South Korea Insulin Drugs And Delivery Devices Market Size (2024 - 2029)

South Korea Insulin Drugs And Delivery Devices Market Analysis

The South Korea Insulin Drugs And Delivery Devices Market size is estimated at USD 756.38 million in 2024, and is expected to reach USD 849.04 million by 2029, growing at a CAGR of 2.34% during the forecast period (2024-2029).

One of the most significant risk factors for severe COVID-19 was diabetes mellitus. This risk is believed to be influenced by several variables frequently present in diabetes mellitus, such as advanced age, a proinflammatory and hypercoagulable condition, hyperglycemia, and underlying comorbidities (hypertension, cardiovascular disease, chronic kidney disease, and obesity). Diabetes was quickly recognized as a risk factor for bad results during the COVID-19 pandemic. That's why managing or delaying cases of type-2 diabetes became more important than ever before. Several studies have confirmed that chronic diseases like diabetes were associated with adverse outcomes in COVID-19 patients.

Diabetes mellitus is widely prevalent and imposes a substantial socioeconomic burden on individuals and society in terms of large medical costs. It leads to complications such as cardiovascular disease. These complications are associated with increased healthcare utilization, such as having more outpatient visits, a higher probability of being hospitalized, and increased use of more medications. Therefore, complications associated with diabetes drive the escalating costs of diabetes management and their financial burden on the healthcare system.

People with type-1 diabetes cannot produce adequate insulin because their immune system attacks their insulin-producing beta cells. In contrast, people with type-2 diabetes have insulin resistance and do not make enough insulin. Diabetes patients take insulin through an injection (syringe or pen), a pump, or inhaled form. In South Korea, the prevalence of diabetes in adults is higher, and the economic burden of diabetes is higher than that of overall cancer. 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 to boost the insulin market's growth.

South Korea Insulin Drugs And Delivery Devices Industry Segmentation

Insulin drugs are prescription drugs that contain insulin and treat diabetes mellitus using an insulin pump, smart pen, syringe, or other devices. The South Korea Insulin Drugs and Delivery Devices Market is segmented into Drugs (Basal or Long-acting Insulins, Bolus or Fast-acting Insulins, Traditional Human Insulins, Combination Insulins, and Biosimilar Insulins), Devices (Insulin Pens, Insulin Pumps, Insulin Syringes, and Jet Injectors). The report offers the value (in USD) and volume (in mL) for insulin drugs and (in units) for the devices for the above segments.