Market Size of South Korea Diabetes Drugs and Devices Industry
| Study Period | 2018 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2018 - 2022 |
| CAGR | 3.40 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
South Korea Diabetes Drugs and Devices Market Analysis
South Korea's diabetes drugs and devices market size is estimated at USD 1.4 billion in the current year. The market is expected to reach USD 1.7 billion in five years, registering a CAGR of more than 3.4% during the forecast period.
The COVID-19 pandemic has significantly impacted the diabetes care device market. The prevalence of diabetes in patients hospitalized with COVID-19 and evidence that improved glycemic control may improve outcomes and shorten hospital stays in patients with SARS-CoV-2 has led to a reduction in diabetes mellitus. The importance of therapeutic equipment is emphasized. The pandemic has also highlighted opportunities to continue and expand innovation in diabetes care through virtual consultations between healthcare providers and people with diabetes and the use of diabetes technology. Crisis management has led to unprecedented interest in telemedicine from patients and providers, removing many long-standing regulatory barriers. The prevalence of adult diabetes is high in South Korea, and the economic burden of diabetes is greater than that of cancer. Complications of diabetes and associated comorbidities and hospitalizations are associated with the high cost of diabetes, a cost factor. Treating patients with diabetic complications requires effective strategies to reduce the use of medical resources and the financial burden. Increased information on the extent and specific factors of the economic burden of diabetes in South Korea is expected to encourage health policymakers to prioritize prevention and treatment and allocate more healthcare resources to diabetes.
Diabetes is associated with many health complications. A diabetic need to monitor his blood sugar and make corrections many times throughout the day to maintain his nominal blood sugar, such as administering additional insulin or consuming other carbohydrates. Diabetes is a growing health burden nationwide and is a leading cause of premature death, morbidity, and loss of economic growth.
Thus, the above factors are expected to drive market growth over the forecast period.
South Korea Diabetes Drugs and Devices Industry Segmentation
Oral diabetes medications (taken by mouth) help administer blood glucose levels in individuals who have diabetes but still produce several insulin, largely individuals with Type 2 diabetes and prediabetes. The South Korea diabetes drugs and devices market is segmented by drugs (insulin, oral anti-diabetic drugs, non-insulin injectable drugs, and combination drugs), and devices (management devices such as insulin pumps, insulin pens, syringes, cartridges, and jet injectors, and monitoring devices including self-monitoring blood and continuous glucose monitoring). The report offers the value (in USD) and volume (in unit) for the above segments.
| Devices | ||||||
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| Drugs | |
| Oral Anti-Diabetes Drugs | |
| Insulin Drugs | |
| Combination Drugs | |
| Non-Insulin Injectable Drugs |
South Korea Diabetes Drugs and Devices Market Size Summary
The South Korea diabetes drugs and devices market is experiencing a steady expansion, driven by the high prevalence of diabetes and the economic burden it imposes, which surpasses that of cancer. The COVID-19 pandemic has underscored the importance of diabetes care devices, as improved glycemic control has been linked to better patient outcomes. This has led to increased interest in telemedicine and diabetes technology, removing regulatory barriers and fostering innovation. The market is characterized by a growing demand for continuous blood glucose monitoring systems, which offer a more convenient alternative to traditional methods. These devices, utilizing advanced sensor technologies, are gaining popularity due to their ease of use and the increasing awareness of diabetes management.
The South Korean government plays a crucial role in supporting the diabetes care market through its National Health Insurance system, which provides coverage for diabetes-related medical expenses. The market is further bolstered by efforts from both public and private sectors to address the rising prevalence of diabetes. Manufacturers are actively investing in research and development to enhance their product offerings, with companies like Abbott and Medtronic leading the way through strategic partnerships and innovations. Regulatory changes, such as amendments to the medical device laws, are expected to facilitate the adoption of new technologies, including electronic labeling and remote patient monitoring devices. These developments, coupled with the ongoing demand for effective diabetes management solutions, are anticipated to drive market growth in the coming years.
South Korea Diabetes Drugs and 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 Dynamics
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1.2.1 Market Drivers
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1.2.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Bargaining Power of Suppliers
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1.3.2 Bargaining Power of Consumers
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1.3.3 Threat of New Entrants
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1.3.4 Threat of Substitute Products and Services
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1.3.5 Intensity of Competitive Rivalry
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2. Market Segmentation (Market Size by Value - USD)
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2.1 Devices
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2.1.1 Monitoring Devices
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2.1.1.1 Self-monitoring Blood Glucose Devices
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2.1.1.2 Continuous Blood Glucose Monitoring
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2.1.2 Management Devices
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2.1.2.1 Insulin Pump
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2.1.2.2 Insulin Syringes
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2.1.2.3 Insulin Cartridges
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2.1.2.4 Disposable Pens
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2.2 Drugs
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2.2.1 Oral Anti-Diabetes Drugs
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2.2.2 Insulin Drugs
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2.2.3 Combination Drugs
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2.2.4 Non-Insulin Injectable Drugs
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South Korea Diabetes Drugs and Devices Market Size FAQs
What is the current South Korea Diabetes Drugs and Devices Market size?
The South Korea Diabetes Drugs and Devices Market is projected to register a CAGR of greater than 3.40% during the forecast period (2024-2029)
Who are the key players in South Korea Diabetes Drugs and Devices Market?
Medtronics, Roche, NovoNordisk, Sanofi and Omnipod are the major companies operating in the South Korea Diabetes Drugs and Devices Market.
