Market Trends of South Korea Diabetes Care Devices Industry
Self-Monitoring Blood Glucose Devices occupy the highest market share in the monitoring devices segment in South Korea Diabetes Care Devices Market in the current year
Self-monitoring blood glucose devices hold the highest share in the current year and are expected to witness a CAGR of about 1.9% over the forecast period.
Diabetes is a significant health problem and one of the astounding challenges facing healthcare systems all over South Korea. The prevalence of known type-1 and type-2 diabetes in the South Korean adult population is high, along with a high number of patients who are not yet diagnosed with the disease. Due to an aging population and an 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 people 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 patients with type-2 diabetes.
The Ministry of Food and Drug Safety, 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 in their clinical research trials and ensures ease of monitoring, which facilitates the discovery process.
Thus, the above-mentioned factors are expected to drive segment growth over the forecast period.
Insulin Cartridges in Reusable Pens hold the highest market share among Insulin Delivery Devices in South Korea Diabetes Care Devices Market in the current year
Insulin cartridges in the reusable pens segment occupy the highest market share among insulin delivery devices in the South Korea diabetes care devices market in the current year and are expected to register a CAGR of about 3.2% over the forecast period.
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 insulin 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 manufacturers have produced reusable insulin pens that are compatible with various insulin 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. 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 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 or 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.
