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South Korea Diabetes Devices Market - Growth, Trends, and Forecasts (2020 - 2025)

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Diabetes, a global health problem increasing worldwide. Major cause of morbidity and mortality in Korea is due to diabetes and its complications. The prevalence of diabetes has increased from 1.5% to 9.9% in the past 40 years. The prevalence of impaired fasting glucose also increased to about 20% in 2009. It has been estimated that the prevalence of diabetes will rise to 11.4% in 2030. The risk factors for diabetes in Korea are age, obesity, smoking, decreased physical activity, and stress. With increasing obesity, especially in childhood, and improved longevity, the prevalence of diabetes is expected to dramatically increase more than previously estimated. Therefore, public efforts to introduce healthy lifestyle changes and diabetic prevention programs are necessary to reduce the global epidemic of diabetes.

With the increase in insulin bio similar and due to its affordable price, the insulin usage has increased among the patients who are not able to control the blood glucose levels with the traditional oral drugs. Thus, the use of insulin is rising from time to time.  Technological advancements in the Insulin delivery devices for safer and accurate use of medicines have studied, and these otherwise called as management devices. The management devices include disposable insulin pens, reusable insulin pens, insulin syringes, insulin pumps, and jet injectors.

For these management devices to be used effectively from time to time, there are devices which measure the blood glucose levels accurately, and these are called monitoring devices, which include blood glucose meter and continuous glucose meter.

Globally Asia-Pacific holds the second place in the diabetes device market (approximately 40%) after North America. Diabetes Device Market size in 2017 for the Asia-Pacific was USD 13 billion and, South Korea contributes to 2% of the market.     

Key Players:

Abbott, Johnson & Johnson, Sanofi, NovoNordisk, Eli Lilly, Animas Corporation, Becton Dickenson, Arkray, Ascensia Diabetes care, Agamatrix, Life Scan, Cellnovo Ltd., Insulet Corporation, Medtronics, Inc., Ypsomed, and Roche and Tandem Diabetes Care.

Key Developments:

2018:  Glarzia Prefilled Pen to be launched in South Korea in 2018 by GC pharma.

Jan 2018: The latest glucose-sensing smart contact lens is in its testing stage in animals. The device is the latest attempt to develop a needle-less blood sugar monitor for diabetics.  

Report Scope:

Attribute

Details

Base year for estimation

2017

Review Period

2012-2017

Forecast Period

2018 – 2023

Market Representation

Revenue in USD million and CAGR from 2018 – 2023

Regions covered

South Korea

Report coverage

Revenue forecast and market dynamics

Reasons to Purchase this Report:

  • To study current and future market outlook in South Korea diabetes devices market.
  • Analyzing various perspectives of the market with the help of Porter’s five forces analysis
  • Detailed analysis of the segment that is expected to dominate the market
  • Regions that are expected to witness fastest growth during the forecast period
  • Identifying the latest developments and strategies employed by the major market players
  • 3-month analyst support, along with the Market Estimate sheet (in Excel)

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