Market Size of South Korea Diabetes Care Devices Industry
| Study Period | 2018 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 457.06 Million |
| Market Size (2029) | USD 529.86 Million |
| CAGR (2024 - 2029) | 3.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South Korea Diabetes Care Devices Market Analysis
The South Korea Diabetes Care Devices Market size is estimated at USD 457.06 million in 2024, and is expected to reach USD 529.86 million by 2029, growing at a CAGR of 3% during the forecast period (2024-2029).
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 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. The high prevalence of type-2 diabetes is associated with a significant economic burden. The cost of diabetes increases in patients with comorbidities such as hypertension and hyperlipidemia and in patients who develop complications.
The aforementioned factors are expected to drive the South Korea Diabetes Care Devices Market during the forecast period.
South Korea Diabetes Care Devices Industry Segmentation
Diabetes care devices are the hardware, equipment, and software used by diabetes patients to regulate blood glucose levels, prevent diabetes complications, lessen the burden of diabetes, and enhance the quality of life. The South Korea diabetes care devices market is segmented by monitoring devices and management devices. The report offers the value (in USD) and volume (in units) for the above segments.
| Monitoring Devices | |||||
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| Management Devices | |||||
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| Insulin Syringes | |||||
| Cartridges in Reusable pens | |||||
| Insulin Disposable Pens | |||||
| Jet Injectors |
South Korea Diabetes Care Devices Market Size Summary
The South Korea diabetes care devices market is poised for steady growth, driven by the increasing prevalence of diabetes and the associated economic burden. The market is characterized by a high prevalence of both type-1 and type-2 diabetes among adults, with a significant number of undiagnosed cases. The aging population and lifestyle factors, such as higher carbohydrate intake, are contributing to the rising incidence of type-2 diabetes. This scenario necessitates effective management strategies to reduce healthcare costs and resource utilization. The South Korean government, through the Ministry of Food and Drug Safety, is actively enhancing the regulatory framework for medical devices, which is expected to support market expansion. The focus on high-quality care, including monitoring and self-management, is crucial for preventing complications in diabetes patients.
In terms of market segmentation, self-monitoring blood glucose devices hold a significant share, while insulin cartridges in reusable pens are the most demanded insulin delivery devices. These cartridges offer cost-effective and consumer-friendly alternatives to traditional vials and syringes, contributing to their popularity. The National Health Insurance Act ensures comprehensive coverage for diabetes care, facilitating market growth by enabling wider access to these devices. The market is fragmented, with major players like Abbott and Medtronic leading through innovations and strategic partnerships. Recent developments, such as the launch of smartphone applications for insulin pumps, highlight the ongoing advancements in diabetes care technology in South Korea.
South Korea Diabetes Care Devices 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 Market Drivers
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1.3 Market 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 Monitoring Devices
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2.1.1 Self-monitoring Blood Glucose Devices
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2.1.1.1 Glucometer Devices
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2.1.1.2 Blood Glucose Test Strips
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2.1.1.3 Lancets
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2.1.2 Continuous Glucose Monitoring Devices
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2.1.2.1 Sensors
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2.1.2.2 Durables (Receivers and Transmitters)
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2.2 Management Devices
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2.2.1 Insulin Pump
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2.2.1.1 Insulin Pump Device
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2.2.1.2 Insulin Pump Reservoir
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2.2.1.3 Infusion Set
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2.2.2 Insulin Syringes
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2.2.3 Cartridges in Reusable pens
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2.2.4 Insulin Disposable Pens
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2.2.5 Jet Injectors
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South Korea Diabetes Care Devices Market Size FAQs
How big is the South Korea Diabetes Care Devices Market?
The South Korea Diabetes Care Devices Market size is expected to reach USD 457.06 million in 2024 and grow at a CAGR of 3% to reach USD 529.86 million by 2029.
What is the current South Korea Diabetes Care Devices Market size?
In 2024, the South Korea Diabetes Care Devices Market size is expected to reach USD 457.06 million.
