Market Size of South Korea Self-Monitoring Blood Glucose Devices Industry
| 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 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 Size Summary
The South Korea self-monitoring blood glucose devices market is poised for growth, driven by the increasing prevalence of diabetes and the need for effective management strategies. The market is characterized by the adoption of advanced technologies, such as cellular-connected devices that enhance data sharing and real-time monitoring, which are crucial for managing blood glucose levels. These innovations are expected to improve patient outcomes by providing timely support and facilitating better management of diabetes-related complications. The regulatory environment, with amendments to the Medical Devices Act and the expansion of devices eligible for electronic indications, further supports market expansion by ensuring ease of monitoring and encouraging clinical research.
The market landscape is competitive, with key players like Abbott, i-Sens, Roche, and Ascensia holding significant shares. The glucometers segment is anticipated to experience the highest growth due to the rising preference for home-based self-monitoring and recent product launches. The National Health Insurance Act's coverage of public health insurance in Korea also plays a pivotal role in market growth by enabling wider access to these devices. As the diabetes population in South Korea continues to rise, the demand for self-monitoring blood glucose devices is expected to increase, driving the market forward over the forecast period.
South Korea Self-Monitoring Blood Glucose Devices 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 Component
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2.1.1 Glucometer Devices
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2.1.2 Test Strips
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2.1.3 Lancets
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South Korea Self-Monitoring Blood Glucose Devices Market Size 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.
