Market Size of South Korea Blood Glucose Monitoring Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 228.84 Million |
| Market Size (2029) | USD 288.05 Million |
| CAGR (2024 - 2029) | 8.10 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South Korea Blood Glucose Monitoring Market Analysis
The South Korea Blood Glucose Monitoring Market size is estimated at USD 228.84 million in 2024, and is expected to reach USD 288.05 million by 2029, growing at a CAGR of 8.10% during the forecast period (2024-2029).
The blood glucose device market in South Korea has experienced significant growth in recent years, largely driven by the increasing population of individuals with diabetes. Similar to other developed countries, South Korea has witnessed a rise in diabetes prevalence due to factors such as an aging population, urbanization, and changes in lifestyle habits including dietary patterns and reduced physical activity.
With the rising number of diabetes diagnoses in South Korea, there is a growing demand for blood glucose monitoring devices to aid patients in effectively managing their condition. These devices play a crucial role in diabetes management by allowing individuals to regularly monitor their blood sugar levels and make informed decisions regarding their diet, exercise, and medication adjustments.
The South Korean blood glucose device market offers a wide range of products, including traditional blood glucose meters, continuous glucose monitoring (CGM) systems, and flash glucose monitoring systems. Traditional blood glucose meters remain popular among many patients due to their affordability and ease of use. However, there has been an increasing interest in CGM systems, which provide continuous, real-time glucose monitoring without the need for frequent fingerstick tests.
The growing adoption of blood glucose monitoring devices in South Korea signifies a shift towards personalized and proactive approaches to diabetes management. These devices not only assist individuals with diabetes in maintaining better control of their blood sugar levels but also empower them to make lifestyle changes that can reduce the risk of diabetes-related complications in the long run.
Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period.
South Korea Blood Glucose Monitoring Industry Segmentation
Continuous glucose monitoring (CGM) systems, another type of blood glucose monitoring device, provide real-time glucose readings throughout the day via a sensor inserted under the skin, transmitting data wirelessly to a receiver or smartphone app. These devices play a crucial role in helping individuals with diabetes make informed decisions about their diet, medication, and lifestyle to maintain optimal blood sugar control and prevent complications associated with the disease. South Korea Blood Glucose Monitoring Market is segmented into type and component. The report offers the value (in USD) and volume (in Units) for the above segments.
| Self-monitoring blood glucose devices | |
| Glucometer Devices | |
| Test Strips | |
| Lancets |
| Continuous blood glucose monitoring devices | |
| Sensors | |
| Durables (Receivers and Transmitters) |
South Korea Blood Glucose Monitoring Market Size Summary
The South Korea blood glucose monitoring market is experiencing robust growth, driven by the increasing prevalence of diabetes among its population. This rise in diabetes cases is attributed to factors such as an aging demographic, urbanization, and lifestyle changes, including dietary shifts and reduced physical activity. As a result, there is a heightened demand for blood glucose monitoring devices, which are essential for effective diabetes management. These devices, ranging from traditional blood glucose meters to advanced continuous glucose monitoring systems, empower individuals to monitor their blood sugar levels regularly, facilitating informed decisions about diet, exercise, and medication. The market's expansion reflects a broader trend towards personalized and proactive diabetes management strategies, aiming to improve patient outcomes and reduce the risk of complications.
The economic burden of diabetes in South Korea is significant, with medical costs constituting a substantial portion of the total economic impact. This has prompted health policymakers to prioritize diabetes prevention and management, allocating more resources to address this public health challenge. The market is characterized by a mix of established players and emerging companies, with technological innovations playing a crucial role in enhancing market presence. Recent developments, such as the regulatory approval of domestically developed continuous glucose monitoring devices, underscore the dynamic nature of the market. As the prevalence of diabetes continues to rise, the demand for effective monitoring solutions is expected to drive market growth, supported by regulatory advancements and strategic partnerships aimed at improving access to affordable diabetes care.
South Korea Blood Glucose Monitoring Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Drivers
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1.3 Restraints
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Self-monitoring blood glucose devices
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2.1.1 Glucometer Devices
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2.1.2 Test Strips
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2.1.3 Lancets
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2.2 Continuous blood glucose monitoring devices
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2.2.1 Sensors
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2.2.2 Durables (Receivers and Transmitters)
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South Korea Blood Glucose Monitoring Market Size FAQs
How big is the South Korea Blood Glucose Monitoring Market?
The South Korea Blood Glucose Monitoring Market size is expected to reach USD 228.84 million in 2024 and grow at a CAGR of 8.10% to reach USD 288.05 million by 2029.
What is the current South Korea Blood Glucose Monitoring Market size?
In 2024, the South Korea Blood Glucose Monitoring Market size is expected to reach USD 228.84 million.
