The data indicates a steady growth in the number of hospitals in South Korea from 2013 to 2023, reaching 4.48 thousand establishments by 2023. The year-on-year growth fluctuated, with notable jumps such as 6.43% in 2014 and more modest rises in subsequent years. Over the last two years, the year-on-year variations were 3.44% in 2022 and 3.25% in 2023. The compound annual growth rate (CAGR) averaged 2.67% over the last five years. Moving forward, the forecast suggests continued growth, with the number of hospitals expected to hit 5.17 thousand by 2028, reflecting a forecasted 5-year CAGR of 2.26% and an overall growth rate of 11.84% over this period.
Future trends to watch for:
- Accelerated growth due to population aging and healthcare demand.
- Increased investment in healthcare infrastructure and technology.
- Shift towards specialized and multi-functional hospital facilities.