Market Trends of South Korea Insulin Drugs And Delivery Devices Industry
Rising diabetes prevalence is likely to boost the market studied over the forecast period.
In South Korea, Diabetes Population is expected to increase, registering a CAGR greater than 0.57% over the forecast period.
According to Mordor Intelligence, the Type-1 diabetes population in South Korea in the current year is 0.16 million. Effective strategies are needed to manage patients with diabetic complications. With increasing obesity, especially in childhood, decreased physical activity, and improved longevity, diabetes and prediabetes are expected to increase. When diabetes is undetected or inadequately treated, people risk serious and life-threatening complications, such as heart attack, stroke, kidney failure, blindness, and lower-limb amputation, leading to a greater need for access to care.
Leading manufacturers focus on technological innovations and develop advanced products to gain a substantial market share. There has been a significant rise in insulin delivery systems technology, from insulin injections to insulin pumps. Technological innovations and advancements offer many conveniences in maintaining blood glucose levels.
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: 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. The company may expand its market and obtain a larger sales volume if reimbursement is obtained.
Therefore, owing to the increasing diabetes prevalence, the studied market is anticipated to grow over the analysis period.
The Insulin Pumps Segment is expected to witness the highest growth rate over the forecast period
An insulin pump is a device that delivers insulin continuously or, whenever required, automatically. The pump mimics the human pancreas. The insulin infusion pump works as an alternative to the traditional system of daily injections or an insulin pen.
Insulin Pump is expected to register a CAGR of more than 3.9% in the market over the forecast period because of the increasing technological advancement and its preference over other traditional methods due to continuous insulin administration. Insulin pump therapy is a well-established insulin administration method for type-1 diabetes people.
Pumps are a validated, time-tested therapeutic option in type-1 diabetes at all ages, enabling near-physiological insulin delivery in situations where the pancreas does not produce insulin. There are even pump models with remote controls enabling parents of young children to either suspend or bolus insulin from a distance when the child is playing or eating. The insulin infusion pumps reduce the large swings in blood glucose levels, induce less pain, and deliver more accurately when compared to injections. These advantages of insulin pumps over the traditional delivery system are expected to boost the market.
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 expanded its list of devices eligible for electronic indications. Penetration of diabetes devices in the South Korean market supports local clinical research organizations in their clinical research trials and ensures ease of maintenance, facilitating the discovery process.
The use of continuous subcutaneous insulin infusion and continuous glucose monitoring systems has improved patient care and quality of life and is widely used in the ambulatory setting. Increasingly, this technology is also being used in the hospital setting; such advantages are likely to drive segment growth during the forecast period.
