South Korea Self-Monitoring Blood Glucose Devices Market Size (2024 - 2029)

The South Korea Self-Monitoring Blood Glucose Devices Market is projected to experience growth over the forecast period, driven by the increasing need for effective diabetes management, particularly in the context of COVID-19. The market's expansion is supported by advancements in technology, such as cellular-connected devices that enhance data sharing and real-time monitoring, which are crucial for managing blood glucose levels and reducing diabetes-related complications. These developments not only improve patient outcomes but also contribute to the overall growth potential of the market.

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Market Size of South Korea Self-Monitoring Blood Glucose Devices Industry

South Korea Self-Monitoring Blood Glucose Devices Market Summary
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

South Korea Self-Monitoring Blood Glucose Devices Market 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
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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.

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South Korea Self-Monitoring Blood Glucose Devices Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Component

      1. 2.1.1 Glucometer Devices

      2. 2.1.2 Test Strips

      3. 2.1.3 Lancets

South Korea Self-Monitoring Blood Glucose Devices Market Size FAQs

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.

In 2024, the South Korea Self-Monitoring Blood Glucose Devices Market size is expected to reach USD 7.32 million.

South Korea Self-Monitoring Blood Glucose Devices Market Report Snapshots

South Korea Self-Monitoring Blood Glucose Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2024 - 2029)