Digital Health refers to the utilization of information and communication technologies in medicine and other health-related fields to control diseases and health risks and to encourage well-being. Regulatory Approved Apps refers to mobile applications, usually installed on a smart phone or tablet computer, that have been approved by the relevant national regulator to act as a medical device. GlobalData uses proprietary data and analytics to provide a comprehensive report on the regulatory approved apps market in South Korea. Buy the latest report here.
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Understanding market size can be crucial to evaluate opportunities and make informed decisions about market entry and exit. Medical device companies can identify attractive segments in respective markets as well as develop marketing strategies based on forecasts for those segments.
Regulatory Approved Apps are specifically developed for the iOS or android mobile phone platforms. Many require a prescription to access and qualify as digital therapeutics. This focus is on apps that are classified as medical devices and have an associated cost. It does not apply to the numerous contact-tracing and other public health apps that have been released during the COVID-19 pandemic. A software product that is intended to be used for medical purposes without requiring a hardware component. This is a relatively new classification being adopted by many regulators such as the FDA. It includes Clinical-Focused Apps and Indication Specific Apps. Clinical-Focused Apps are mobile based applications that are used by physicians and nurses to monitor the health status of their patients remotely. Indication Specific Apps are made to track precise health metrics that are extremely specific for a given disease even outside of clinical settings.
The regulatory approved apps market in South Korea can expand or contract due to a variety of reasons including population demographics, disease incidence and prevalence, macroeconomic issues, and geopolitical considerations. Disruption to a market could be caused by a sudden, unexpected change in these factors, but it could also be driven by changes in clinical practice, leading to a change in diagnosis or treatment of patients, as part of a process to generally improve medical practice.
For the latest analysis of the market size regulatory approved apps in South Korea, buy the report here.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData’s Medical Intelligence Center Market Models are the gold standard of medical device market valuation, company share estimation and market trend forecasting. GlobalData uses a patient-based forecast model or installed base methodology to determine the market size for therapeutic indications and capital equipment expenditures. Estimates are based on a number of sources, including primary research—KOL and industry contact interviews—and secondary research, such as company reports, press releases, published articles, proprietary databases, and general news media.
