The turnover in hospital activities in South Korea has experienced significant fluctuations over the past decade. From 2013 to 2014, the turnover soared by 73.96%, marking a peak in 2014. However, subsequent years saw a notable decline, with a marked fall of 17.82% in 2015 and 20.84% in 2017. The turnover further declined by 20.68% in 2018, demonstrating a downward trend.
In recent years, the turnover stabilized somewhat, yet remained on a gradual downward trajectory, with a 2.57% decline in 2023, bringing it to 131.57 Billion South Korean Wons. The last five years yielded a compounded average growth rate (CAGR) of -0.43%, pointing towards a sustained contraction in the market.
Looking forward, the forecast indicates a continuation of this trend, with an expected CAGR of -2.36% over the next five years, translating to an overall decrease of 11.23% by 2028.
Future trends to watch for include technological advancements in healthcare, governmental policy changes, and demographic shifts which could potentially impact hospital turnovers. Monitoring these factors will be crucial to understand and predict the market dynamics better.
