South Korea's telemedicine market projected to reach $3.46b by 2029

It is driven by the increased healthcare demand due to an aging population and rising chronic disease.

South Korea's telemedicine market, valued at $2.02b in 2023, is expected to grow to $3.46b by 2029, achieving a compound annual growth rate (CAGR) of 9.39%. 

Key drivers of this growth include increased healthcare demand due to an aging population and rising chronic diseases, which are driving the need for accessible medical care. 

Technological advancements, such as the rise of mobile apps and high-speed internet, are enabling seamless remote consultations.

Government support through favorable policies and reimbursement frameworks, especially during the COVID-19 pandemic, has accelerated the adoption of telehealth services. 

Additionally, telemedicine offers a more affordable alternative to traditional healthcare, attracting more patients, while improved patient outcomes from timely access to care lead to better disease management and health results. 

Moreover, there is also a significant shift toward preventive care, with telemedicine facilitating regular health check-ups and screenings that promote early disease detection. 

Increased internet connectivity and smartphone use are also enhancing access to telemedicine services.