Market Trends of South Korea Blood Glucose Monitoring Industry
Increasing Type-1 diabetes population across South Korea
Diabetes is a metabolic disorder marked by hyperglycemia and impaired insulin function. Diabetes is becoming more common all over the world, including in Korea. Furthermore, the age of onset of diabetes is shifting toward a younger population, particularly in Asian countries. In the twenty-first century, the prevalence of type 2 diabetes in adolescence rapidly increases, posing major clinical challenges and public health burdens worldwide.
Type 1 diabetes was previously thought to be the most common type of diabetes in young people. However, the prevalence of type 2 diabetes is rising among Asians. The increasing prevalence of diabetes is a health problem that most countries are concerned about. The prevalence varies by race, but overall, it has increased compared to the past.
Diabetes mellitus is widespread and imposes a significant socioeconomic burden on individuals and society through high medical costs. The total economic burden of diabetes in South Korea has been estimated to be USD 18,293 million, or approximately 1.14% of Korea's GDP (GDP). Medical costs accounted for the greatest proportion of total costs, accounting for 42.7% of total economic costs for inpatient services.
In South Korea, the prevalence of diabetes in adults is higher and the economic burden of diabetes is higher than that of overall cancer. Diabetic complications or related comorbidities and hospitalization are associated with high costs for diabetes as a cost driver. Effective strategies are needed to manage patients with diabetic complications to reduce the use of healthcare resources and economic burden. It is expected that increased information regarding both the magnitude and the specific components of the economic burden of diabetes in Korea will influence health policymakers to prioritize its prevention and management and to allocate more healthcare resources to diabetes.
As a result of the factors above, the growth of the studied market in Russia is anticipated.
Continuous Glucose Monitoring Holds Highest CAGR in South Korea Blood Glucose Monitoring Market.
Diabetes is a complex and chronic disease that can cause blindness, neuropathy, kidney disease, myocardial infarction, or stroke. It is critical for patients to control their glucose levels on a daily basis to avoid aggravation and the onset of complications. Apps for real-time continuous glucose monitoring (CGM) on smartphones and other devices linked to CGM systems have recently been developed, and such CGM apps are being used in Japan as well. When compared to traditional retrospective CGM, using CGM apps improves patients' own blood glucose control, which is expected to help slow the progression of type 2 diabetes mellitus (DM) and prevent complications.
Diabetes is a significant health problem and one of the astounding challenges for healthcare systems all over South Korea. The prevalence of known type 1 & 2 diabetes in the South Korean adult population is very high along with a high number of patients who are not yet diagnosed with the disease. Due to an aging population and unhealthy lifestyle (the percentage of energy intake from carbohydrates is higher in diabetes patients than in those without diabetes, while that from protein and fat is lower in subjects with diabetes), the prevalence of type 2 diabetes is expected to increase steadily over the next few years.
High-quality care, including adequate monitoring, control of risk factors, and active self-management are the key factors for preventing complications in South Korean patients with type 2 diabetes. The Ministry of Food and Drug Safety (MFDS), South Korea's medical device market regulator, plans to roll out several amendments to the country's Medical Devices Act and has also expanded its list of devices eligible for electronic indications for use. Penetration of remote patient monitoring devices in the South Korean market supports local clinical research organizations (CROs) in their clinical research trials and ensures ease of monitoring, which facilitates the discovery process.
The increased diabetic prevalence in Russia and the aforementioned factors are likely to drive segment growth during the forecast period.
