With a market estimated at GBP 2.4 billion in 2015 and expected to reach GBP 4.4 billion by 2020, the digital healthcare market in Korea is growing rapidly. With active support from the government, the next several years will see an increase in the commercialisation of smart healthcare products and services in both the domestic marketplace and in consumer goods developed in Korea for international markets.
South Korea offers strong opportunities for UK digital healthcare companies with the government, major hospitals, large conglomerates and a growing number of tech start-ups all investing heavily in the field. The country is grappling with rapidly-increasing medical costs due to its ageing population and an increased rate of chronic disease and this, coupled with its highly-developed ICT infrastructure and willingness to embrace new technologies, makes Korea an attractive market for UK digital healthcare businesses.
There is a growing awareness in Korea that the UK is a world leader in the field of digital health, particularly genomics and smart healthcare, so British companies with the right go-to-market strategy should find a warm reception among potential Korean customers and partners.