Forecast: Output of Healthcare in South Korea

The output of healthcare in South Korea has demonstrated a consistent upward trend from 2015 to 2023, with a few slight fluctuations. The period started at 98.924 trillion South Korean Wons in 2015 and reached 146.8 trillion in 2023. Analyzing year-on-year variations, significant growth was observed in 2016 at 6.74%, 2017 at 10.91%, and 2019 at 10.74%. A slight decline was noted in 2020 by -0.85% due to extraordinary circumstances. The recent annual average growth rate (CAGR) for the last five years stands at 1.41%, whereas the forecast for the next five years predicts a modest CAGR of 1.59%.

Looking forward, future trends to watch for include the impacts of an aging population, advancements in medical technology, and healthcare policy reforms. Additionally, increased investment in healthcare infrastructure and services will play a crucial role in shaping the future output of the sector in South Korea.