The health expenditure in South Korea has shown a steady increase from 7.2% of GDP in 2013 to 8.67% of GDP in 2023. The year-on-year growth rates have seen a gradual decline, from 2.63% in 2013 to 1.56% in 2023. The compound annual growth rate (CAGR) also followed a decreasing trend, dropping from 3.17% to 1.68% over the same period. Notably, recent years indicate a continued but slightly decelerated growth pattern. Forecasted data suggests that health expenditure will reach 9.29% of GDP by 2028, with a forecast 5-year CAGR of 1.1% and a 5-year growth rate of 5.64%.
Future trends to watch for:
- Impact of aging population on healthcare spending.
- Potential policy changes affecting healthcare funding.
- Technological advancements and their cost implications.
- Long-term effects of the COVID-19 pandemic on healthcare systems.
