South Korea Diabetes Care Devices Market Size
| Study Period | 2018 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 457.06 Million |
| Market Size (2029) | USD 529.86 Million |
| CAGR (2024 - 2029) | 3.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South Korea Diabetes Care Devices Market Analysis
The South Korea Diabetes Care Devices Market size is estimated at USD 457.06 million in 2024, and is expected to reach USD 529.86 million by 2029, growing at a CAGR of 3% during the forecast period (2024-2029).
In South Korea, the prevalence of diabetes in adults is higher and the economic burden of diabetes is higher than that of overall cancer. The diabetic complications or related comorbidities and hospitalization are associated with high costs for diabetes as a cost driver. Effective strategies are needed to manage patients with diabetic complications to reduce the use of healthcare resources and economic burden. It is expected that increased information regarding both the magnitude and the specific components of the economic burden of diabetes in Korea will influence health policymakers to prioritize its prevention and management and to allocate more health care resources to diabetes.
The frequency of monitoring glucose levels depends on the type of diabetes, which varies from patient to patient. Type-1 diabetic patients need to check their blood glucose levels at regular intervals, monitor their blood glucose levels, and adjust the insulin dosing accordingly. The high prevalence of type-2 diabetes is associated with a significant economic burden. The cost of diabetes increases in patients with comorbidities such as hypertension and hyperlipidemia and in patients who develop complications.
The aforementioned factors are expected to drive the South Korea Diabetes Care Devices Market during the forecast period.
South Korea Diabetes Care Devices Market Trends
Self-Monitoring Blood Glucose Devices occupy the highest market share in the monitoring devices segment in South Korea Diabetes Care Devices Market in the current year
Self-monitoring blood glucose devices hold the highest share in the current year and are expected to witness a CAGR of about 1.9% over the forecast period.
Diabetes is a significant health problem and one of the astounding challenges facing healthcare systems all over South Korea. The prevalence of known type-1 and type-2 diabetes in the South Korean adult population is high, along with a high number of patients who are not yet diagnosed with the disease. Due to an aging population and an unhealthy lifestyle (the percentage of energy intake from carbohydrates is higher in diabetes patients than in those without diabetes, while that from protein and fat is lower in people with diabetes), the prevalence of type-2 diabetes is expected to increase steadily over the next few years. High-quality care, including adequate monitoring, control of risk factors, and active self-management, are the key factors for preventing complications in patients with 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.
Thus, the above-mentioned factors are expected to drive segment growth over the forecast period.
Insulin Cartridges in Reusable Pens hold the highest market share among Insulin Delivery Devices in South Korea Diabetes Care Devices Market in the current year
Insulin cartridges in the reusable pens segment occupy the highest market share among insulin delivery devices in the South Korea diabetes care devices market in the current year and are expected to register a CAGR of about 3.2% over the forecast period.
Insulin cartridges in reusable pens currently have the highest demand among all insulin delivery devices in the South Korean market. Insulin cartridges in reusable pens are an upgraded version of insulin vials. Most types of insulin are manufactured in the form of cartridges, making them easily accessible. These devices have all the functional benefits of reusable pens and are cost-effective, as these cartridges are less expensive compared to disposable insulin pens in the long run.
Due to the increasing demand for insulin cartridges, most insulin device manufacturers have produced reusable insulin pens that are compatible with various insulin cartridges. These insulin cartridges are considered more consumer-friendly, as they are smaller and less noticeable than the classic vial and syringe. These devices are also more portable for consumers. Cartridges that are open do not need to be refrigerated, making storage very easy for consumers. Thus, cartridges are the most cost-effective way to use insulin, as reusable pens are a one-time investment, unlike disposable pens.
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, namely, 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 their market and obtain a larger sales volume.
South Korea Diabetes Care Devices Industry Overview
The South Korean diabetes care devices market is fragmented, with few significant and generic players. There have been constant innovations driven by manufacturers to compete in the market. The major players, such as Abbott and Medtronic, have undergone many mergers, acquisitions, and partnerships to establish market dominance while also adhering to organic growth strategies, which is evident from their R&D spending.
South Korea Diabetes Care Devices Market Leaders
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Abbott Diabetes Care
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Eli Lilly and Comapny
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Dexcom
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Medtronic
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Novo Nordisk A/S
*Disclaimer: Major Players sorted in no particular order
South Korea Diabetes Care Devices Market News
- January, 2023: Adela (Online Selling website for Abbott Free Style Libre in Korea) announced that the freestyle libre selling price is expected to be raised by 10% in Korea, due to continuous raise in raw materials and inflation.
- May 2022: EOFlow a provider of wearable drug delivery solutions announced the official launch of the iOS Version of 'Narsha,' a smartphone application for wearable insulin pumps in Korea.
South Korea Diabetes Care 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
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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
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5.1 Monitoring Devices
- 5.1.1 Self-monitoring Blood Glucose Devices
- 5.1.1.1 Glucometer Devices
- 5.1.1.2 Blood Glucose Test Strips
- 5.1.1.3 Lancets
- 5.1.2 Continuous Glucose Monitoring Devices
- 5.1.2.1 Sensors
- 5.1.2.2 Durables (Receivers and Transmitters)
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5.2 Management Devices
- 5.2.1 Insulin Pump
- 5.2.1.1 Insulin Pump Device
- 5.2.1.2 Insulin Pump Reservoir
- 5.2.1.3 Infusion Set
- 5.2.2 Insulin Syringes
- 5.2.3 Cartridges in Reusable pens
- 5.2.4 Insulin Disposable Pens
- 5.2.5 Jet Injectors
6. MARKET INDICATORS
- 6.1 Type-1 Diabetes Population
- 6.2 Type-2 Diabetes Population
7. COMPETITIVE LANDSCAPE
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7.1 Company Profiles
- 7.1.1 Abbott Diabetes Care
- 7.1.2 F. Hoffmann-La Roche Ltd.
- 7.1.3 i-Sens
- 7.1.4 Arkray
- 7.1.5 Sanofi
- 7.1.6 Dexcom
- 7.1.7 Medtronic PLC
- 7.1.8 Terumo
- 7.1.9 Novo Nordisk A/S
- 7.1.10 Becton Dickinson
- 7.1.11 Eli Lilly
- *List Not Exhaustive
- 7.2 Company Share Analysis
8. MARKET OPPORTUNITIES AND FUTURE TRENDS
South Korea Diabetes Care Devices Industry Segmentation
Diabetes care devices are the hardware, equipment, and software used by diabetes patients to regulate blood glucose levels, prevent diabetes complications, lessen the burden of diabetes, and enhance the quality of life. The South Korea diabetes care devices market is segmented by monitoring devices and management devices. The report offers the value (in USD) and volume (in units) for the above segments.
| Monitoring Devices | Self-monitoring Blood Glucose Devices | Glucometer Devices |
| Blood Glucose Test Strips | ||
| Lancets | ||
| Monitoring Devices | Continuous Glucose Monitoring Devices | Sensors |
| Durables (Receivers and Transmitters) | ||
| Management Devices | Insulin Pump | Insulin Pump Device |
| Insulin Pump Reservoir | ||
| Infusion Set | ||
| Management Devices | Insulin Syringes | |
| Cartridges in Reusable pens | ||
| Insulin Disposable Pens | ||
| Jet Injectors |
South Korea Diabetes Care Devices Market Research FAQs
How big is the South Korea Diabetes Care Devices Market?
The South Korea Diabetes Care Devices Market size is expected to reach USD 457.06 million in 2024 and grow at a CAGR of 3% to reach USD 529.86 million by 2029.
What is the current South Korea Diabetes Care Devices Market size?
In 2024, the South Korea Diabetes Care Devices Market size is expected to reach USD 457.06 million.
Who are the key players in South Korea Diabetes Care Devices Market?
Abbott Diabetes Care, Eli Lilly and Comapny, Dexcom, Medtronic and Novo Nordisk A/S are the major companies operating in the South Korea Diabetes Care Devices Market.
What years does this South Korea Diabetes Care Devices Market cover, and what was the market size in 2023?
In 2023, the South Korea Diabetes Care Devices Market size was estimated at USD 443.35 million. The report covers the South Korea Diabetes Care Devices Market historical market size for years: 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the South Korea Diabetes Care Devices Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
South Korea Diabetes Care Devices Industry Report
Statistics for the 2024 South Korea Diabetes Care Devices market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. South Korea Diabetes Care Devices analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
