South Korea Self-Monitoring Blood Glucose Devices Market Size
| Study Period | 2019- 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 7.32 Million |
| Market Size (2029) | USD 9.26 Million |
| CAGR (2024 - 2029) | 1.90 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
South Korea Self-Monitoring Blood Glucose Devices Market Analysis
The South Korea Self-Monitoring Blood Glucose Devices Market size is estimated at USD 7.32 million in 2024, and is expected to reach USD 9.26 million by 2029, growing at a CAGR of 1.9% during the forecast period (2024-2029).
Various studies have shown that diabetes was one of the major comorbidities associated with the development of severe COVID-19-related adverse outcomes and mortality. Adults living with diabetes who contracted COVID-19 were at higher risk of developing adult respiratory distress syndrome, pneumonia, excessive uncontrolled inflammation responses, and a hypercoagulable state. According to experts, inpatient use of diabetes technology in patients with proper institutional protocols was safe, improved inpatient glycemic outcomes, and played a vital role in managing hypoglycemia and hyperglycemia in hospitalized patients.
Continued elevation in blood glucose levels in diabetes patients can contribute to progressive complications such as renal, nerve, and ocular damage. The measurement of blood glucose helps in determining the effectiveness of blood glucose metabolism and guides in achieving optimal glucose control within the body. Over time, the readings provide the patient and their health professionals with the information required to determine the best management strategy for diabetes. Appropriate and timely monitoring of blood glucose allows the successful management of out-of-range blood glucose levels, minimizing diabetic-related health complications.
Technological advancements in blood glucose meters, including cellular-connected devices that automatically upload SMBG data to secure cloud-based databases, allow for improved sharing and monitoring of SMBG data. Real-time monitoring of SMBG data presents opportunities to provide timely support to patients who are responsive to abnormal SMBG recordings. Such advantages can provide patients with poorly controlled T2D with the additional support needed to improve critical outcomes, thereby enhancing the market's prospects in the years to come.
South Korea Self-Monitoring Blood Glucose Devices Market Trends
Rising Diabetes Prevalence in South Korea
The diabetes population in South Korea is expected to rise by 0.57% over the forecast period.
According to the Korean Diabetes Association, among Korean individuals aged 30 years or older, the predicted prevalence of diabetes mellitus was 13.7% in 2021. When diabetes is undetected or inadequately treated, people with diabetes are at risk of serious and life-threatening complications, such as heart attack, stroke, kidney failure, blindness, and lower-limb amputation. These result in reduced quality of life, higher healthcare costs, and a greater need for access to care.
Monitoring blood glucose levels serves as a useful option for other measures of glycemia, including A1C. It is the optimal way to confirm and treat hypoglycemia. It provides feedback on the results of healthy behavior interventions and antihyperglycemic pharmacological treatments. Blood glucose monitoring provides information to both the person with diabetes and their diabetes healthcare team to facilitate longer-term treatment modifications and titrations as well as shorter-term treatment decisions, such as insulin dosing for people with type-1 or 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.
Therefore, the studied market is anticipated to witness growth over the analysis period.
The Glucometer Devices Segment is expected to witness the highest CAGR over the forecast period
The glucometers segment is expected to register the highest CAGR of about 4% in the market over the forecast period owing to the increasing adoption of glucometers in home care settings, the growing preference for home-based self-monitoring, and recent product launches of advanced glucometers.
Glucose monitoring gives people living with diabetes a more complete picture of their blood sugar levels, which can influence short- and long-term treatment decisions and improve health outcomes. It allows them and their healthcare providers to assess their glycemic status and adverse effects and to determine the effectiveness of glucose-lowering therapies. Glucose monitoring improves blood sugar management and quality of life for people living with diabetes, resulting in physical, social, emotional, and functional benefits. Self-monitoring of blood glucose is a way for people living with diabetes to measure and assess their glucose levels. It uses a drop of blood from a finger prick to get a blood glucose reading using a blood glucose meter or glucometer.
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: 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 its market and obtain a larger sales volume.
Thus, owing to the above-mentioned factors, it is expected to drive segment growth over the forecast period.
South Korea Self-Monitoring Blood Glucose Devices Industry Overview
The South Korean self-monitoring blood glucose device market is fragmented, with few significant and other generic players. Manufacturers like Abbott, i-Sens, Roche, Ascensia, etc. occupy a major share.
South Korea Self-Monitoring Blood Glucose Devices Market Leaders
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Roche Diabetes Care
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Abbott Diabetes Care
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LifeScan
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i-Sens
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Arkray
*Disclaimer: Major Players sorted in no particular order
South Korea Self-Monitoring Blood Glucose Devices Market News
- January 2023: LifeScan announced that the peer-reviewed Journal of Diabetes Science and Technology published Improved Glycemic Control Using a Bluetooth Connected Blood Glucose Meter and a Mobile Diabetes App: Real-World Evidence From Over 144,000 People With Diabetes, detailing results from a retrospective analysis of real-world data from over 144,000 people with diabetes - one of the largest combined blood glucose meter and mobile diabetes app datasets ever published.
- December 2022: Samsung announced that future displays could finally enable extensive health monitoring functionalities like smartwatches. The company showed some of the promising breakthroughs of its all-in-one Sensor OLED including features like blood pressure monitoring and all-screen fingerprint scanning. The upcoming displays would make it possible to add biosensors to measure users' health data such as blood pressure and blood sugar (glucose) levels.
South Korea Self-Monitoring Blood Glucose Devices Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Component
5.1.1 Glucometer Devices
5.1.2 Test Strips
5.1.3 Lancets
6. MARKET INDICATORS
6.1 Type-1 Diabetes population
6.2 Type-2 Diabetes population
7. COMPETITIVE LANDSCAPE
7.1 COMPANY PROFILES
7.1.1 Abbott Diabetes Care
7.1.2 Roche Diabetes Care
7.1.3 LifeScan
7.1.4 Arkray Inc.
7.1.5 i-Sens
7.1.6 Medisana
7.1.7 Acon Laboratories
7.1.8 Bionime Corporation
- *List Not Exhaustive
7.2 COMPANY SHARE ANALYSIS
7.2.1 Abbott Diabetes Care
7.2.2 Roche Diabetes Care
7.2.3 LifeScan
7.2.4 Other Company Share Analyses
8. MARKET OPPORTUNITIES AND FUTURE TRENDS
South Korea Self-Monitoring Blood Glucose Devices Industry Segmentation
Self-monitoring of blood glucose is an approach used by diabetic patients to measure their blood sugar level themselves using a glucometer, test strips, and lancets. Based on the readings, patients can adjust or check the effect of their treatment. The South Korean self-monitoring blood glucose device market is segmented by components (glucometer devices, test strips, and lancets). The report offers the value (in USD) and volume (in units) for the above segments.
| Component | |
| Glucometer Devices | |
| Test Strips | |
| Lancets |
South Korea Self-Monitoring Blood Glucose Devices Market Research Faqs
How big is the South Korea Self-Monitoring Blood Glucose Devices Market?
The South Korea Self-Monitoring Blood Glucose Devices Market size is expected to reach USD 7.32 million in 2024 and grow at a CAGR of 1.9% to reach USD 9.26 million by 2029.
What is the current South Korea Self-Monitoring Blood Glucose Devices Market size?
In 2024, the South Korea Self-Monitoring Blood Glucose Devices Market size is expected to reach USD 7.32 million.
Who are the key players in South Korea Self-Monitoring Blood Glucose Devices Market?
Roche Diabetes Care, Abbott Diabetes Care, LifeScan, i-Sens and Arkray are the major companies operating in the South Korea Self-Monitoring Blood Glucose Devices Market.
What years does this South Korea Self-Monitoring Blood Glucose Devices Market cover, and what was the market size in 2023?
In 2023, the South Korea Self-Monitoring Blood Glucose Devices Market size was estimated at USD 7.18 million. The report covers the South Korea Self-Monitoring Blood Glucose Devices Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the South Korea Self-Monitoring Blood Glucose Devices Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
South Korea Self-Monitoring Blood Glucose Devices Industry Report
Statistics for the 2024 South Korea Self-Monitoring Blood Glucose Devices market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. South Korea Self-Monitoring Blood Glucose Devices analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
