|
Forecast
Period
|
2026-2030
|
|
Market
Size (2024)
|
USD
2.15 Billion
|
|
Market
Size (2030)
|
USD
6.14 Billion
|
|
CAGR
(2025-2030)
|
19.11%
|
|
Fastest
Growing Segment
|
Precision
Medicine Platforms
|
|
Largest
Market
|
Northern
|
Market Overview
South
Korea Precision Medicine Market was valued at USD 2.15 billion in 2024 and is
expected to reach USD 6.14 billion by 2030 with a CAGR of 19.11% during the
forecast period. This can be ascribed to the growing technological advancements
in the production of precision medicine and increasing cases of cancer.
South
Korea has seen substantial growth in the rapidly evolving field of precision
medicine. Based on a patient's biological makeup, lifestyle, and environmental
circumstances, precision medicine seeks to customise medical treatments for
each individual patient.
Precision
medicine has experienced an unprecedented shift in South Korea due to
developments in genomes and omics technologies. A huge quantity of genomic data
can now be more easily analysed by researchers and healthcare professionals.
This has created a way for treatments that are specifically tailored to a
patient's genetic profile. The development of precision medicine in the country
is being fueled by the integration of genomes with additional omics data, such
as proteomics and metabolomics, which has improved the understanding of disease
and treatment response.
In
addition, cancer biology is evolving because of increased investment in
research and development for high-quality precision therapy. Around 15
clinical studies involving precision medicine were being carried out in South
Korea as of February 3rd, 2023.
Key Market Drivers
Robust
Government Support and Strategic Investment in R&D
The
South Korean government has been instrumental in propelling the precision
medicine sector through substantial investments and supportive policies.
Initiatives like the “Digital New Deal” have emphasized the integration of
advanced technologies into healthcare, fostering an environment conducive to
precision medicine. This includes the expansion of telemedicine, electronic
health records (EHR), and AI-driven healthcare platforms.
Furthermore,
the Ministry of Science and ICT's Bio-Venture Support Program provides
financial assistance to early-stage life sciences startups, aiming to nurture
innovative ideas and technologies in the field. Such programs have been pivotal
in accelerating research and development activities, particularly in genomics,
data analytics, and diagnostic technologies. Leading institutions like Seoul
National University Hospital and Asan Medical Center have made significant
contributions, with the latter collaborating closely with international
partners to enhance precision cancer care.
These
concerted efforts have positioned South Korea as a burgeoning hub for precision
medicine, with the government's commitment to fostering innovation playing a
central role in the sector's growth.
Integration of Artificial Intelligence and
Big Data Analytics
The
incorporation of artificial intelligence (AI) and big data analytics into
healthcare has been a significant driver of precision medicine in South Korea.
AI and machine learning algorithms enhance the analysis of large datasets,
including genomic, proteomic, and medical imaging data, leading to more
accurate diagnoses and personalized treatment plans.
The
government's support for AI integration is evident in initiatives like the “1st
Comprehensive Plan for Development and Support for the Medical Devices Industry
(2023-2027),” which aims to foster AI development in the medical sector. Such policies have encouraged
collaborations between academic institutions, healthcare providers, and
technology companies, facilitating the development of AI-powered diagnostic
tools and treatments tailored to individual genetic profiles.
These
advancements not only improve patient outcomes but also enhance the efficiency
of healthcare delivery, underscoring the critical role of AI and big data in
the evolution of precision medicine in South Korea.
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Key Market Challenges
High
Costs and Limited Accessibility of Precision Medicine
Despite
the advancements in precision medicine, high costs remain a significant barrier
to its widespread adoption in South Korea. The development and implementation
of precision medicine require substantial investment in companion diagnostics,
genetic testing, and specialized equipment, making treatments expensive.
Healthcare
professionals have expressed concerns that the high costs may limit access to
precision medicine, particularly for patients without comprehensive insurance
coverage. This financial barrier could exacerbate health disparities, as only a
subset of the population may afford these advanced treatments.
Addressing
this challenge requires policy interventions to subsidize costs, expand
insurance coverage for precision medicine services, and invest in
cost-effective technologies to make personalized healthcare more accessible to
the broader population.
Data
Integration and Interoperability Issues
Effective
precision medicine relies on the seamless integration of diverse healthcare
data, including genetic information, medical histories, and treatment
responses. However, South Korea faces challenges related to data integration
and interoperability. Healthcare systems and organizations often use
incompatible data formats and storage methods, hindering the seamless flow of
information necessary for creating comprehensive patient profiles.
The
lack of standardized protocols and interoperability complicates data sharing
and analysis, impeding the development of personalized treatment plans.
Furthermore, concerns about data privacy and security add another layer of
complexity to data integration efforts. To overcome these challenges, it is
essential to establish data standards, develop reliable platforms for data
sharing, and ensure secure and ethical data governance. Government
initiatives aimed at digitalizing healthcare systems, such as the “Digital New
Deal,” are steps in the right direction, but continued efforts are necessary to
fully address these issues.
Key Market Trends
Expansion of Telemedicine and
Remote Patient Monitoring
The
COVID-19 pandemic accelerated the adoption of telemedicine and remote patient
monitoring in South Korea, trends that continue to influence the precision
medicine landscape. These technologies enable healthcare professionals to
remotely monitor patients, gather health information, and deliver
individualized interventions without the need for in-person visits.
The
integration of wearable technology and sensors allows for continuous monitoring
of vital signs, disease progression, and treatment effectiveness. This
real-time data collection is invaluable for precision medicine, facilitating
personalized treatment decisions and improving patient engagement. The
government's emphasis on digitalizing healthcare systems, as seen in the
“Digital New Deal,” supports the expansion of telemedicine infrastructure and
services. As telemedicine becomes more prevalent, it is expected to play a
significant role in enhancing access to precision medicine, particularly for
patients in remote or underserved areas.
Advancements in Genomic
Technologies and Personalized Therapies
South
Korea has witnessed significant advancements in genomic technologies, which are
central to the development of personalized therapies in precision medicine. The
country's resilient genomics sector includes numerous companies offering
innovative genetic testing services such as pharmacogenomics, prenatal genetic
testing, and cancer genomic profiling.
Technologies
like next-generation sequencing (NGS) have become more accessible, allowing for
the identification of specific genetic abnormalities and biomarkers that inform
personalized treatment plans. The government's investment in research and
development has facilitated these advancements, with approximately 8.8% of
South Korea's GDP dedicated to healthcare spending.
These
developments have not only improved diagnostic accuracy but also enabled the
creation of targeted therapies, enhancing the effectiveness of treatments and
reducing adverse effects. As genomic technologies continue to evolve, they are
expected to further solidify South Korea's position in the global precision
medicine market.
Segmental Insights
Product & Services Insights
Based
on Product & Services, Precision Medicine Services currently holds the
largest market share under the product and services category. This segment
includes a wide array of offerings such as genetic testing services, molecular
diagnostics, bioinformatics support, personalized treatment planning, and
clinical decision-making assistance. The dominance of this segment is largely
attributed to the rapid uptake of clinical genetic testing and personalized
oncology services across major hospitals and diagnostic laboratories throughout
the country. South Korea's advanced healthcare infrastructure and growing emphasis
on personalized patient care have made these services an integral part of
clinical workflows, particularly in managing cancer, rare genetic disorders,
and chronic diseases.
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Regional Insights
Based
on the Region, The Northern region of South Korea, which includes the Seoul
Capital Area—namely Seoul, Incheon, and Gyeonggi Province—holds the largest
share of the country’s precision medicine market. This dominance is driven by
the region's dense population, high concentration of advanced hospitals, and
strong presence of academic research institutions. Renowned medical centers
such as Asan Medical Center, Seoul National University Hospital, and Samsung
Medical Center are in this region and are at the forefront of adopting
precision medicine approaches, particularly in oncology and genetic
diagnostics. These institutions often collaborate with biotech firms and
universities, fostering innovation and rapid clinical translation of genomic
research.
Key Market Players
- IBM Korea Inc.
- AstraZeneca Korea Co. Ltd.
- Agilent Technologies Korea Ltd.
- Novartis Korea Ltd
- Thermo Fisher Scientific Inc.
- QIAGEN N.V.
|
By Product & Services
|
By Technology
|
By Application
|
By End User
|
By Region
|
- Precision
Medicine Platforms
- Precision
Medicine Tools
- Precision
Medicine Services
|
- Big
Data Analytics
- Artificial
Intelligence
- Bioinformatics
- Whole
Genome Sequencing
- Companion
Diagnostics
- Next
Generation Sequencing (NGS)
- Others
|
- Oncology
- Cardiology
- Respiratory
- Neurology
- Immunology
- Others
|
- Pharmaceutical
and Biotechnology Companies
- Healthcare
IT
- Diagnostic
Companies
- Clinical
Research Organization
- Research
Institutes
|
|
Report Scope:
In this report, the South Korea Precision Medicine Market
has been segmented into the following categories, in addition to the industry
trends which have also been detailed below:
- South Korea Precision Medicine Market, By Product & Services:
o Precision Medicine Platforms
o Precision Medicine Tools
o Precision Medicine Services
- South Korea Precision Medicine Market, By Technology:
o Big Data Analytics
o Artificial Intelligence
o Bioinformatics
o Whole Genome Sequencing
o Companion Diagnostics
o Next Generation Sequencing (NGS)
o Others
- South Korea Precision Medicine Market, By Application:
o Oncology
o Cardiology
o Respiratory
o Neurology
o Immunology
o Others
- South Korea Precision Medicine Market, By End User:
o Pharmaceutical and Biotechnology Companies
o Healthcare IT
o Diagnostic Companies
o Clinical Research Organization
o Research Institutes
- South Korea Precision Medicine Market, By
Region:
o Northern
o Southern
o Central
Competitive Landscape
Company Profiles: Detailed analysis of the major companies presents in the South
Korea Precision Medicine Market.
Available Customizations:
South Korea Precision Medicine Market report
with the given market data, TechSci Research offers customizations according
to a company's specific needs. The following customization options are
available for the report:
Company Information
- Detailed analysis and profiling of additional
market players (up to five).
South Korea Precision Medicine Market is an
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report or want to confirm the date of release, please contact us at sales@techsciresearch.com