South Korea Diabetes Care Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The South Korean diabetes care devices market is segmented into Monitoring Devices (Self-monitoring Blood Glucose and Continuous Glucose Monitoring) and Management Devices (Insulin Pumps, Insulin Disposable Pens, Insulin Syringes, Cartridges in Reusable Pens, and Jet Injectors). The report offers the value (in USD million) for the above segments.

Market Snapshot

south korea diabetes devices market overview
Study Period: 2016-2027
Base Year: 2021
CAGR: >3 %
south korea diabetes devices market key players

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Market Overview

The South Korean diabetes care devices market was valued at more than 410 million in 2021, and it is expected to reach more than USD 500 million by 2027, registering a CAGR of more than 3% during 2022- 2027.

The COVID-19 pandemic has substantially impacted the diabetes care devices market. The prevalence of diabetes in people hospitalized with COVID-19 infection and the evidence that improved glycemic control might improve outcomes and reduce the length of stay in patients with SARS-CoV-2 have underlined the importance of diabetes care devices. The pandemic also highlighted opportunities for continuing and expanding innovations in the delivery of diabetes care, through virtual consultations between healthcare providers and people with diabetes, and the use of diabetes technology. Crisis management has created unprecedented interest in remote care from both patients and providers and removed many long-standing regulatory barriers.

In South Korea, the prevalence of diabetes in adults is higher and the economic burden of diabetes is higher than that of overall cancer. The 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 health care resources to diabetes.

The aforementioned factors are expected to drive the South Korea Diabetes Care Devices Market during the forecast period.

Scope of the report

The South Korean diabetes care devices market is segmented into Monitoring Devices (Self-monitoring Blood Glucose and Continuous Glucose Monitoring) and Management Devices (Insulin Pumps, Insulin Disposable Pens, Insulin Syringes, Cartridges in Reusable Pens, and Jet Injectors). The report offers the value (in USD million) for the above segments.

Monitoring Devices (Value and Volume, 2016-2027)
Self-monitoring Blood Glucose Devices
Glucometer Devices
Blood Glucose Test Strips
Lancets
Continuous Glucose Monitoring Devices
Sensors
Durables (Receivers and Transmitters)
Management Devices (Value and Volume, 2016-2027)
Insulin Delivery Devices
Insulin Pumps
Insulin Pump Monitor
Insulin Pump Reservoir
Insulin Infusion Sets
Insulin Syringes
Insulin Disposable Pens
Insulin Cartridges in Reusable Pens
Jet Injectors

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Key Market Trends

Self-Monitoring Blood Glucose Devices Occupied the Highest Market Share in the monitoring devices segment in South Korean diabetes care devices market in 2021

Monitoring devices include self-monitoring blood glucose devices (SMBG) and continuous glucose monitoring devices (CGM), where SMBG devices held the highest share in 2021, with a revenue of more than USD 7.5 million in the South Korean diabetes care devices market.

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 frequency of monitoring glucose levels depends on the type of diabetes, which varies from patient to patient. Type-1 diabetic patients need to check their blood glucose levels at regular intervals, monitor their blood glucose levels, and adjust the insulin dosing accordingly. Therefore, if a patient performs 5-6 tests in a day, the average expenditure on test strips may be more than USD 100/month. These expenses add to the already high costs of diabetes management, and they are adding to the market growth.

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.

Thus, owing to the above-mentioned factors it is expected to drive the segment growth over the forecast period.

south korea diabetes devices market trends

Insulin cartridges in reusable pens Hold the Highest Market Share Among Insulin Delivery Devices

Insulin cartridges in reusable pens occupied the highest market share of about 51% in the management devices segment in 2021.

Insulin cartridges in reusable pens currently have the highest demand among all insulin delivery devices in the South Korean market. Insulin cartridges in reusable pens are an upgraded version of insulin vials. Most types of insulins are manufactured in the form of cartridges, making them easily accessible. These devices have all the functional benefits of reusable pens and are cost-effective, as these cartridges are less expensive compared to disposable insulin pens in the long run. Due to the increasing demand for insulin cartridges, most insulin device manufacturing companies have produced reusable insulin pens that are compatible with various insulin manufacturers' cartridges. These insulin cartridges are considered more consumer-friendly, as they are smaller and less noticeable than the classic vial-and-syringe. These devices are also more portable for consumers on the go. Cartridges that are open do not need to be refrigerated, making storage very easy for consumers. Thus, cartridges are the most cost-effective way to use insulin, as reusable pens are a one-time investment, unlike disposable pens.

The National Health Insurance (NHI) Act covers all public health insurance in Korea. This Act covers the entire population and all citizens earning an income in Korea must contribute a percentage of their monthly salary. Employers are also responsible for matching employee contributions. There are two health insurance agencies under the MOHW, namely, the Health Insurance Review Agency (HIRA) and the National Health Insurance Corporation (NHIC). In particular, the HIRA is responsible for reviewing reimbursement coverage/non-coverage and pricing applications from pharmaceutical and medical device companies. If reimbursement is obtained, the company may be able to expand their market and obtain a larger sales volume.

The high prevalence of type 2 diabetes is associated with a significant economic burden. The costs of diabetes are increased in patients with co-morbidities such as hypertension and hyperlipidemia and in patients who develop complications. Costs increase with an increasing number of complications.

Such factors have helped the rise in the adoption of these products in the South Korean market.

south korea diabetes devices market analysis

Competitive Landscape

The South Korean diabetes care devices market has been driven by manufacturers such as Abbott and Medtronic while adhering to organic growth strategies and working on various technological advancements which are evident from the R&D spending of these companies. There have been constant innovations driven by local manufacturers to compete and struggle in the market. 

Recent Development

  • In Aug 2021, FIND, announced that agreements have been signed with i-SENS, Inc (Seoul, South Korea) and SD BIOSENSOR, Inc (Suwon-si, South Korea), to increase low- and middle-income countries (LMIC) access to blood glucose test strips by improving affordability.
  • In April 2021, South Korean manufacturer Dongwoon Anatech sought the approval of both the US and Korean Food and Drug Administration for the commercial rollout of its saliva-based glucose monitoring device after completing its first clinical trial in December. The glucose monitoring device called D-SaLife, a product of six years of research and development, makes use of microcurrent control technology in determining the glucose level present in a person’s saliva sample. The meter color codes the result of the reading which is also recorded through a mobile app.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Monitoring Devices (Value and Volume, 2016-2027)

      1. 5.1.1 Self-monitoring Blood Glucose Devices

        1. 5.1.1.1 Glucometer Devices

        2. 5.1.1.2 Blood Glucose Test Strips

        3. 5.1.1.3 Lancets

      2. 5.1.2 Continuous Glucose Monitoring Devices

        1. 5.1.2.1 Sensors

        2. 5.1.2.2 Durables (Receivers and Transmitters)

    2. 5.2 Management Devices (Value and Volume, 2016-2027)

      1. 5.2.1 Insulin Delivery Devices

        1. 5.2.1.1 Insulin Pumps

          1. 5.2.1.1.1 Insulin Pump Monitor

          2. 5.2.1.1.2 Insulin Pump Reservoir

          3. 5.2.1.1.3 Insulin Infusion Sets

        2. 5.2.1.2 Insulin Syringes

        3. 5.2.1.3 Insulin Disposable Pens

        4. 5.2.1.4 Insulin Cartridges in Reusable Pens

        5. 5.2.1.5 Jet Injectors

  6. 6. MARKET INDICATORS

    1. 6.1 Type 1 Diabetes Population (2016-2027)

    2. 6.2 Type 2 Diabetes Population (2016-2027)

  7. 7. COMPETITIVE LANDSCAPE

    1. 7.1 Company Profiles

      1. 7.1.1 Abbott Diabetes Care

      2. 7.1.2 F. Hoffmann-La Roche Ltd

      3. 7.1.3 Arkray

      4. 7.1.4 Sanofi

      5. 7.1.5 Dexcom

      6. 7.1.6 Medtronic

      7. 7.1.7 Novo Nordisk AS

      8. 7.1.8 Becton Dickinson

      9. 7.1.9 Eli Lilly

    2. 7.2 Company Share Analysis

      1. 7.2.1 Monitoring Devices

        1. 7.2.1.1 Medtronic

        2. 7.2.1.2 Dexcom

        3. 7.2.1.3 Abbott Diabetes Care

        4. 7.2.1.4 Others

      2. 7.2.2 Management Devices

        1. 7.2.2.1 Medtronic

        2. 7.2.2.2 F. Hoffmann-La Roche Ltd

        3. 7.2.2.3 Others

  8. 8. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Frequently Asked Questions

The South Korea Diabetes Care Devices Market market is studied from 2016 - 2027.

The South Korea Diabetes Care Devices Market is growing at a CAGR of >3% over the next 5 years.

The South Korea Diabetes Care Devices Market is valued at 429 Million USD in 2016.

The South Korea Diabetes Care Devices Market is valued at 500 Million USD in 2027.

Abbott Diabetes Care, Eli Lilly and Comapny, Medtronics LLC, Dexcom are the major companies operating in South Korea Diabetes Care Devices Market.

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