South Korea Life Science Tools Market Assessment, By Type [Instruments, Consumables], By Application Area [Genomics, Proteomics, Cell Biology, Others], By Technology [Chromatography, Cell Culture, Microscopy, Sequencing Methods, Separation Technologies, F

South Korea Life Science Tools Market Assessment, By Type [Instruments, Consumables], By Application Area [Genomics, Proteomics, Cell Biology, Others], By Technology [Chromatography, Cell Culture, Microscopy, Sequencing Methods, Separation Technologies, Flow Cytometry, Spectroscopy, Others], By End-user [Biopharmaceutical Companies, Healthcare Organizations, Industrial Applications, Others], By Region, Opportunities and Forecast, 2017-2031F

South Korea augmented reality in healthcare market is projected to witness a CAGR of 26.60% during the forecast period 2024-2031, growing from USD 137.63 million in 2023 to USD 908.03 million in 2031. The South Korea augmented reality in healthcare market is expected to witness significant growth in the coming years due to the rapid adoption of advanced technologies for treatment and training purposes by the healthcare industry, supportive government policies, and rising investments towards research and development activities.

Augmented reality (AR) is being adopted for various surgical procedures and patient care processes in South Korea due to the precision provided by the technology and its patient-centric features. With a powerful technological infrastructure combined with one of the most developed healthcare systems, the country also stands at the frontline of global developments in the AR in healthcare sector. The proactive positioning of the government of South Korea to embrace innovation, along with massive investments currently being made in digital healthcare technologies, are further accelerating the adoption of AR in healthcare in the country.

The growing demand for AR in healthcare can also be attributed to better learning experiences and enhanced patient outcomes. In medical education, AR provides an immersive learning environment where medical students and professionals can interact with detailed anatomical models, which aids them in gaining a deeper understanding of human pathology and physiology. In the coming years, the integration of AR with other emerging technologies, such as artificial intelligence (AI) and 5G is also expected to ensure a wider applicability of the technology in the healthcare sector.

Additionally, the growing efforts of different educational institutions to apply ‘Metaverse’ to practical education also bolsters the South Korea augmented reality in healthcare market’s demand. The Seoul National University College of Medicine and MEDICAL IP are nurturing medical professionals with the help of AR and virtual reality (VR) for lectures and AI-based medical image 3D analysis technology. The curriculum of the university allows students to practice different procedures and conduct research activities by using 3D printing technology and 3D image software. Such introductions in educational institutions are expected to provide lucrative growth opportunities to the South Korea augmented reality in healthcare market.

Supportive Government Initiatives Boost Market Expansion

The growing efforts of the government of South Korea to support innovations in the healthcare sector are positively influencing the market’s expansion. The government is heavily investing towards the deployment and development of AR technologies in healthcare and supporting public-private partnerships to bolster the commercialization of different AR technologies and solutions. Additionally, the increasing investments by the government to enhance the healthcare sector in South Korea are also providing lucrative growth opportunities to the market. In February 2024, the South Korean government announced an investment of USD 7.5 billion (10 trillion won) towards essential medical support over the course of the next five years.

Increasing Emphasis on Healthcare Sector Supports Market Expansion

The increasing initiatives and investments by the government to meet the evolving requirements of the patients and address the shortage of medical professionals and technologies are expected to boost the South Korea augmented reality in healthcare market’s growth. The Ministry of Health and Welfare announced its plans for improving the quality of medical care provided to patients and addressing the shortage of medical professionals at the public discussion on the healthcare reform at Seoul National University Bundang Hospital in February 2024. Such measures are expected to bolster the utilization of novel technologies, including AR, for medical training to ensure that medical professionals can treat patients in an effective and efficient manner. Furthermore, the government also decided to address the estimated shortage of doctors by 2035 by increasing the medical school admissions from 2024, boosting the support for training costs for pediatricians, and expanding it to include surgery and the department of gynecology. Such activities are expected to propel the market demand and provide lucrative growth opportunities for the market in the coming years.

Medical Training Holds Significant Market Share

Various medical training and educational programs are being introduced in the country to overcome the challenges presented by conventional methods. Immersive platforms can merge virtual reality (VR) and AR and offer a dynamic space for students. The integration

of AR with medical training also improves the learning experience by providing an immersive and rich environment that reshapes the boundaries between the virtual realm and real life, aiding medical professionals to navigate complex cases with ease. Furthermore, AR also provides real-time feedback, allowing medical professionals to receive immediate insights about their performance and actions through virtual aids; the immediate insights have been proven to be invaluable as they foster improvement in learning and result in prompt addressing of errors. Additionally, AR-based educational and training programs are also being considered alternatives for traditional training programs that have insufficient resources.

Hospitals and Clinics Account for Major Market Share

The increasing deployment of new technologies by different hospitals in the country is supporting the segment’s expansion and providing lucrative growth opportunities to the market. In August 2022, Chosun University Hospital in Gwangju partnered with Deltoid to set up a virtual hospital in the metaverse so that doctors can interact with patients with the help of avatars and attract foreign patients. Medical professionals are able to easily interact with patients by using VR and AR devices. Such developments are expected to ensure that patients in remote locations are able to access quality healthcare services and enhance their convenience while bridging the gap between offline and online spaces.

Future Market Scenario (2024-2031F)

As per the South Korea augmented reality in healthcare market analysis, the market is expected to witness significant growth opportunities in the coming years due to rising investments in the healthcare sector, expansion of the aging population, and growing efforts to improve the quality of care provided to patients.

As per the estimates of The Lancet Regional Health, South Korea has the lowest birth rate in the world and is one of the fastest aging populations. Approximately 20% of the population is expected to be 60 or older by 2025, and the proportion is expected to rise to 44% by 2050.

The rising efforts of the government to boost investments for startups in the domain of digital health and support the digital maturity of major hospitals are also expected to provide lucrative growth opportunities to the market.

Key Players Landscape and Outlook

Mergers and acquisitions are supporting the growth of South Korea augmented reality in healthcare market by allowing key market players to focus on the development of new technologies. In February 2024, CAE Inc. announced the closing of the sale of their healthcare business at USD 230 million to Madison Industries. The Montreal-based CAE Healthcare, Inc., now known as Elevate Healthcare, Inc., perfectly aligns with the goal of Madison Industries to provide cutting-edge medical training and simulations and expand its portfolio of medical solutions.

The growing efforts of the market players to boost the introduction of novel products to aid medical professionals are also providing lucrative growth opportunities to the market. In June 2024, GE Healthcare Technologies, Inc. and MediView XR, Inc. announced that the OmnifyXR Interventional Suite System, which was co-developed by the companies, was successfully used for clinical purposes for the first time.