Connected Biosensors - South Korea

South Korea

Highlights

The South Korean market for Connected Biosensors is projected to reach a revenue of ₩US$152.60m in 2024.
It is expected to experience an annual growth rate of 3.76% (CAGR 2024-2029), resulting in a projected market volume of ₩US$183.60m by 2029.
The user penetration rate is estimated to be 3.00% in 2024 and is projected to increase to 3.16% by 2029.
The average revenue per user (ARPU) is expected to be ₩US$98.39.
In comparison to other countries, China is anticipated to generate the highest revenue, amounting to ₩US$4.49bn in 2024.
South Korea is at the forefront of the Connected Biometric Sensors market in the Digital Health industry, with its innovative technology and extensive healthcare infrastructure.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Connected Biosensors market in South Korea is experiencing significant growth and development.

Customer preferences: South Korean consumers are increasingly seeking out innovative healthcare solutions that offer convenience and real-time monitoring capabilities. The demand for connected biosensors such as smart thermometers, blood glucose meters, blood pressure meters, and social alarms is on the rise as individuals look for ways to easily track their health metrics and share data with healthcare providers.

Trends in the market: One key trend in the South Korean Connected Biosensors market is the integration of advanced technologies such as artificial intelligence and machine learning. These technologies enable the devices to provide personalized health insights and predictive analytics, enhancing the overall user experience. Additionally, there is a growing emphasis on the design and aesthetics of connected biosensors to appeal to tech-savvy consumers in South Korea.

Local special circumstances: South Korea has a strong culture of early technology adoption, which is driving the rapid adoption of connected biosensors in the market. The country also has a well-established healthcare system that is increasingly leveraging digital health solutions to improve patient outcomes and reduce healthcare costs. Moreover, the government in South Korea is actively promoting the use of digital health technologies, creating a conducive environment for the growth of the Connected Biosensors market.

Underlying macroeconomic factors: The robust economic growth in South Korea, coupled with high levels of disposable income among its population, is fueling the demand for connected biosensors. Additionally, the increasing prevalence of chronic diseases such as diabetes and hypertension in the country is driving the need for continuous health monitoring solutions, further boosting the market for smart healthcare devices. The favorable regulatory environment and strong technological infrastructure in South Korea are also contributing to the expansion of the Connected Biosensors market in the country.

Data coverage:

The data encompasses B2C enterprises. Figures are based on revenues and user data of relevant mobile applications and consumer electronics companies.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players, industry reports, third-party reports, and survey results from primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, population, internet penetration, smartphone penetration, consumer spending, and healthcare spending. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.