The Russian seventh seed, who reached the final of the tournament in 2021 and 2022, was unable to cope with Korda's game in the defeat at the Rod Laver Arena.
"Matches like this are tough because what I can say is that he played his good level, maybe a little bit better than his good level. I played not at all bad, but just a little bit below what I had to do to win," Medvedev told reporters.
"That's tough because probably that's something about confidence, like being in the zone, and I wasn't there tonight. Like all the close points, I didn't win that many with like those beautiful rallies. He was winning a little bit more...
"I think it was a top match where he was just better than me. I won many matches like this. Right now I'm struggling a little bit to win these kind of matches against opponents that can play a good level. That's what I have to rediscover."
As an example of his current inability to grind out hard-fought wins, Medvedev pointed to his victories against Nick Kyrgios (27), Felix Auger-Aliassime (22) and Stefanos Tsitsipas (24) at last year's tournament, which all came despite him dropping a set.
When asked what had been going wrong, Medvedev added, "...mostly the result. Even if we take last year, so basically the matches against Nick, Felix, and Stefanos, kind of tough matches. You know, you cannot really explain it.
"If we talk point by point, yes, this point I won, that point I won, I won the matches. It's just I was, like, there on the court. I felt that there was a big chance I'm winning these matches. My shots are there. I'm doing the right thing...
"And today was a little bit different where he was on top of me all the time and I was, like, trying to come back every set, trying to fight, trying to be there."
Medvedev underwent treatment on his right hand during the match, but said the injury was not serious although it did affect his game.
"Actually, I think on the serve it was bothering me a little bit," Medvedev said.
"So, yeah, a little bit not easy because I don't know where did it come from. We were working a lot on it before the match, but it didn't go away. Definitely nothing serious. Otherwise, I would not be able to play."
