Vision

Market Size, By Application

• Patient Data & Risk Analysis
• Medical Imaging & Diagnostics
• Precision Medicine
• Drug Discovery
• Lifestyle Management & Monitoring
• Virtual Assistant
• Wearables
• In-patient Care & Hospital Management
• Research
• Emergency Room & Surgery
• Mental Health
• Healthcare Assistance Robots
• Cyber security

Market Size, By End User

• Hospitals & healthcare providers
• Healthcare Payers
• Pharmaceuticals & Biotechnology Companies
• Patients
• Others