South Korea Precision Medicine Market By Products & Services (Precision Medicine Platforms, Precision Medicine Tools, Precision Medicine Services), By Technology (Big Data Analytics, Artificial Intelligence, Bioinformatics, Whole Genome Sequencing, Companion Diagnostics, Next Generation Sequencing (NGS), Others), By Application (Oncology, Cardiology, Respiratory, Neurology, Immunology, Others), By
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationSouth Korea Precision Medicine Market By Products & Services (Precision Medicine Platforms, Precision Medicine Tools, Precision Medicine Services), By Technology (Big Data Analytics, Artificial Intelligence, Bioinformatics, Whole Genome Sequencing, Companion Diagnostics, Next Generation Sequencing (NGS), Others), By Application (Oncology, Cardiology, Respiratory, Neurology, Immunology, Others), By
South Korea Precision Medicine Market
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 the 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.
Around 15 clinical studies involving precision medicine were being carried out in South Korea as of February 3rd, 2023
Precision medicine’s innovation and commercialization in South Korea have been greatly aided by collaboration between companies and academics. New diagnostic, therapeutic, and molecular profiling technologies like Next Genome Sequencing (NGS), Liquid Biopsy, etc. have been made possible through partnerships between pharmaceutical, biotechnology, and academic institutions. The translation of scientific breakthroughs into real-world applications has been made possible by these collaborations, which have also sped up clinical research and validation research. The collaboration between academia and business provides a dynamic environment for the development of precision medicine, driving commercial expansion.
Precision medicine in South Korea will shortly experience an unprecedented shift caused by the application of artificial intelligence (AI) and machine learning algorithms. Large dataset analyses, such as those involving genomes, proteomics, and medical imaging data, may be improved by these technologies. Healthcare providers can find genetic alterations by utilizing AI and machine learning that may not be immediately apparent to human experts. This data-driven strategy may result in more precise diagnoses, individualized treatment recommendations, and better patient outcomes. A significant advance in South Korea's precision medicine industry will be the integration of AI and machine learning algorithms in systems that support clinical decisions.
In recent years, in South Korea, telemedicine and remote patient monitoring have become more popular, and their influence on precision medicine is expected to increase. With the use of these technologies, healthcare professionals can remotely monitor patients, gather health information, and deliver individualized interventions. Patients can get healthcare services via telemedicine without having to make in-person visits, including consultations and follow-ups. To monitor vital signs, the progression of the disease, and the effectiveness of treatment, remote patient monitoring utilizes wearable technology and sensors. Precision medicine will benefit from the integration of telemedicine and remote patient monitoring. This will increase the involvement of patients, increase access to healthcare, and make it easier to collect real-time data for individualized treatment decisions. The growth of South Korea precision medicine market, the market will face some significant challenges. These challenges include high cost of precision medicine, long production process and lack of skilled professionals (Biotechnologists or Scientists), data integration and interoperability issues, addressing privacy and ethical concerns, ensuring access to advanced technologies, establishing supportive regulatory frameworks, and enhancing physician awareness.
The integration and secure access of diverse healthcare data will be one of the most significant challenges for the South Korean industry for precision medicine. Data sharing and analysis are complicated by the frequent use of incompatible data formats and storage methods by various healthcare systems and organizations. The seamless flow of data is hampered by the absence of standardized protocols and interoperability, making it difficult to create the thorough patient profiles required for customized treatments. Establishing data standards, creating reliable platforms for data sharing, and ensuring secure and moral data governance are all necessary to meet this issue.
Genomic technology is one of the most important developments in South Korean precision medicine market. The genomics sector in South Korea is resilient, with numerous companies developing and offering innovative genetic testing services such as pharmacogenomics, prenatal genetic testing, cancer genomic profiling, among others. This comprises next-generation sequencing (NGS) and other cutting-edge approaches to analyzing genetic data. These technologies allow medical professionals to identify specific abnormalities in genes and biomarkers that can help patients receive personalized therapy.
Advanced imaging methods like positron emission tomography (PET) and magnetic resonance imaging (MRI) can give accurate information regarding the structure and functioning of bodily tissues and organs. These technologies can be used to identify and track a variety of illnesses and ailments and can be particularly useful in directing the use of precision medicine.
Additionally, South Korea is researching new precision medicine-related technologies like nanotechnology and gene editing. Advanced drug delivery systems and other medical technologies can be created using nanotechnology, which comprises the manipulation of materials at the nanoscale. On the other side, gene editing involves performing exact changes to a patient's DNA, possibly enabling the correction of genetic abnormalities that result in any disease.
Increasing Cases of Chronic Diseases
There is a growing need for targeted drugs and individualized treatment options owing to the rising prevalence of chronic diseases like diabetes, cardiovascular disease, and cancer. By finding accurate genetic mutations or biomarkers associated with these disorders, precision medicine has the potential to improve patient outcomes. Treatments are more effective and have fewer adverse reactions when they can be customized according to patient features and illness subtypes. Precision medicine is becoming a crucial part of illness management and treatment techniques in South Korea as the burden of chronic diseases rises.
Globocan reports that in 2020 there were 88597 cancer-related fatalities in South Korea and 230317 new instances of the disease.
Increasing R&D Activities Being a Significant Market Driver
The growth of the precision medicine market in South Korea is being substantially driven by the country's expanding research and development (R&D) activities. To encourage understanding as well as implementation of precision medicine principles, the government, academic institutions, and companies are making significant R&D investments. Innovations in genomics, data analytics, diagnostic technologies, and therapeutic treatments have been developed as a result of this increased emphasis on R&D.
The Seoul National University Hospital (SNUH) has made significant contributions to the advancement of healthcare and medicine. The Asan Medical Center (AMC) Cancer Institute in Seoul, South Korea's largest cancer treatment facility, collaborates closely with foreign partners to strengthen the country's position in precision cancer care. Approximately 8.8% of South Korea's GDP is dedicated to healthcare spending.
Market Segmentation
South Korea Precision Medicine Market can be segmented by products & services, by technology, by application, by end user and by region. Based on products & services, the market can be divided into Precision Medicine Platforms, Precision Medicine Tools, and Precision Medicine Services. Based on technology, the market is divided into Big Data Analytics, Artificial Intelligence, Bioinformatics, Whole Genome Sequencing, Companion Diagnostics, Next Generation Sequencing (NGS) and Others. Based on application, the market is divided into Oncology, Cardiology, Respiratory, Neurology, Immunology, and Others. Based on end user, the market is divided into
Market Players
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| Attribute | Details |
| Base Year | 2022 |
| Historic Data | 2018 – 2021 |
| Estimated Year | 2023 |
| Forecast Period | 2024 – 2028 |
| Quantitative Units | Revenue in USD Million, and CAGR for 2018-2022 and 2023-2028 |
| Report coverage | Revenue forecast, volume forecast, company share, competitive landscape, growth factors, and trends |
| Segments covered | By Products & Services By Technology By Application By End User By Region |
| Regional scope | North; South; Central |
| Key companies profiled | IBM Korea Inc, AstraZeneca Korea Co Ltd, Agilent Technologies Korea Ltd., Novartis Korea Ltd, Thermo Fisher Scientific Inc., QIAGEN N.V. |
| Customization scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. Explore purchase options |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
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