Market Size of South Korea Insulin Infusion Pump Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 17.96 Million |
| Market Size (2029) | USD 21.88 Million |
| CAGR (2024 - 2029) | 4.02 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
South Korea Insulin Infusion Pump Market Analysis
The South Korea Insulin Infusion Pump Market size is estimated at USD 17.96 million in 2024, and is expected to reach USD 21.88 million by 2029, growing at a CAGR of 4.02% during the forecast period (2024-2029).
Diabetes patients are more prone to experience complications if they become infected with a virus. Diabetes was found in 14.6% of H1N1 patients and 54.4% of Middle East respiratory syndrome (MERS-CoV) cases in a previous study. Diabetes, one of the most common comorbidities in COVID-19, was related to higher mortality and morbidity. Diabetes has also been listed as a potential risk factor by the World Health Organisation (WHO) and the Centres for Disease Control and Prevention (CDC). Diabetes, one of the most common comorbidities in COVID-19, has been related to higher mortality and morbidity. Diabetes has also been listed as a potential risk factor by the World Health Organisation (WHO) and the Centres for Disease Control and Prevention (CDC).
According to an academic group's datasheet, one in every seven Koreans over 30 has diabetes, although their illness detection and treatment rates remain poor. Diabetes is more common among adults in South Korea, and its economic cost exceeds general cancer. Diabetes complications or associated comorbidities, as well as hospitalization, incur significant costs. Controlling diabetic complications, using healthcare resources, and reducing the financial burden requires effective strategies. Increased understanding of the scope and specific components of the economic burden of diabetes in Korea is likely to motivate health officials to prioritize the prevention and management of the disease and to devote more healthcare resources to diabetes.
As a result of the reasons above, the studied market is expected to increase throughout the analysis period.
South Korea Insulin Infusion Pump Industry Segmentation
An insulin pump delivers insulin to control blood sugar and minimize hypoglycemia's effects. The pump comprises a pump reservoir like an insulin cartridge, a battery-operated pump, and a computer chip that allows the user to control the exact amount of insulin being delivered. The pump is attached to a thin plastic tube (an infusion set) with a soft cannula (or needle) at the end through which insulin passes. South Korea's insulin infusion pumps market is segmented by component (pump device, infusion set, and reservoir). The report offers the value (USD) and Volume (units) for the above segments.
| Insulin Infusion Pump | |
| Insulin Pump Device | |
| Infusion Set | |
| Reservoir |
South Korea Insulin Infusion Pump Market Size Summary
The South Korea insulin infusion pump market is poised for growth, driven by the increasing prevalence of diabetes and the need for effective management solutions. Diabetes is a significant health concern in South Korea, with a substantial portion of the adult population affected, leading to high economic costs that surpass those of general cancer. The market is expected to expand as healthcare officials prioritize diabetes prevention and management, allocating more resources to address the disease's economic burden. Insulin infusion pumps, which offer a more physiological insulin delivery method compared to traditional injections, are gaining popularity, particularly among type 1 diabetes patients. The adoption of new technologies, such as artificial pancreas systems, is further propelling market growth, offering advanced, hands-free diabetes management solutions.
The competitive landscape of the insulin infusion pump market in South Korea is concentrated, with a few major global and local players dominating the scene. Companies like Medtronic, Insulet Corporation, Ypsomed, Ascensia Diabetes Care, and Tandem Diabetes Care are key players in this market. Recent strategic moves, such as Medtronic's acquisition of EOFlow, a South Korean company specializing in tubeless insulin pumps, highlight the competitive dynamics and the push for innovation in the market. This acquisition is expected to enhance Medtronic's competitive position against Insulet and Tandem Diabetes Care, which are also expanding their product offerings. The market's growth trajectory is supported by the ongoing development and integration of advanced insulin delivery systems, which are crucial for improving diabetes management outcomes in the region.
South Korea Insulin Infusion Pump 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 Insulin Infusion Pump
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2.1.1 Insulin Pump Device
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2.1.2 Infusion Set
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2.1.3 Reservoir
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South Korea Insulin Infusion Pump Market Size FAQs
How big is the South Korea Insulin Infusion Pump Market?
The South Korea Insulin Infusion Pump Market size is expected to reach USD 17.96 million in 2024 and grow at a CAGR of 4.02% to reach USD 21.88 million by 2029.
What is the current South Korea Insulin Infusion Pump Market size?
In 2024, the South Korea Insulin Infusion Pump Market size is expected to reach USD 17.96 million.
